Free Chartered Wealth Manager (CWM) Global Examination Exam GLO_CWM_LVL_1 Exam Practice Test

An insured becomes entitled for getting No Claim Bonus only at the renewal of a policy after the expiry of the full duration of _________ months.

• 6 months
• 9 months
• 3 months
• 12 moths

Dharampal has let out his house property at monthly rate of Rs. 12000. He has paid Rs.3500 as annual municipal tax. He wants to know the Net Annual value of his house at Bhuj for AY 2011-12. The Municipal value of the house is Rs. 90,000, Fair rent Rs. 1,40,000, Standard rent Rs. 1,20,000. The house was vacant for one month during the previous year 2010-11 and the rent has not changed since then.

• Rs. 1,40,500
• Rs. 1,36,500
• Rs. 1,28,500
• Rs. 1,32,000

Ram purchased a house in Mumbai in March 2004 for Rs.12,50,000. In April, 2011 entered into an agreement to sell the property to Shyam for a consideration of Rs.19,75,000 and received earnest money of Rs.50,000. As per the terms of the agreement, the balance payment was to be made within 30 days of the agreement. If the intending purchaser does not make the payment within 30 days, the earnest money would be forfeited. As Shyam could not make the payment within the stipulated time the amount of Rs.50,000 was forfeited by Ram. Subsequently Ram sold the house in June,2012 for Rs. 21,30,000. He paid 2% brokerage on sale of the house. Calculate the capital gains chargeable to tax for the assessment year 2012-13. [CII-12-13: 852,11-12: 785,10-11:711,03-04:463]

• 52,843
• 659322
• 253565
• 659002

The approach to global financial system which criticizes the modern financial system of promoting inequality between state players is called:

• Social Democratic Front
• Liberal View
• Conservative Front
• Neo Marxists

During ''Financial Independence'' life stage, typical asset allocation should be

• 25% equities, rest in fixed income instruments
• 50% equities, rest in fixed income instruments
• 75% equities, rest in fixed income instruments
• 100% equities

Manjeet, aged 33 years, is having a policy of Rs. 1 Lac sum assured and is paying premium of Rs. 1,800/- for the last 10 years. The cash surrender value of this policy is at the end of previous year was Rs. 20,000. It is estimated that by this year end, the cash surrender value of this policy would be Rs. 22,900. New term insurance of sum assured of Rs. 80,000 costs Rs. 300/- per annum today as per Manjeet's age. If rate of interest is 6% then please advise Manjeet if it is better to continue this policy or to discontinue it?

• To continue this policy
• To discontinue this policy
• More information required
• Data insufficient

If after the partition of an HUF 2 members became partners in 3 firms on behalf of their respective HUFs and they also become partners in a fourth firm. The funds were obtained by means of loans from the other 3 firms. The share incomes of the members from the fourth firm were assessable as their individual income only.

• TRUE
• FALSE

Income from which trust is added to the beneficiary's taxable income?

• Private trust
• Charitable
• Religious
• None of the above

In case of public company memo must be signed by atleast ....... persons.

• One
• Two
• Seven
• Ten

Fiscal Policy controls.....

• Government spending
• Revenue raising
• Both of the above
• None of the above