CEPA (Certified Exit Planning Advisor) Exam Prep 2024
Questions With 100% Correct 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. - -------correct answer---------Present Interest Gift
A "deliverable" includes which characteristics? - -------correct 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: - -------correct answer---------Above Average
A business owner only needs one advisor to complete their exit planning (T/F) - -------correct answer-
--------False
A descendant's unused federal estate tax exemption may be used by the surviving spouse (T/F) - -----
--correct answer---------True
A descendant's unused federal estate tax exemption may not be used by the surviving spouse (T/F) -
-------correct answer---------False
A gift received by a person is not taxable income - -------correct answer---------True
A key difference between lifestyle businesses and value creator businesses is that value creator
businesses usually generate better income (T/F) - -------correct answer---------True
A strategy which makes assets difficult or impossible to reach is called: - -------correct answer---------
Asset protection
A successful exit strategy balances the "____ Legs of the Stool." - -------correct answer---------Three
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, All states have an estate tax (T/F) - -------correct 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? - -------correct answer---------Investors, Innovators, Efficiency
Experts
Business is personal for most owners (T/F) - -------correct answer---------True
Client cannot be a beneficiary of a intentionally defective grantor trust (IDGT) (T/F) (if T -
disadvantage/advantage) - -------correct answer---------True / Disadvantage
Complete the following quote: "Luck is ___ meeting opportunity." - -------correct answer---------
Preparation
Exit planning is a strategic business tool used to focus the company on maximizing business value
(T/F) - -------correct answer---------True
First gate in the Value Acceleration Methodology? - -------correct answer---------Discover
Four intangible capitals (The 4Cs) include _ _ _ _ _, Structural, Social, and Customer - -------correct
answer---------Human
Four intangible capitals (The 4Cs) include Human, _ _ _ _ _ _ _ _ _ _, Social, and Customer - -------
correct answer---------Structural
Four intangible capitals (The 4Cs) include Human, Structural, _ _ _ _ _ _, and Customer - -------correct
answer---------Social
Four intangible capitals (The 4Cs) include Human, Structural, Social, and _ _ _ _ _ _ _ _ - -------correct
answer---------Customer
Four intangible capitals (The 4Cs) include Human, Structural, Social, and Customer (True/False) - -----
--correct answer---------True
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Questions With 100% Correct 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. - -------correct answer---------Present Interest Gift
A "deliverable" includes which characteristics? - -------correct 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: - -------correct answer---------Above Average
A business owner only needs one advisor to complete their exit planning (T/F) - -------correct answer-
--------False
A descendant's unused federal estate tax exemption may be used by the surviving spouse (T/F) - -----
--correct answer---------True
A descendant's unused federal estate tax exemption may not be used by the surviving spouse (T/F) -
-------correct answer---------False
A gift received by a person is not taxable income - -------correct answer---------True
A key difference between lifestyle businesses and value creator businesses is that value creator
businesses usually generate better income (T/F) - -------correct answer---------True
A strategy which makes assets difficult or impossible to reach is called: - -------correct answer---------
Asset protection
A successful exit strategy balances the "____ Legs of the Stool." - -------correct answer---------Three
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, All states have an estate tax (T/F) - -------correct 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? - -------correct answer---------Investors, Innovators, Efficiency
Experts
Business is personal for most owners (T/F) - -------correct answer---------True
Client cannot be a beneficiary of a intentionally defective grantor trust (IDGT) (T/F) (if T -
disadvantage/advantage) - -------correct answer---------True / Disadvantage
Complete the following quote: "Luck is ___ meeting opportunity." - -------correct answer---------
Preparation
Exit planning is a strategic business tool used to focus the company on maximizing business value
(T/F) - -------correct answer---------True
First gate in the Value Acceleration Methodology? - -------correct answer---------Discover
Four intangible capitals (The 4Cs) include _ _ _ _ _, Structural, Social, and Customer - -------correct
answer---------Human
Four intangible capitals (The 4Cs) include Human, _ _ _ _ _ _ _ _ _ _, Social, and Customer - -------
correct answer---------Structural
Four intangible capitals (The 4Cs) include Human, Structural, _ _ _ _ _ _, and Customer - -------correct
answer---------Social
Four intangible capitals (The 4Cs) include Human, Structural, Social, and _ _ _ _ _ _ _ _ - -------correct
answer---------Customer
Four intangible capitals (The 4Cs) include Human, Structural, Social, and Customer (True/False) - -----
--correct answer---------True
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