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CTEP Exam Dumps - AAFM Certification Questions and Answers

Question # 34

What is a ‘CestuquieTrust’?

Options:

A.

It is a Trust created for People with Minor children.

B.

It is a Trust created by people in high-liability occupations

C.

It is the person for whose benefit the property is transferred.

D.

It is another name for ‘Deed of Trust’

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Question # 35

Estate tax is also called ________

Options:

A.

Succession Tax

B.

Voluntary Tax

C.

Involuntary Tax

D.

Transfer Tax

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Question # 36

_____________ allows you to contribute cash but you will not receive tax deduction at the time of contribution.

Options:

A.

Traditional IRA

B.

Roth IRA

C.

SEP-IRA

D.

Simple IRA

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Question # 37

Private Companies have a minimum paid up capital of _______________ or such higher capital as may be prescribed.

Options:

A.

Rs 1,00,000

B.

Rs.3,00,000

C.

Rs.5,00,000

D.

Rs10,00,000

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Question # 38

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

Options:

A.

Both (i) and (ii)

B.

Neither (i) nor (ii)

C.

Only (i)

D.

Only (ii)

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Question # 39

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

Options:

A.

(i),(ii),(iii) and (iv)

B.

Only (iii)

C.

(iii) and (iv)

D.

Only (ii)

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Question # 40

Which of the following is a way to Revoke a Will?

Options:

A.

None of the above

B.

Both (i) and (ii)

C.

Only (iii)

D.

(i), (ii) and (iii)

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Question # 41

"From the following information of assets assets and liabilities, the taxable wealth for:

Options:

A.

Rs. 1,10,00,000 & Rs. 40,00,000 respectively

B.

Rs. 1,00,00,000 & Rs. 40,00,000 respectively

C.

Rs. 1,10,00,000 & Rs. 50,00,000 respectively

D.

Rs. 70,00,000 & Rs. 40,00,000 respectively

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Question # 42

There are ____________ possible ways of Transferring Property.

Options:

A.

Three

B.

Four

C.

Five

D.

Six

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Question # 43

A father and his _________________ can also form an HUF.

Options:

A.

Married Daughters

B.

Unmarried Daughters

C.

Married Sons

D.

Unmarried Sons

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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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