CACS Paper 1 (Free Trial Paper)
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- Question 1 of 6
Charles, an Indian citizen wants to set up an irrevocable discretionary trust in Singapore with his two adult children William and Kate as the beneficiaries. His wife is deceased.
Charles intends to transfer in the trust his portfolio of Singapore assets that includes only $3m in Singapore listed shares, a $6m home in orchard road and appoints Safe Haven Inc. Bank in Singapore as the only trustee. He wants to have control on how trust assets are to be distributed and invested.
Additionally, Charles is involved in a $50m business venture in Vietnam where he is the sole guarantor of a $25m loan. While the venture promises to be very successful, he wants the trust to be protected against any potential creditor claims arising from his business venture.
Charles had a will done last year whereby he has willed all his assets in Singapore to his brother harry who is a Singaporean.
Charles comes to you for advice:-
Which country’s law would this trust be subject to?CorrectIncorrect
- Question 2 of 6
Which of the following are examples of cross-border activities?
I. Cold-calling a client based in another country from Singapore
II. Participating in marketing events in another country
III. Accepting an overseas client’s orders for investments products in SingaporeCorrectIncorrect
- Question 3 of 6
Why is it important to obtain comprehensive information about client’s knowledge and experience of investments & finance?CorrectIncorrect
- Question 4 of 6
Mr. Wong is a successful businessman running a construction materials company that has profited from the recent property boom in Asia. To position himself for further expansion, he has secured a personal 20-year loan of $30m to finance an acquisition in Malaysia. At the same time, his partner has noticed that the stress has affected his health and his minor stroke last year has his partner now worried and concerned on how the business might be affected if any one of them might pass away prematurely.
Mr. Wong partner’s concerns can be addressed with a life insurance policy becauseCorrectIncorrect
- Question 5 of 6
The Code sets out certain disclosure standards which covered person should observe. In this regard, covered persons are required to:CorrectIncorrect
- Question 6 of 6
Can you afford to FAIL and RETAKE the CACS Paper 1 Exam?CorrectIncorrect