CEPA Certified Exit Planning Advisor
Questions and Answers
A _____ gift is one in which the person who received the gift has the unrestricted right
to the immediate possession and use of it. - ANSWER-Present Interest Gift
A "deliverable" includes which characteristics? - ANSWER-a. Represents the
conclusion of an assignment, task, or action
b. Displays what the client is paying for
c. Provides recommendations on the next set of actions the client should take
A business attractiveness score of 67% is considered: - ANSWER-Above Average
A business owner only needs one advisor to complete their exit planning (T/F) -
ANSWER-False
A descendant's unused federal estate tax exemption may be used by the surviving
spouse (T/F) - ANSWER-True
A descendant's unused federal estate tax exemption may not be used by the surviving
spouse (T/F) - ANSWER-False
A gift received by a person is not taxable income - ANSWER-True
A key difference between lifestyle businesses and value creator businesses is that
value creator businesses usually generate better income (T/F) - ANSWER-True
A strategy which makes assets difficult or impossible to reach is called: - ANSWER-
Asset protection
A successful exit strategy balances the "____ Legs of the Stool." - ANSWER-Three
All states have an estate tax (T/F) - ANSWER-False
As categorized by the Fisher College of Business at the Ohio State University, what are
the three types of companies in the marketplace? - ANSWER-Investors, Innovators,
Efficiency Experts
Business is personal for most owners (T/F) - ANSWER-True
Questions and Answers
A _____ gift is one in which the person who received the gift has the unrestricted right
to the immediate possession and use of it. - ANSWER-Present Interest Gift
A "deliverable" includes which characteristics? - ANSWER-a. Represents the
conclusion of an assignment, task, or action
b. Displays what the client is paying for
c. Provides recommendations on the next set of actions the client should take
A business attractiveness score of 67% is considered: - ANSWER-Above Average
A business owner only needs one advisor to complete their exit planning (T/F) -
ANSWER-False
A descendant's unused federal estate tax exemption may be used by the surviving
spouse (T/F) - ANSWER-True
A descendant's unused federal estate tax exemption may not be used by the surviving
spouse (T/F) - ANSWER-False
A gift received by a person is not taxable income - ANSWER-True
A key difference between lifestyle businesses and value creator businesses is that
value creator businesses usually generate better income (T/F) - ANSWER-True
A strategy which makes assets difficult or impossible to reach is called: - ANSWER-
Asset protection
A successful exit strategy balances the "____ Legs of the Stool." - ANSWER-Three
All states have an estate tax (T/F) - ANSWER-False
As categorized by the Fisher College of Business at the Ohio State University, what are
the three types of companies in the marketplace? - ANSWER-Investors, Innovators,
Efficiency Experts
Business is personal for most owners (T/F) - ANSWER-True
