NSW Feb 2012 Pd Day Points Quiz
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Welcome advisors, to the first online test in order to get your PD points. We hope you got a lot out of the day!
DON'T PANIC, this is a simple quiz to see if you were listening. You don't need to get every question right, simply scoring 8 or more out of 12 correct questions will be enough to pass. If you happen to fail the first time, you will have the ability to redo this quiz twice.
Questions are made up of a mix of multiple choice as well as true and false.
Good Luck!
Questions and Answers
- 1.
Section: Business & Marketing Update by Jenny Pearse Question: Jenny Announced a new director for AAAFI, who was it?
- A.
Justin O'Kane
- B.
David Schneider
- C.
Kathryn Howes
- D.
John Kildea
Correct Answer
A. Justin O'KaneExplanation
Jenny Pearse announced Justin O'Kane as the new director for AAAFI.Rate this question:
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- 2.
Section: Business & Marketing Update by Jenny Pearse Question: What is the name of the leads generating site where some AAA advisors have begun recieving leads and turning them into sales?
- A.
Www.lifeinsurance.com.au
- B.
Www.lifeinsurancefinder.com.au
- C.
Www.riskfinder.com.au
- D.
Www.insurancecomparisonfinder.com.au
Correct Answer
B. Www.lifeinsurancefinder.com.auExplanation
The correct answer is www.lifeinsurancefinder.com.au. This is the name of the leads generating site where some AAA advisors have begun receiving leads and turning them into sales.Rate this question:
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- 3.
Section: Effectively Competing Against Industry Funds by Chris Kirby Question:Which company gave the presentation on competing against industry funds?
- A.
AXA/AMP
- B.
OnePath
- C.
Bill Shorten
- D.
Perpetual
Correct Answer
A. AXA/AMPExplanation
The correct answer is AXA/AMP. The presentation was given by AXA/AMP on the topic of competing against industry funds.Rate this question:
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- 4.
Section: Effectively Competing Against Industry Funds by Chris Kirby Question: A big advantage of retail insurance within a non industry fund is that it allows for CPI
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Retail insurance within a non-industry fund allows for CPI, which stands for Consumer Price Index. This means that the insurance coverage can be adjusted to account for inflation and the rising cost of living. This is a big advantage as it ensures that the coverage remains relevant and adequate over time.Rate this question:
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- 5.
Section: Direct Property: The Missing Asset Class by Tal Eloss Question: Which property business does TAL Eloss, represent?
- A.
Odyssey
- B.
Westpoint
- C.
Mcgraph Nicol
- D.
AAA Property Ptd Ltd
Correct Answer
A. OdysseyExplanation
Tal Eloss represents the property business Odyssey.Rate this question:
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- 6.
Section: Direct Property: The Missing Asset Class by Tal Eloss Question: I can now recommend a client to purchase property without an SOA
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because recommending a client to purchase property without an SOA (Statement of Advice) would be considered a breach of professional and ethical standards. An SOA is a crucial document that outlines the advice given to a client, including the reasoning behind the recommendation, risks involved, and potential alternatives. It ensures transparency and accountability in the financial advice process. Therefore, it is not appropriate to recommend a client to purchase property without an SOA.Rate this question:
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- 7.
Section: Compliance Update by John Kildea Question: What new AAAFI policy did John Talk about?
- A.
Social Media Policy
- B.
Privacy Policy
- C.
Sexual Harassment Policy
Correct Answer
A. Social Media PolicyExplanation
John talked about the new Social Media Policy in his Compliance Update.Rate this question:
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- 8.
Section: Aiming High in 2012 by Errol Rabaud Question: Errol mentioned a new Victorian state Manager, who is it?
- A.
Himself (Errol Rabaud)
- B.
Jeff Kennett
- C.
Rod Hudson
- D.
Greg Tobin
Correct Answer
C. Rod HudsonExplanation
The correct answer is Rod Hudson. This can be inferred from the given information that Errol Rabaud mentioned a new Victorian state Manager, implying that the person mentioned is someone other than Errol Rabaud himself. Among the options provided, Rod Hudson is the only name mentioned that fits this criteria.Rate this question:
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- 9.
Section: Aiming High in 2012 by Errol Rabaud Question: Where is AAAFI's paraplanning division located?
- A.
Five Dock
- B.
Adelaide
- C.
Morphett Vale
- D.
Gold Coast
Correct Answer
A. Five DockExplanation
The correct answer is Five Dock.Rate this question:
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- 10.
Section: Process Not Product by MLC Question: What was the main emphasis of MLC’s presentation
- A.
Selling more products
- B.
Helping Plan for SMEs future's
- C.
