From“ What’ s Family Governance?,” page 14

1. What should be included in a family constitution? A. A framework for conflict resolution B. The forms of meetings that should happen every year C. The family’ s agreed upon mission and purpose D. All of the above

2. What is the three-circle model created by professors Renato Tagiuri and John Davis? A. It consists of family assemblies, councils and committees. B. It refers to the alignment of investments, philanthropy and taxes. C. It refers to the three groups involved in family business. D. None of the above

From“ How To Help Your Clients Give More Effectively,” page 19 3. ___ of private foundation and donor-advised fund clients surveyed by Foundation Source plan to maintain or increase charitable giving in 2026. A. 15 % B. 43 % C. 55 % D. 93 %

4. What did clients in a Foundation Source survey say they needed help with? A. Involving family in philanthropy B. Building a legacy C. Measuring impact

D. All of the above

From“ Finding Value In Unusual Places,” page 47 5. The Capital Group Dividend Value ETF focuses on ___

A. Growth stocks B. Intrinsic value stocks

C. Convertible bonds

D. All of the above

6. Broadcom’ s stock price had gained roughly ___ during the past three years as of earlier this spring. A. 8 % B. 10 % C. 100 % D. 380 %

From“ Too Much Of A Good Thing,” page 55

7. How do concentrated stock positions hurt advisors? A. Such concentration hurts their fees. B. Too much of their book of business is tied to the volatility of a few holdings. C. They are harder to dispose of. D. None of the above

8. What is one of the strategies for dealing with concentrated holdings? A. Direct indexing for optimizing tax-loss harvesting in portfolios B. Using unified managed accounts C. Using structured sales to minimize tax impacts D. All of the above

From“ Social Security And A Classic Market Problem,” page 60

9. After a person reaches full retirement age, they can increase their Social Security benefits about ___ per year by delaying them. A. 5 % B. 8 % C. 15 % D. 10 %

10. What does a client’ s strategy of waiting until age 70 to take Social Security protect against, according to the author? A. Sequence-of-return risk B. The failure of the 4 % rule C. An undiversified portfolio D. The need to invest in Treasurys

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