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CTEP Exam Dumps - AAFM Certification Questions and Answers

Question # 14

Which of the following statement(s) about UTMA is/are correct?

Options:

A.

Neither (i) or (ii)

B.

Both (i) and (ii)

C.

Only (i)

D.

Only (ii)

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Question # 15

Which of the following statement(s) about Exemption Trust is/are correct?

Options:

A.

Only (i)

B.

Neither (i) or (ii)

C.

Both (i) and (ii)

D.

Only (ii)

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Question # 16

Which of the following statement(s) about Precatory Trust is/are correct?

Options:

A.

Only (i)

B.

Only (ii)

C.

Neither (i) or (ii)

D.

Both (i) and (ii)

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Question # 17

Which of the following statement(s) about Offshore Trust is/are correct?

Options:

A.

Neither (i) or (ii)

B.

Both (i) and (ii)

C.

Only (i)

D.

Only (ii)

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Question # 18

Which of the following cannot be transferred with the help of Trust?

Options:

A.

Real Estate

B.

Stock Shares

C.

Annuities

D.

None of the above

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Question # 19

You are an Estate Planner. Mr. Sumit is your client. He wants to set up Trust fund for his child. As an Estate Planner, which of the following instructions will you give to Mr. Sumit?

Options:

A.

All except (iv)

B.

All except (iii)

C.

All except (v)

D.

All of the above

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Question # 20

Which of the following statement(s) about Discretionary Trust is/are correct?

Options:

A.

All of the above

B.

All except (i)

C.

All except (iii)

D.

Only (ii)

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Question # 21

Which of the following statements about Discretionary Trust is/are correct?

Options:

A.

Both (i) and (ii)

B.

Only (i)

C.

Only (ii)

D.

Neither (i) nor (ii)

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Question # 22

Under ______________, deduction (special exemptions) in respect of donations to certain funds, charitable institutions etc. is granted. In order to be eligible under this section, the charitable trust/institutions need to obtain a valid certificate by making an application to them on ____________.

Options:

A.

Section 80G, Form 10G

B.

Section 80GGC, Form 10G

C.

Section 80U, Form 10A

D.

Section 80CCG,Form 10A

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Question # 23

Socities Registration Act has ______________ Sections. ________________ deals with the Registration and Fee of Society.

Options:

A.

18, Section 1

B.

20, Section 3

C.

15, Section 3

D.

30, Section 1

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Exam Code: CTEP
Exam Name: Chartered Trust & Estate Planner® (CTEP®) Certification Examination
Last Update: Feb 23, 2025
Questions: 472
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