aafm ctep practice test

Chartered Trust & Estate Planner (CTEP) Certification Examination

Last exam update: Nov 18 ,2025
Page 1 out of 32. Viewing questions 1-15 out of 472

Question 1

Estate Tax in India is _______

  • A. Nil
  • B. 10%
  • C. 30%
  • D. Tax Rate depends on the estate value
Mark Question:
Answer:

A


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Question 2

Estate tax is also called ________

  • A. Succession Tax
  • B. Voluntary Tax
  • C. Involuntary Tax
  • D. Transfer Tax
Mark Question:
Answer:

B


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Question 3

________ plan involves only Business assets.

  • A. Financial
  • B. Succession
  • C. Estate
  • D. Contingency
Mark Question:
Answer:

B


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Question 4

Estate planning has _________ steps.

  • A. Two
  • B. Three
  • C. Four
  • D. Five
Mark Question:
Answer:

D


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Question 5

The goals of Estate Planning can be broadly divided into_______ categories.

  • A. Two
  • B. Three
  • C. Four
  • D. Five
Mark Question:
Answer:

A


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Question 6

Estate planning as a process includes?

  • A. Accumulation of an estate
  • B. Conservation of an estate
  • C. Distribution of an estate
  • D. All of the above
Mark Question:
Answer:

D


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Question 7

Who needs an Estate Plan?

  • A. Everyone
  • B. HNI
  • C. Terminally ill
  • D. Elderly
Mark Question:
Answer:

A


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Question 8

Estate planning has_____ phases.

  • A. Nil
  • B. Two
  • C. Three
  • D. Depends on the value of estate
Mark Question:
Answer:

C


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Question 9

A High Net Worth Individual (HNI) should hold at least _______ in liquid financial assets.

  • A. $1 million
  • B. $5 million
  • C. $10 million
  • D. $50 million
Mark Question:
Answer:

A


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Question 10

More than_______ in wealth classifies the person as “Ultra HNI”

  • A. $1 million
  • B. $10 million
  • C. $50 million
  • D. $100 million
Mark Question:
Answer:

C


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Question 11

What is the ultimate goal of Estate Planning?

  • A. To reduce estate taxes to minimum
  • B. To fulfill the estate owner’s wishes as closely as possible
  • C. Increase the value of client’s assets
  • D. Conserve the existing assets of client
Mark Question:
Answer:

B


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Question 12

For which of the following stage of Business Cycle a succession plan is not prepared?

  • A. Survival
  • B. Growth
  • C. Maturity
  • D. New Growth or Winding Down
Mark Question:
Answer:

D


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Question 13

____________ is the most basic legal instrument of all Estate Plans.

  • A. Power of Attorney
  • B. Will
  • C. Trust Deed
  • D. Any one of above
Mark Question:
Answer:

B


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Question 14

What is Probate?

  • A. A Will made out of undue influence
  • B. The process of distribution of estate
  • C. A person who pays the ‘Inheritance Tax’
  • D. Court process by which a will is proved valid or invalid
Mark Question:
Answer:

D


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Question 15

Estate Planning is ________ process.

  • A. One time
  • B. Continuous
  • C. Two step
  • D. Three step
Mark Question:
Answer:

B


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