CEPA Course Final Exam Questions with
Correctly Solved Answers latest update
2025
What survey indicated that 99% of business owners at least in some
way agreed that "having a transition strategy is important for my
future and the future of my business?" --- correct precise answer ---
State of Owner Readiness
It's important to not just tell an owner the right answer, but to ask
them the right question. Which is an example of the "right question"
to ask a business owner client? --- correct precise answer ---a. What
is the strength of your intangible capital?
b. What is your biggest pain point and biggest desire?
c. What deal structure are you looking for when selling?
d. All the above (correct)
Complete the following quote: "Luck is ___ meeting opportunity." ---
correct precise answer ---Preparation
,four intangible capitals (The 4Cs) include Human, Structural, Social,
and Customer capitals. (T/F) --- correct precise answer ---TRUE
Which of the following statements is false? --- correct precise answer
---c. The Baby Boomer generation doesn't need to be thinking about
exit planning yet
Complete this sentence: A successful exit strategy balances the "____
Legs of the Stool." --- correct precise answer ---b. Three
(Business, Financial, and Personal)
What is one of the main causes of "sellers' cold feet" during the sale
of a business? --- correct precise answer ---a. Lack of personal
planning
What is the first stage in the "Five Stages of Value Maturity?" ---
correct precise answer ---c. Identify
When ranking a business's intangible capitals, what is the main
purpose of using the common sense scoring of 1-6? --- correct precise
answer ---c. It forces you to not choose "average"
,A key difference between lifestyle businesses and value creator
businesses is that value creator businesses usually generate better
income. (T/F) --- correct precise answer ---True
Which of the following is not a gate in the Value Acceleration
Methodology? --- correct precise answer ---b. Plan
If the potential value for a business is 16 million, and it's currently
valued at 9 million, what is the value gap of the business? --- correct
precise answer ---a. 7 million
The typical business owner has ____% of their net worth tied up
within their business. --- correct precise answer ---a. 80%
What is a benefit of prioritizing wealth management for a business
owner? --- correct precise answer ---a. Tax efficiency
b. Insurances in place (Risk Management)
c. Structured cash flow
d. All of the above (correct)
, Life insurance, health insurance, and product liability insurance all
fall under which section of the financial planning process? --- correct
precise answer ---b. Risk Management
Which of the following best describes the components of integrated
wealth management for individuals? --- correct precise answer ---d.
Retirement planning,risk management, estate planning, portfolio
management
A business owner only needs one advisor to complete their exit
planning process. (T/F) --- correct precise answer ---False!
Typical estate planning conversations discuss how to preserve a
decedent spouse's "coupon." (T/F) --- correct precise answer ---True
A _____ gift is one in which the person who received the gift has the
unrestricted right to the immediate possession and use of it. ---
correct precise answer ---c. Present interest gift
Which of the following statements is not true? --- correct precise
answer ---a. All states have an estate tax
Correctly Solved Answers latest update
2025
What survey indicated that 99% of business owners at least in some
way agreed that "having a transition strategy is important for my
future and the future of my business?" --- correct precise answer ---
State of Owner Readiness
It's important to not just tell an owner the right answer, but to ask
them the right question. Which is an example of the "right question"
to ask a business owner client? --- correct precise answer ---a. What
is the strength of your intangible capital?
b. What is your biggest pain point and biggest desire?
c. What deal structure are you looking for when selling?
d. All the above (correct)
Complete the following quote: "Luck is ___ meeting opportunity." ---
correct precise answer ---Preparation
,four intangible capitals (The 4Cs) include Human, Structural, Social,
and Customer capitals. (T/F) --- correct precise answer ---TRUE
Which of the following statements is false? --- correct precise answer
---c. The Baby Boomer generation doesn't need to be thinking about
exit planning yet
Complete this sentence: A successful exit strategy balances the "____
Legs of the Stool." --- correct precise answer ---b. Three
(Business, Financial, and Personal)
What is one of the main causes of "sellers' cold feet" during the sale
of a business? --- correct precise answer ---a. Lack of personal
planning
What is the first stage in the "Five Stages of Value Maturity?" ---
correct precise answer ---c. Identify
When ranking a business's intangible capitals, what is the main
purpose of using the common sense scoring of 1-6? --- correct precise
answer ---c. It forces you to not choose "average"
,A key difference between lifestyle businesses and value creator
businesses is that value creator businesses usually generate better
income. (T/F) --- correct precise answer ---True
Which of the following is not a gate in the Value Acceleration
Methodology? --- correct precise answer ---b. Plan
If the potential value for a business is 16 million, and it's currently
valued at 9 million, what is the value gap of the business? --- correct
precise answer ---a. 7 million
The typical business owner has ____% of their net worth tied up
within their business. --- correct precise answer ---a. 80%
What is a benefit of prioritizing wealth management for a business
owner? --- correct precise answer ---a. Tax efficiency
b. Insurances in place (Risk Management)
c. Structured cash flow
d. All of the above (correct)
, Life insurance, health insurance, and product liability insurance all
fall under which section of the financial planning process? --- correct
precise answer ---b. Risk Management
Which of the following best describes the components of integrated
wealth management for individuals? --- correct precise answer ---d.
Retirement planning,risk management, estate planning, portfolio
management
A business owner only needs one advisor to complete their exit
planning process. (T/F) --- correct precise answer ---False!
Typical estate planning conversations discuss how to preserve a
decedent spouse's "coupon." (T/F) --- correct precise answer ---True
A _____ gift is one in which the person who received the gift has the
unrestricted right to the immediate possession and use of it. ---
correct precise answer ---c. Present interest gift
Which of the following statements is not true? --- correct precise
answer ---a. All states have an estate tax
