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Home» Advisers» Keep up to date» Forward Thinking» August 2011 Quiz

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August 2011 Quiz

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FOFA Practice Valuation
Q1	The adoption of a scaled advice model may potentially open the door to the accumulator market. a) True b) False
Q2	According to Angela Winton, practices whose revenue is largely based on commissions and which don’t routinely conduct annual reviews with clients will trade at a discount compared to practices with more integrated clients and revenue. a) True b) False
Q3	Under a bolt-on acquisition arrangement, the business will be valued on a multiple of future maintainable earnings, based on earnings before interest, taxes, depreciation, and amortisation (EBITDA) adjusted for the cost of the principals’ salaries. a) True b) False
Communication is the key
Q4	Having a clear communication plan will ensure any changes made in your practice due to the reforms are implemented as smoothly and seamlessly as possible. a) True b) False
Q5	It’s important to segment your clients and develop different communication strategies for each segment to make your plan as effective as it can be. a) True b) False
MAStech
Q6	For the purposes of the current Limited Recourse Borrowing Arrangement (LRBA) rules, which of the following is not an ‘acquirable asset’? a) real property held on a single title b) a diversified portfolio of shares c) a collection of identical shares d) a collection of identical units in a unit trust
Q7	Under the LRBA rules, real property can be repaired but not improved. a) True b) False
Q8	Interposing a unit trust between a LRBA holding trust and the asset (eg real property) may provide a structural solution to ‘acquirable asset’ issues if: a) the trust is a widely held trust b) the trust is not controlled by a the SMSF trustee or the trustee’s associates c) the trust is a ‘Reg 13.22A’ trust and there is a charge over the trust’s assets d) (a) or (b)
Addressing underinsurance among high net worth clients
Q9	How many businesses are forced into bankruptcy as a result of the ill health of a key person or there being no life insurance in place for executives in the business? a) 10 per cent b) 11 per cent b) 12 per cent
Q10	A typical Sumo Client will have an annual income of: a) $500,000 b) $750,000 c) More than $1 million
Q11	Sumo is tailored offering for which clients: a) high net worth (HNW) clients b) Doctors c) Accountants
Spotlight on Exchange Traded Funds
Q12	Which of the following is not a characteristic of an ETF? a) Simultaneous operation of a primary market for unit creation and redemption, and an exchange traded secondary market b) Closed ended investment vehicle c) Transparency in terms of underlying portfolio composition.
Q13	Which of the following statements is true? Swap counterparty risk is a feature associated with… a) All ETFS b) Synthetic ETFs
Q14	Which of the following statements is false? a) Market value of ETFs globally is currently around $1.5 trillion b) ETFs currently trade on some 48 exchanges around the globe c) The first ever ETF was listed in 1990 on the New York Stock Exchange
Investing in greener pastures
Q15	Structural changes in the global dairy market are being driven by: a) emerging middle classes b) higher incomes c) urbanisation d) access to retail dairy facilities e) all of the above
Q16	Dairy Australia projects unmet global demand of 5 to 6 billion litres of milk by 2019 a) True b) False
Q17	Australia and NZ only account for 6% of total world milk production; approximately how much do they provide to the global dairy trade? a) 10% b) 30% c) 50% d) 70%
SMSF Asset Allocation
Q18	Cash now makes up more than one-fifth of self managed super fund (SMSF) portfolios, almost double the level before the global financial crisis (GFC). a) True b) False
Q19	According to the March 2011 APRA figures, SMSFs now account for what percentage of superannuation assets? a) 11.8 b) 31.8 c) 51.8
Q20	From March 2010 to March 2011 the number of SMSFs: a) Increased by 7 per cent b) Decreased by 7 per cent c) Stayed the same.

August 2011 Quiz

Your details

FOFA Practice Valuation

Communication is the key

MAStech

Addressing underinsurance among high net worth clients

Spotlight on Exchange Traded Funds

Investing in greener pastures

SMSF Asset Allocation

Quick links

What do you need?

Contact us