From“ How To Unite Families With Foundations,” pg. 19

1. How do you expand a foundation’ s mission if family members have different goals? A. Offer discretionary grant-making capabilities to individual family members. B. Find a root cause that underlies family members’ separate causes. C. See if a charity supported in one community can be expanded to another area. D. All of the above

2. Younger generations tend to do philanthropy for slightly different reasons than older generations. What are the reasons?

A. They’ re more focused on wealth preservation. B. They want to have a meaningful impact. C. They’ re concerned with legacy issues. D. They are worried about estate planning.

From“ Finding Alpha In Mid-Cap Investing,” pg. 44

3. Federated Hermes MDT’ s investment team uses ___ factors as part of its decision modeling. A. 4 B. 8 C. 10 D. 16

4. The stock of Teradyne plunged more than 50 % in early April from where it was in early January.

A. 10 % B. 20 % C. 30 % D. 50 % From“ The ESOP Story Is No Fable,” pg. 47 5. Employee stock ownership plans let owners of ____ liquidate equity in their business while retaining governance. A. C corps and S corps B. Partnerships C. Joint ventures D. None of the above

6. ESOPs allow ____ to deduct contributions( stock or cash) of up to ___ of the covered payroll amount.

A. C corps, 25 % B. Partnerships, 10 % C. C corps, 50 % D. Partnerships, 50 %

From“ Should Retirees Pay Off Their Mortgages? It Depends,” pg. 49 7. Retirement specialist Wade Pfau describes mortgages this way: A. They’ re a kind of negative bond. B. Holders get a risk-free percentage of their home, their biggest asset. C. Mortgage rates become a return hurdle to beat. D. All of the above

8. Because of ____, a fixed-rate mortgage becomes cheaper over time.

A. Inflation B. Adjustments C. Lower retirement costs D. None of the above

From“ Estate Planning Is Changing In 2026— Here’ s How,” pg. 54

9. When the Tax Cuts and Jobs Act sunsets, the estate tax exclusion would drop to about ____ per person. A. $ 10 million B. $ 8 million C. $ 7 million D. $ 3 million

10. When the estate tax exclusion reverts to pre-2017 levels, amounts over those exemptions will be subject to ___ estate taxes.

A. 16 % B. 25 % C. 40 % D. 64 %

From“ How To Unite Families With Foundations,” pg. 19

1. How can you keep everyone in a foundation involved and on an equal footing? A. By using“ PhilTech” to boost collaboration and communication. B. By expanding some charities to different cities. C. By giving some family members discretionary grant-making abilities. D. All of the above

2. Why give some family members discretionary grant-making ability?

A. It fosters creativity. B. It won’ t matter if what they give to furthers the foundation’ s mission. C. The family members won’ t have to communicate. D. All of the above

From“ Finding Alpha In Mid-Cap Investing,” pg. 44 3. The Federated Hermes MDT Mid Cap Growth Fund holds __ positions.

A. 40 B. 65 C. 95 D. 125

4. Palantir’ s recent weight of ___ was nearly double the weight of the next holding in the MDT mid-cap fund.

A. 10.5 % C. 6.2 % B. 8.4 % D. 4.4 %

From“ The ESOP Story Is No Fable,” pg. 47 5. ____ allows employees with closely held C corp shares to defer capital gains by purchasing stocks or securities in qualified replacement property. A. Section 1031 B. Section 1042 C. 401( a) D. 401( k)

6. For an employee to defer capital gains for stocks by purchasing qualified replacement property, the company must be at least ___ owned by the ESOP.

A. 10 % C. 30 % B. 20 % D. 50 %

From“ Should Retirees Pay Off Their Mortgages? It Depends,” pg. 49 7. Continuing to service a mortgage can get you _____. A. Tax deductions B. Freedom to invest money elsewhere at a higher return C. A contained fixed cost when other costs are rising D. All of the above

8. When you’ ve paid off your mortgage ____.

A. Homeowners’ insurance and tax costs can still creep up. B. You might rest easier emotionally just being debt free. C. You get better terms on home equity loans and lines of credit. D. All of the above

From“ Estate Planning Is Changing In 2026— Here’ s How,” pg. 54

9. How can you reduce estate tax liabilities? A. Establish irrevocable trusts to remove assets from an estate. B. Transfer business ownership interests before 2026 and take advantage of valuation discounts. C. Gift assets before the exclusion decreases. D. All of the above

10. The current exclusion allows individuals to pass up to ___ to heirs free of estate tax.

A. $ 8 million B. $ 12 million C. $ 12.99 million D. $ 13.99 million

56 | FINANCIAL ADVISOR MAGAZINE | JULY / AUGUST 2025 WWW. FA-MAG. COM