Practice Exam Cwpa Questions And Answers 2024

1. The following primary investor personality type may be described as one who is actively involved in his or her own personal finances; their risk tolerance is typically high; and they are often subject to the following: affinity bias, outcome bias, overconfidence, self-control bias, and illusion of control. • accumulators • followers • preservers • independents - correct answer-1. The following primary investor personality type may be described as one who is actively involved in his or her own personal finances; their risk tolerance is typically high; and they are often subject to the following: affinity bias, outcome bias, overconfidence, self-control bias, and illusion of control. accumulators 2. The Institute requires how many hours of continuing education covering the topic of ethics over what amount of time for each renewal period? • 2 hours each year • 1 hour each year • 2 hours over 2 years • 1 hour over 2 years - correct answer-2. The Institute requires how many hours of continuing education covering the topic of ethics over what amount of time for each renewal period? 2 hours over 2 years 3. Various research indicates that individuals of wealth would like to discuss financial matters with their children and heirs more frequently than is the case in reality. Approximately __________ of families actually do have these conversations compared to _________ of wealthy individuals who admit they would feel comfortable doing so? • three-quarters / ninety percent • two-thirds / three-quarters • one-third / two-thirds • one-half / three-quarters - correct answer-3. Various research indicates that individuals of wealth would like to discuss financial matters with their children and heirs more frequently than is the case in reality. Approximately __________ of families actually do have these conversations compared to _________ of wealthy individuals who admit they would feel comfortable doing so? one-third / two-thirds 4. Which of the following is NOT one of the 9 "principles" listed in the Institute's Code of Professional Responsibility? • Maintain a high level of ethical conduct. • Provide clients information needed to make informed decisions. • Disclose the existence of all potential conflicts of interest and relevant financial and non-financial relationships, direct and/or indirect. Take appropriate action to document, resolve or manage any such conflicts. • Respond to client inquiries and instructions appropriately, promptly, completely, and truthfully. - correct answer-4. Which of the following is NOT one of the 9 "principles" listed in the Institute's Code of Professional Responsibility? Disclose the existence of all potential conflicts of interest and relevant financial and non-financial relationships, direct and/or indirect. Take appropriate action to document, resolve or manage any such conflicts. 5. Which of the following family dynamics are often demonstrated between first and second-generation wealth? I. Parents often allow children too much freedom. II. Children often suffer from low self-esteem. III. Parents often neglect their family relationships. IV. Children often develop relationships outside their social circles. • III. and II. • III. and IV. • I. and IV. • I. and II. - correct answer-5. Which of the following family dynamics are often demonstrated between first and second-generation wealth? I. Parents often allow children too much freedom. II. Children often suffer from low self-esteem. III. Parents often neglect their family relationships. IV. Children often develop relationships outside their social circles. III. and II. 6.