CEPA course exam with answers

CEPA course exam with answers |\ |\ |\ |\




What survey indicated that 99% of business owners at
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least in some way agreed that "having a transition
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strategy is important for my future and the future of my
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business?" - CORRECT ANSWERS ✔✔State of Owner |\ |\ |\ |\ |\ |\ |\



Readiness


It's important to not just tell an owner the right answer,
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but to ask them the right question. Which is an example
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of the "right question" to ask a business owner client? -
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CORRECT ANSWERS ✔✔a. What is the strength of your |\ |\ |\ |\ |\ |\ |\ |\ |\



intangible capital? |\




b. What is your biggest pain point and biggest desire?
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c. What deal structure are you looking for when selling?
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d. All the above (correct)
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Complete the following quote: "Luck is ___ meeting |\ |\ |\ |\ |\ |\ |\ |\



opportunity." - CORRECT ANSWERS ✔✔Preparation |\ |\ |\ |\




four intangible capitals (The 4Cs) include Human,
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Structural, Social, and Customer capitals. (T/F) - CORRECT |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔TRUE
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,Which of the following statements is false? - CORRECT
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ANSWERS ✔✔c. The Baby Boomer generation doesn't
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need to be thinking about exit planning yet
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Complete this sentence: A successful exit strategy
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balances the "____ Legs of the Stool." - CORRECT
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ANSWERS ✔✔b. Three |\ |\




(Business, Financial, and Personal) |\ |\ |\




What is one of the main causes of "sellers' cold feet"
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during the sale of a business? - CORRECT ANSWERS ✔✔a.
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Lack of personal planning
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What is the first stage in the "Five Stages of Value
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Maturity?" - CORRECT ANSWERS ✔✔c. Identify |\ |\ |\ |\ |\




When ranking a business's intangible capitals, what is the
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main purpose of using the common sense scoring of 1-6?
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- CORRECT ANSWERS ✔✔c. It forces you to not choose
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"average"
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A key difference between lifestyle businesses and value
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creator businesses is that value creator businesses
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usually generate better income. (T/F) - CORRECT
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ANSWERS ✔✔True |\

,Which of the following is not a gate in the Value
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Acceleration Methodology? - CORRECT ANSWERS ✔✔b. |\ |\ |\ |\ |\ |\



Plan


If the potential value for a business is 16 million, and it's
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currently valued at 9 million, what is the value gap of the
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business? - CORRECT ANSWERS ✔✔a. 7 million |\ |\ |\ |\ |\ |\




The typical business owner has ____% of their net worth
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tied up within their business. - CORRECT ANSWERS ✔✔a.
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80%


What is a benefit of prioritizing wealth management for a
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business owner? - CORRECT ANSWERS ✔✔a. Tax
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efficiency
b. Insurances in place (Risk Management)
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c. Structured cash flow
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d. All of the above (correct)
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Life insurance, health insurance, and product liability
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insurance all fall under which section of the financial
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planning process? - CORRECT ANSWERS ✔✔b. Risk
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Management

, Which of the following best describes the components of
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integrated wealth management for individuals? -|\ |\ |\ |\ |\ |\



CORRECT ANSWERS ✔✔d. Retirement planning,risk
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management, estate planning, portfolio management |\ |\ |\ |\




A business owner only needs one advisor to complete
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their exit planning process. (T/F) - CORRECT ANSWERS
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✔✔False!


Typical estate planning conversations discuss how to
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preserve a decedent spouse's "coupon." (T/F) - CORRECT
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ANSWERS ✔✔True |\




A _____ gift is one in which the person who received the
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gift has the unrestricted right to the immediate
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possession and use of it. - CORRECT ANSWERS ✔✔c. |\ |\ |\ |\ |\ |\ |\ |\ |\



Present interest gift |\ |\




Which of the following statements is not true? - CORRECT
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ANSWERS ✔✔a. All states have an estate tax |\ |\ |\ |\ |\ |\ |\




The main goal of minimizing wealth tax is to: - CORRECT
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ANSWERS ✔✔c. Maximize the client's portion of earnings
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and minimize the IRS's portion
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