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Orion Series 65 Unit 5 Questions and
Correct Answers/ Latest Update / Already
Graded
In a trust account, the person who makes the account management
decisions is the:
A) beneficiary.
B) non-trustee custodian.
C) investment adviser representative.
D) trustee.
Ans: D) trustee
a legal entity that designates a person (the trustee) to manage the
trust's assets for the benefit of another person (the beneficiary or
beneficial owner).
Ans: trust
A limited liability company is
A) an insurance company
B) traded on major exchanges
C) a company with tax consequences similar to a partnership
All rights reserved © 2025/ 2026 |
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D) a limited partnership
Ans: C) a company with tax consequences similar to a
partnership
a form of business entity in which the shareholders (called members)
are taxed individually at their respective tax rates as is the case in a
partnership.
Ans: limited liability company (LLC)
A professional tennis player comes to you seeking advice on setting up
a trust. She is interested in giving to charity and also wants discretion
as to when income is distributed to the beneficiaries, her parents.
Which trust do you advise she use?
A) Charitable lead trust.
B) Simple trust.
C) Charitable remainder trust.
D) Complex trust.
Ans: D) complex trust
Assets that might be found on a family balance sheet include:
I. car loan.
All rights reserved © 2025/ 2026 |
Orion Series 65 Unit 5 Questions and
Correct Answers/ Latest Update / Already
Graded
In a trust account, the person who makes the account management
decisions is the:
A) beneficiary.
B) non-trustee custodian.
C) investment adviser representative.
D) trustee.
Ans: D) trustee
a legal entity that designates a person (the trustee) to manage the
trust's assets for the benefit of another person (the beneficiary or
beneficial owner).
Ans: trust
A limited liability company is
A) an insurance company
B) traded on major exchanges
C) a company with tax consequences similar to a partnership
All rights reserved © 2025/ 2026 |
, Page |2
D) a limited partnership
Ans: C) a company with tax consequences similar to a
partnership
a form of business entity in which the shareholders (called members)
are taxed individually at their respective tax rates as is the case in a
partnership.
Ans: limited liability company (LLC)
A professional tennis player comes to you seeking advice on setting up
a trust. She is interested in giving to charity and also wants discretion
as to when income is distributed to the beneficiaries, her parents.
Which trust do you advise she use?
A) Charitable lead trust.
B) Simple trust.
C) Charitable remainder trust.
D) Complex trust.
Ans: D) complex trust
Assets that might be found on a family balance sheet include:
I. car loan.
All rights reserved © 2025/ 2026 |
