Q1. Relative to other more tax efficient account options, the primary advantage that a personal account provides is that it:

A)   affords greater control than the other account types.

B)   allows for unlimited access to funds.

C)   provides an exact time horizon match.

Q2. Deferred pension accounts are:

A)   tax efficient during the accumulation period, but are usually fully taxable when funds are removed to generate a retirement income.

B)   tax efficient during the accumulation period, and are usually tax exempt when funds are removed to generate a retirement income.

C)   tax inefficient during the accumulation period, and are usually fully taxable when funds are removed to generate a retirement income.

Q3. With respect to the effectiveness of variable life insurance for individual investors, it is:

A)   tax inefficient, and the degree of control over the management of the assets is limited.

B)   tax efficient, and accessibility of assets held inside the policy can be either good or poor, depending upon the terms of the policy.

C)   tax efficient, and the degree of control over the management of the assets is unlimited.

答案和详解如下：

Q1. Relative to other more tax efficient account options, the primary advantage that a personal account provides is that it:

A)   affords greater control than the other account types.

B)   allows for unlimited access to funds.

C)   provides an exact time horizon match.

Correct answer is B)         

The primary advantage of an unsheltered personal account is that the investor retains unlimited access to the funds. Tax sheltered account options ordinarily limit the degree of access.

Q2. Deferred pension accounts are:

A)   tax efficient during the accumulation period, but are usually fully taxable when funds are removed to generate a retirement income.

B)   tax efficient during the accumulation period, and are usually tax exempt when funds are removed to generate a retirement income.

C)   tax inefficient during the accumulation period, and are usually fully taxable when funds are removed to generate a retirement income.

Correct answer is A)

Deferred pension accounts are tax efficient during the accumulation period, but are usually fully taxable when funds are removed to generate a retirement income. The main exception to this is the Roth IRA, which is less tax efficient at the time the contributions are made, but from which all payouts are tax exempt during retirement.

Q3. With respect to the effectiveness of variable life insurance for individual investors, it is:

A)   tax inefficient, and the degree of control over the management of the assets is limited.

B)   tax efficient, and accessibility of assets held inside the policy can be either good or poor, depending upon the terms of the policy.

C)   tax efficient, and the degree of control over the management of the assets is unlimited.

Correct answer is B)

With respect to the effectiveness of variable life insurance for individual investors, it is tax efficient, accessibility of assets held inside the policy can be either good or poor depending upon the terms of the policy, and the degree of control over the management of the assets is limited.

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