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5-question sprint

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1. Q1 · F · Retirement Savings and Income Planning

   A 73-year-old retiree holds a traditional IRA. When must the first required minimum distribution be taken?

   By April 1 of the year after turning 73By April 1 of the year after turning 75By December 31 of the year they turn 73No distribution is required while still working

2. Q2 · D · Investment Planning

   Two funds have identical expected returns. Fund A has a standard deviation of 12%, Fund B 18%. Which statement is correct?

   Fund B has the better risk-adjusted returnFund A has the better risk-adjusted returnBoth have identical Sharpe ratiosStandard deviation cannot compare the two

3. Q3 · E · Tax Planning

   A client sells appreciated stock held 14 months. How is the gain treated for federal income tax?

   Ordinary income at the marginal rateShort-term capital gainLong-term capital gainTax free up to the annual exclusion

4. Q4 · C · Risk Management and Insurance Planning

   Which insurance concept prevents a client from profiting from a covered loss beyond the actual damage?

   IndemnitySubrogationCoinsuranceAdverse selection

5. Q5 · G · Estate Planning

   A revocable living trust funded during the grantor's lifetime primarily accomplishes which objective?

   Removing assets from the taxable estateAvoiding probate on the funded assetsShielding assets from all creditorsEliminating income tax on trust earnings