Reference no: EM132830228
1.The whole objective of wealth planning and management is
Select one:
a. to ensure that the cash flow and liquidity requirements are met
b.Basically the same as the objective of retirement planning
c.To be able to meet the necessary needs of this life all the time and to be sure that our dependents are also well looked after
d.To be able to live a comfortable life during retirement
2.Waqf is..............
Select one:
a. i- one of the ways to be close to Allah
b. i and ii
c.ii- one of the ways to purify one's wealth
3.Using the life cycle theory, clients of which of the following phases have both large investment needs and high risk tolerance?
Select one:
a.Approaching retirement
b.Post-retirement
c.Early family formation
d.Wealth accumulation
4.Which of the following is NOT a step in the Financial Planning Process?
Select one:
a.Preparation of a Financial Services Guide
b.Develop financial goals
c.Identify financial problems
d.Recommendations and implementation
5."Rights to wealth determine the relative power and ranks of a person"
Select one:
a.Belongs to the Socialist concept
b.Belongs to the Capitalist, Socialist and Islamic concepts
c.Belongs to the Islamic concept
d.Belongs to the Capitalist concept
6.The difference between conventional and Islamic estate planning is
Select one:
a.Islamic estate planning considers the distribution of estate after death through the Islamic law of inheritance or fara'id but not in conventional estate planning
b.Islamic estate planning takes into consideration the need for purification of the wealth through payment of zakat and other voluntary gifts whereas conventional estate planning does not need for purification of the wealth
c.Islamic estate planning must fulfil the Shariah requirements whereas conventional estate planning does not need to fulfil Shariah requirements
d.All Statements
7.Risk arises from trading of assets because of change in asset prices and exchange rates is classified as
Select one:
a.asset risk
b.exchange risk
c.trade risk
d.market risk
8.Insurance and takaful or Islamic insurance are useful because
i- It helps us to mitigate our risks
ii-It creates instant estate
iii- It helps to replace our losses when mishap happens
Select one:
a. i and ii
b. ii
c. i, ii and iii
9.The conditions for zakat to be obligatory are:
i- There must be complete ownership of the wealth
ii- There must be sufficient wealth to cover the nisaab
iii- The wealth has been held for one lunar year
Select one:
a. i, ii, and iii
b .iii
c. i
d. ii and iii
10.Which of the following statements is true?
Select one:
a. Zakat can be distributed to anyone
b.Zakat is compulsory for all Muslims
c.Zakat was made obligatory during the Makkah period