From “ A Direct Impact ,” page 23

1 . Must foundations set up separate nonprofits for grants to individuals ? A . No , the existing foundation can make them . B . Yes , the foundation must separate them from grants to charities . C . No , but the foundation will have to register this capability with the IRS . D . Yes , and the foundation will have to register this capability with the IRS .

2 . When making grants to individuals in urgent need following a natural disaster , a foundation should ______ . A . Use the IRS Disaster Grant Table for grant size B . Make an objective evaluation as to need and grant size C . Coordinate with the Red Cross for maximum impact D . Wait two weeks to see where the real need is From “ Preparing Clients For The Risk Of Cognitive Decline ,” page 27 3 . In addition to powers of attorney , clients should designate which of the following ? A . A trusted contact

C . A caregiver

B . A doctor

D . An organ donor

4 . According to some advisors , how should clients anticipate collecting Social Security after a cognitive decline ? A . By identifying a substitute payee B . By setting up a trust C . By electing a power of attorney for Social Security D . By doing nothing From “ Displaying Mid-Cap Mojo ,” page 42 5 . What are three attributes quality mid-cap companies share , according to Jon Christensen ? A . Smaller capital requirements , solid balance sheets and strong cash flow B . Low debt ratios , strong cash flows and experienced management C . Mid-level volatility , a defensible niche and experienced management D . Smaller capital requirements , a defensible niche and midlevel volatility

6 . What is the typical capitalization of mid-cap companies ? A . $ 500 million to $ 1 billion C . $ 2 billion to $ 10 billion B . $ 1 billion to $ 5 billion

D . $ 5 billion to $ 15 billion From “ Tax-Smart Wealth Transfer Tips For Clients In Late Old Age ,” page 45 7 . If a client has already missed out on tax optimization , do this : A . Think of brokerage account sales . B . Compare long-term gains of asset sales with voluntary IRA withdrawals . C . Consider IRA withdrawals . D . All of the above

8 . How do you minimize taxes for late-old-age clients with IRAs ? A . Seek charitable giving opportunities . B . Find family members who understand bequest preferences . C . Be aware of changes in the law that increase taxes . D . All of the above From “ Inflation Lifts Tax Ceilings ,” page 48 9 . What has caused the leap in tax bracket ceilings ?

A . A shift to the Chained Consumer Price Index for All Urban

Consumers , which means higher increases B . The Tax Cuts and Jobs Act C . The SECURE 2.0 Act D . None of the above

10 . Because equities sank in 2022 , what happens to required minimum distributions ? A . They will fall for 2022 . C . They will fall for 2023 . B . They will rise for 2022 . D . They will rise for 2023 .

From “ A Direct Impact ,” page 23

1 . Which of the following grants do not require IRS approval ? A . Emergency assistance B . Awards C . Distress assistance D . All of the above

2 . Reporting requirements are considered satisfied if the foundation _____ . A . Keeps a signed receipt acknowledging the individual ’ s grant B . Pays an individual ’ s grant funds directly to an educational institution C . Receives monthly reports from the grantee D . All of the above From “ Preparing Clients For The Risk Of Cognitive Decline ,” page 27 3 . A client ’ s cognitive decline should be addressed when ? A . When symptoms become obvious B . When family members bring it up C . In advance , just in case D . Never . It ’ s not an advisor ’ s business

4 . Which of the following is not a type of power of attorney ? A . The medical / healthcare power of attorney B . The financial power of attorney C . The marital power of attorney D . The springing power of attorney From “ Displaying Mid-Cap Mojo ,” page 42 5 . What is the most common reason mid-cap companies “ fall off the rail ,” according to Jon Christensen ? A . They ’ ve got too much debt B . They endure stock market volatility C . They engage in M & A D . They have growth without a strategy

6 . The Virtus KAR Mid-Cap Core Fund ’ s turnover rate is about ____ . A . 18 % C . 15 % B . 20 % D . 25 % From “ Tax-Smart Wealth Transfer Tips For Clients In Late Old Age ,” page 45 7 . Why does a client ’ s asset allocation not matter when they ’ re in late old age ? A . Their time horizon is short . C . They ’ re using Roth IRAs . B . They ’ re in lower tax brackets . D . All of the above

8 . How can late-old-age clients limit their IRA beneficiaries ’ exposure to taxes ? A . Switch beneficiaries to grandchildren in lower tax brackets . B . Be careful with asset allocation . C . Use a stretch IRA . D . None of the above From “ Inflation Lifts Tax Ceilings ,” page 48 9 . The top ordinary bracket for single filers now starts at ____, which is a __ year-over-year surge . A . $ 458,000 , 6 %. B . $ 578,125 , 7 %. C . $ 682,125 , 7 % D . None of the above

10 . Indexing has boosted the ceiling on 401 ( k ) contributions from ____ last year to ____ this year for taxpayers 50 and older . A . $ 20,000 , $ 25,000 . C . $ 27,000 , $ 30,000 . B . $ 21,000 , $ 25,000 .

D . None of the above

56 | FINANCIAL ADVISOR MAGAZINE | NOVEMBER 2023 WWW . FA-MAG . COM