From “ What Would A Charity Do With A Quarter Horse ?” page 29

1 . Fidelity Charitable has taken in _____ in noncash assets since 1991 . A . $ 2 billion B . $ 5 billion C . $ 10 billion D . $ 15 billion

2 . At Vanguard Charitable , the average grant is up ___% to $_____. A . 2 %, $ 5,000 B . 6 %, $ 11,000 C . 7 %, $ 25,000 D . 10 %, $ 35,000

From “ Alternatives To The 60 / 40 Portfolio ,” page 38

3 . Investors need to identify investments that can help in fighting the corrosive impact of _______. A . Infrastructure

C . Inflation

B . Increasing volatility

D . Future stocks

4 . Because of the interconnectivity of the global markets , _____ have / has risen over the last couple of decades . A . Correlations

C . Private debt

B . Yields

D . None of the above

From “ Finding Hidden Value In Emerging Markets ,” page 47

5 . Why does Seafarer Capital ’ s Paul Espinosa think developed market stocks are often undervalued ? A . People don ’ t see the growth B . They are often in trouble C . People simply aren ’ t looking for them D . None of the above

6 . How does Espinosa define a company ’ s “ resilience ”? A . Its high net cash B . Its breakup value C . Its ability to prolong its growth and income stage D . None of the above

From “ New Environs For Long-Term-Care Insurance ,” page 50

7 . The Covid-19 pandemic had what effect on long-term-care insurance ? A . Rates went up as risk increased . B . Rates went down as vaccinations were introduced . C . Underwriting standards grew looser . D . Underwriting standards grew tighter .

8 . Recent stock market volatility has affected the long-term-care insurance market by ____. A . Scaring more people into looking at LTC insurance . B . Scaring more people away from LTC insurance . C . Convincing more people they could cover LTC expenses on their own . D . Making people tighten their belts and reduce all insurance expenditures .

From “ Answering Roth Conversion Questions In A Down Market ,” page 55 9 . Investors with modest IRAs and brokerage accounts will benefit little from _____. A . Asset location

C . Roth conversions

B . Early withdrawals

D . Estate planning

10 . _____ is the practice of choosing what investments to place in what accounts based on the tax treatment of the accounts . A . Voluntary IRA withdrawal C . Roth conversion B . Asset location

D . Estate planning

From “ What Would A Charity Do With A Quarter Horse ?” page 29 1 . ____________ funds help philanthropists turn noncash assets into charitable donations . A . Trust

C . Foundation

B . Donor-advised

D . Charitable

2 . Noncash assets represented ______ of the donations made to Schwab Charitable . A . 25 % to 30 % C . 55 % to 60 % B . 35 % to 40 % D . 60 % to 70 %

From “ Alternatives To The 60 / 40 Portfolio ,” page 38

3 . Following the lead of many institutions , the wealth management community began to focus on the 60 / 40 portfolio as a market proxy in _______. A . 2009 C . 2020 B . The 1990s

D . The last 10 years

From “ Finding Hidden Value In Emerging Markets ,” page 47

5 . One of the key metrics Paul Espinosa and his team focus on when picking stocks for the Seafarer Overseas Value Fund is _____. A . Price-to-earnings multiples B . The spread between the company ’ s return on equity and cost of equity C . Growth factors D . None of the above

6 . Countries in East and South Asia made up ____ of the fund ’ s assets . A . 20 % B . 35 % C . 55 % D . 65 %

From “ New Environs For Long-Term-Care Insurance ,” page 50

7 . What ’ s changed in the long-term-care insurance market ? A . There are fewer providers of stand-alone coverage , but more options . B . There are more providers of stand-alone LTC insurance than ever before . C . Carriers have dropped out , and there are fewer solutions available . D . There are no more stand-alone LTC insurance providers , but there are more alternative types of coverage .

8 . Because of rising interest rates , some LTC insurance premium rates are ____. A . Rising too . C . Remaining largely unchanged . B . Coming down . D . Being waived temporarily .

From “ Answering Roth Conversion Questions In A Down Market ,” page 55 9 . What are the short- and long-term benefits of Roth conversions ? A . Investors don ’ t pay taxes on future withdrawals . B . There are no minimum required distributions ( RMDs ) as there are for traditional IRAs and 401 ( k ) s . C . Roth IRA assets can pass tax-free to heirs . D . All the above .

10 . Under what circumstances should an investor ( and financial advisor ) consider a Roth IRA conversion ? A . If the client is just entering retirement and hasn ’ t filed for Social

Security benefits yet . B . If the client is still years away from having to take RMDs ( now starting at age 72 ). C . If the clients have annuities or pensions and delayed Social Security files to optimize their benefits . D . Both A & B

58 | FINANCIAL ADVISoR MAGAzINE | SEPTEMBER 2022 www . FA-MAG . CoM