AAFM CTEP Questions Answers
Chartered Trust & Estate Planner® (CTEP®) Certification Examination- 472 Questions & Answers
- Update Date : October 24, 2026
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AAFM CTEP Sample Questions
Question # 1A Hindu Undivided Family (HUF) is a separate entity for taxation under the provisions of_________of the Income Tax Act, 1961.
A. Section 2(3)
B. Section 2(1)
C. Section 3(2)
D. Section 2(31)
Question # 2
In case where the Filling Status is single, phase-out begin range is ____________ (as in2013).
A. $250,000
B. $372,500
C. $150,000
D. $300,000
Question # 3
__________________ is spoken rather than dictated or written.
A. Nuncupative Will
B. Notarial Will
C. Mirror Will
D. Simple Will
Question # 4
If the NPV of buy alternative is Positive and the NPV of incremental lease effect is negativethen the correct decision is to___________.
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
Question # 5
Mr. Nitin wants to know the value of estate (before taxation) as on 1st January 2013.
A. $10,363,509
B. $10,513,509
C. $10,280,000
D. None of the above
Question # 6
The Client wants to find out the value of estate that his spouse and each of their childrenwould receive assuming he dies today.
A. $2,804,035
B. $2,774,035
C. $2,757,333
D. $2,772,702
Question # 7
Where a transfer of value is from a UK-domiciled spouse to a non-UK domiciled spouse,then the exempt transfer is limited to ____________
A. £25,000
B. £35,000
C. £45,000
D. £55,000
Question # 8
A client has a minor child she is concerned about what might happen if she was todie,while the child was still young and unable to sensibly handle a sizeable inheritance,onesolution could be to draft her will so that the child receives the asset once reaching age 21this is an example of
A. A discretionary trust
B. A testamentary trust
C. An inter vivo trust
D. A family trust
Question # 9
There are _____________ types of Amortized Loans.
A. Two
B. Eight
C. Three
D. Four
Question # 10
In UK, the nil rate band for the 2012/2013 tax year is ____________
A. £250,000
B. £325,000
C. £350,000
D. £225,000
Question # 11
Madras Marumakkattayam Act was enacted in __________.
A. 1912
B. 1922
C. 1925
D. 1932
Question # 12
Foreign maid levy (applicable only to working mothers) is upto ____________ withoutdomestic worker concession and ___________ with foreign domestic worker concession.
A. $4,000; $6,000
B. $4,080; $6,360
C. $6,360; $4,080
D. $6000; $4,000
Question # 13
The Inland Revenue Authority of Singapore (IRAS) was established on ___________, bylegislation as a statutory board under the Ministry of Finance.
A. 1st September,2002
B. 1st September,1992
C. 21st September,2002
D. 21st September,1992
Question # 14
In US, a separate rate structure applies to capital gains and dividends. Under present law,for 2013, the maximum rate of tax on the adjusted net capital gain of an individual is 20percent for singles earning over __________and couples earning over _______________.
A. $300,000; $350,000
B. $40,000 ;$50,000
C. $500,000; $5,50,000
D. $400,000; $4,50,000
Question # 15
The Hindu Succession (Amendment Act), 2005 came into force from _______________.
A. 29th September,2005
B. 9th September,2003
C. 9th September,2005
D. 29th September,2003