Pass the AAFM AAFM Certification CTEP Questions and answers with CertsForce

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Questions # 1:

Economic Expansion Act was introduced in Singapore in __________.

Options:

A.

1967


B.

1947


C.

1922


D.

1965


Questions # 2:

A Henson Trust in Canadian law, is a type of trust to benefit _________________

Options:

A.

Widows


B.

Orphaned Child


C.

Disabled Person


D.

None of the above


Questions # 3:

Singapore personal tax rates are capped at _________ for residents and a flat rate of ________ for non-residents.

Options:

A.

15%, 20%


B.

18%, 20%


C.

15%,18%


D.

20%,15%


Questions # 4:

Which of the following is/are the desirable contents of a will?

Question # 4

Options:

A.

I, II and III


B.

II, III and IV


C.

I, III and IV


D.

All of these


Questions # 5:

In some states like __________ and ____________, the Indian Succession Act was amended to provide that all daughters who were unmarried as on the date of the amendment would be regarded as coparceners in much the same manner as the sons in the family.

Options:

A.

West Bengal; Assam


B.

Gujarat; Maharashtra


C.

Maharashtra; Tamil Nadu


D.

None of the above


Questions # 6:

If the NPV of buy alternative is Positive and the NPV of incremental lease effect is negative then the correct decision is to___________.

Options:

A.

Lease the Asset


B.

Buy the Asset


C.

Not use the Asset


D.

If the sum of the two NPV’s is positive, lease otherwise don’t use the asset


Questions # 7:

Which of the following cannot give a Power of Attorney?

Options:

A.

Married women even if she is a Minor


B.

Muslim boy who is 15 years of age


C.

Partnership firm


D.

None of the above


Questions # 8:

A trustee commuting a breach of trust not liable to pay interest except

Question # 8

Options:

A.

(i) & (ii)


B.

(ii) & (iii)


C.

Only (ii)


D.

All of the above


Questions # 9:

As per US Tax Laws 2013 in case of Single Individuals, if the taxable income is above $400,001 the tax is $116,163.75 plus __________ of the excess of over $400,000.

Options:

A.

45%


B.

40%


C.

39.60%


D.

36%


Questions # 10:

For inheritance tax purposes, even if the individual was not at the time of transfer domiciled in the UK, he or she will be treated as domiciled in the UK if, at the time a transfer of value was made:

Question # 10

Options:

A.

Three,18


B.

Four,18


C.

Three,17


D.

Four,17


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