Free CTEP Practice Test Questions and Answers (2026) Practice Questions
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AAFM CTEP
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Q: 1
A client has a minor child she is concerned about what might happen if she was to die, while the
child was still young and unable to sensibly handle a sizeable inheritance, one solution could be to
draft her will so that the child receives the asset once reaching age 21 this is an example of
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Correct Answer:
B
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Q: 2
Estate planning has_____ phases.
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Correct Answer:
C
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Q: 3
A Discretionary Trust can be formed for the benefit of ________________________
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Correct Answer:
C
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Q: 4
In __________, a protective trust is a type of trust that was devised for use in estate planning.
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Correct Answer:
B
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Q: 5
Estate Tax in India is _______
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Correct Answer:
A
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Q: 6
Which of the following structure of Unborn Trust is not valid?
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Correct Answer:
B
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Q: 7
____________ means excess, increase or addition according to Sharia’ah Terminology. Bahrain has
over _________ financial institutions with a wide range of activities including Islamic Insurance.
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Correct Answer:
A
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Q: 8
High Net Worth Individuals can dispose of their money in______ ways. From the standpoint of the
wealth holder,__________ is the most important of all.
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Correct Answer:
A
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Q: 9
Which of the following statement(s) about “Special Needs Trust” is/are correct?
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Correct Answer:
A
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Q: 10
A person is deemed to have attained majority on completion of __________________ in case where
a guardian of a minor’s property is appointed under the Guardian and Wards Act,1890.
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Correct Answer:
D
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Q: 11
There are generally________ types of Private Foundations. Out of these, in ____________
arrangement, the donor has no direct participation in any charitable work.
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Correct Answer:
B
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Q: 12
X furnishes the following particulars for the compilation of his wealth-tax return for assessment year
2012-13.
Calculate the amount on which Wealth Tax is Payable.
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Correct Answer:
A
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Q: 13
______________ of Income Tax Act,1961 provides for the Registration of a Charitable Trust.
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Correct Answer:
A
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Q: 14
There are __________ types of Insurance policies which are used in Estate Planning.
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Correct Answer:
A
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Q: 15
Which is not the condition for getting superannuation fund approved?
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Correct Answer:
B
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Q: 16
More than_______ in wealth classifies the person as “Ultra HNI”
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Correct Answer:
C
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Q: 17
____________ is the most basic legal instrument of all Estate Plans.
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Correct Answer:
B
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Q: 18
You are an Estate Planner. Your Client asks you that if he wants to give business to his children which
method is not appropriate. He further asks you which method can help him control the size of this
gift through his will. Your reply would be___________
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Correct Answer:
B
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Q: 19
Failure to create an Estate Plan leads to __________
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Correct Answer:
D
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Q: 20
As per Muslim Law, if the husband is missing for _________ the wife may file a petition for the
dissolution of her marriage. __________ of Dissolution of Muslim Marriages Act provides that that
where a wife files petition for divorce under this ground, she is required to give the names and
addresses of all persons who would have been the legal heirs of the husband on his death.
Calculate the amount on which Wealth Tax is Payable.
