From“ Donor-Advised Fund Strategies For 2026,” page 18 1. The One Big Beautiful Bill Act created a floor on charitable deductions starting in 2026 at ____ of adjusted gross income.

A. 2 % B. 1 % C. 0.5 % D. 0.25 %

2. Under the One Big Beautiful Bill, beginning in 2026 there’ s a ___ cap on all federal deductions for itemized contributions. A. 5 % B. 10 % C. 35 % D. 40 %

From“ The Script Flips On Emerging Market Bonds,” page 40 3. The emerging market bond universe was yielding ____ as of May 31, 2026.

A. 15.5 % B. 7.42 % C. 3.2 % D. 1.5 %

4. The VanEck Emerging Markets Bond ETF’ s benchmark is ____. A. The Bloomberg Global Aggregate Index B. The J. P. Morgan Emerging Market Bond Index C. The J. P. Morgan Government Bond Index D. A blend of B and C

From“ When Income Matters More Than Account Size,” page 44 5. Vanguard research found many retiree households can support a 30-year retirement drawing roughly ____. A. 3 % to 4 % of savings per year B. 3 % to 4 % of savings per year after accounting for Social

Security and other guaranteed income C. 4 % to 5 % D. 4 % to 5 % after accounting for Social Security

6. Vanguard recommends that clients anchor essential spending to ____. A. Guaranteed income sources like Social Security and annuities B. Index fund performance C. Stocks D. None of the above

From“ A Proactive Portfolio For Tax Management,” page 47

7. What does tax management involve? A. Gain-loss matching and gain deferrals B. Tax-loss harvesting C. Managing legacy investments outside an advisor’ s model portfolio D. All of the above

8. Why should tax management be integrated into portfolio construction? A. The realization of capital gains can be better managed. B. It allows the advisors to coordinate asset managers. C. The advisors can extend the holding periods of assets. D. All of the above

From“ Making Client Wealth Into A Family Bank,” page 49 9. The Wyoming dynasty trust is designed to hold family assets up to ____ years.

A. 10 B. 20 C. 100 D. 1,000

From“ Donor-Advised Fund Strategies For 2026,” page 18 1. In 2026, if a client’ s AGI is $ 1 million and they donate $ 25,000 to charity, the first ____ would not be tax-deductible.

A. $ 2,000 B. $ 3,000 C. $ 4,000 D. $ 5,000

2. In 2025, before the One Big Beautiful Bill, you could save ____ of a charitable contribution at the top tax bracket.

A. 37 % B. 35 % C. 32 % D. 28 %

From“ The Script Flips On Emerging Market Bonds,” page 40

3. Many emerging market economies have benefited from what? A. They’ re net commodities exporters. B. They’ re running lower fiscal deficits than the U. S. C. Their central banks are less constrained in hiking interest rates to combat inflation. D. All of the above

4. The vast majority of the VanEck Emerging Markets Bond ETF’ s portfolio is invested in ____. A. Foreign sovereign debt B. Foreign corporate debt C. Foreign currencies D. None of the above

From“ When Income Matters More Than Account Size,” page 44 5. Vanguard research said each year a client waits beyond full retirement age— up to age 70— raises the monthly Social Security benefit by about ____.

A. 2 % B. 4 % C. 8 % D. 16 %

6. Vanguard found that ___ of investors can benefit meaningfully from

Roth conversions as part of an overall income plan. A. 25 % B. 50 % C. More than 80 % D. 0 %

From“ A Proactive Portfolio For Tax Management,” page 47

7. Why do advisors not like outsourcing tax management? A. They don’ t like direct indexing products. B. They don’ t like giving up security selection. C. They don’ t usually have access to all of a client’ s accounts. D. None of the above

8. Advisors marketing tax management as a service have mostly handled tax-loss harvesting ____.

A. In April B. In December

C. At the client’ s request

D. Sporadically

From“ Making Client Wealth Into A Family Bank,” page 49

9. The Wyoming dynasty trust can make intra-family loans at ____. A. The applicable federal rate( AFR) B. The federal funds rate C. No less than 6 % D. None of the above

10. Loans from the Wyoming dynasty trust could fund ____. A. Higher education B. Business startups C. Bridge liquidity events D. All of the above

56 | FINANCIAL ADVISOR MAGAZINE | JULY / AUGUST 2026 WWW. FA-MAG. COM