Question 1

Section A (1 Mark)

HNWI stands for

Options :

A : High Non Working Individuals

B : High Net Worth Individuals

C : High Net Worth Industries

D : None of the above

Answer: B

Question 2

Section A (1 Mark)

The proposed Fair Tax would change the U.S. tax system and instead:

Options :

A : Institute a national sales tax

B : Institute a single income tax rate for all taxpayers

C : Would only tax the rich

D : None of the Above

Answer: A

Question 3

Section A (1 Mark)

If the deceased has two widows, four sons and two daughters then what is the share of each widow

Options :

A : One seventh of estate

B : One half of estate

C : One eighth portion

D : One fourteenth portion

Answer: D

Question 4

Section B (2 Mark)

After making an investment, assume that an investor overhears a news report that has negative implications regarding the potential outcome of the investment he has just executed. How likely is he to then seek information, if he exhibits self attribution bias, that could confirm that you've made a bad decision?

Options :

A : Very unlikely.

B : Unlikely.

C : Likely.

D : Very likely.

Answer: A

Question 5

Section B (2 Mark)

You borrowed Rs8500, with the understanding that you are to make monthly payments over 36 months. Interest is charged at 7% compounded monthly. If you were to increase your payments by Rs20 per month, how much less time would it take you to pay back the loan?

Options :

A : 2.49 months

B : 2.81 months

C : 3.28 months

D : 1.55 months

Answer: B