Selling more products to SMEs
Correct Answer
B. Helping Plan for SMEs future'sExplanation
The main emphasis of MLC's presentation was to help plan for SMEs future's. This means that the focus of the presentation was on providing guidance and assistance to small and medium-sized enterprises in preparing for their future success and growth. The presentation likely included strategies, tips, and advice on how SMEs can navigate challenges, make informed decisions, and achieve their long-term goals.Rate this question:
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- 11.
Section: Process Not Product by MLC Question: How many small business did MLC report there are in Australia?
- A.
200,000
- B.
1,880,000
- C.
10,000,000
Correct Answer
B. 1,880,000Explanation
MLC reported that there are 1,880,000 small businesses in Australia.Rate this question:
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- 12.
Section: Where is the Australian market Heading by VanEyk Question: VanEyk mentioned about the Australian stock market, that banking and material (mining) stocks make up a large proportion of this market, how much do they make of the market?
- A.
30%
- B.
65%
- C.
90%
Correct Answer
B. 65%Explanation
VanEyk stated that banking and material (mining) stocks make up a large proportion of the Australian stock market. The correct answer of 65% suggests that these two sectors account for a significant portion of the market, more than half. This implies that the performance and trends of banking and material stocks have a substantial impact on the overall Australian market.Rate this question:
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- 13.
Section: Where is the Australian market Heading by VanEyk Question: What will be one of the major themes for markets during 2012?
- A.
The ongoing European crisis
- B.
Japanese property sector
- C.
Increasing the GST rate in Australia
Correct Answer
A. The ongoing European crisisExplanation
One of the major themes for markets during 2012 was the ongoing European crisis. This crisis refers to the economic and financial difficulties faced by several European countries, particularly those in the Eurozone, during that time. The crisis had a significant impact on global markets, causing uncertainty and volatility. It affected various aspects of the economy, including trade, investment, and consumer confidence. Therefore, it was a major theme that investors and market participants closely monitored and reacted to during 2012.Rate this question:
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- 14.
Section: Social Media – Where to now? by TAL Question: Which company was used as an example of a failed social media policy?
- A.
Virgin Blue
- B.
Coles
- C.
Woolworths
- D.
QANTAS
- E.
AAA Financial Intelligence
Correct Answer
D. QANTASExplanation
Qantas was used as an example of a failed social media policy.Rate this question:
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- 15.
Section: Social Media – Where to now? by TAL Question: There are no disadvantages to using twitter to promote your business?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The answer is false because there are indeed disadvantages to using Twitter to promote your business. One disadvantage is that the character limit on tweets can make it challenging to convey detailed information about your products or services. Additionally, negative feedback or criticism can quickly spread on Twitter, potentially damaging your business's reputation. Another disadvantage is the fast-paced nature of the platform, which can make it difficult to stand out among the constant stream of tweets. Finally, Twitter's algorithm changes frequently, making it harder to reach and engage with your target audience consistently.Rate this question:
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- 16.
Section: Compliance Update by John Kildea Question: Under FOFA, as it currently stands, there will be some form of grandfathering provision for existing clients?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Under FOFA (Future of Financial Advice), there is a grandfathering provision for existing clients. This means that certain arrangements and benefits that were in place before the FOFA reforms came into effect will be allowed to continue for existing clients. This provision aims to provide some level of protection and continuity for clients who were already receiving certain benefits or arrangements from their financial advisors before the reforms were implemented.Rate this question:
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- 17.
Section: Where is the Australian market Heading by VanEyk Question: Australian Banks are no longer reliant on foreign funding?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Australian banks are still reliant on foreign funding. This means that they rely on borrowing money from overseas sources to fund their operations and lending activities. Foreign funding provides a significant portion of the capital that Australian banks need to function effectively. Without this foreign funding, Australian banks would face challenges in meeting the demand for loans and other financial services. Therefore, the statement that Australian banks are no longer reliant on foreign funding is false.Rate this question:
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- 18.
Section: Compliance Update by John Kildea Question: When developing a social media policy you are required to get a Signoff for?
- A.
Professional Social Media use only
- B.
Professional and Private Social Media Use
- C.
Not required
Correct Answer
A. Professional Social Media use onlyExplanation
When developing a social media policy, it is necessary to obtain a signoff for professional social media use only. This means that employees are only allowed to use social media platforms for work-related purposes and not for personal use. This signoff ensures that employees understand and agree to abide by the company's guidelines and expectations regarding their professional social media presence. It helps establish boundaries and prevent any potential misuse or inappropriate behavior on social media platforms.Rate this question:
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- 19.
Section: Compliance Update by John Kildea Question: Which of the following answers below, is most correct when it comes to what consitutes conflicted renumeration?
- A.
Only initial commissions
- B.
Some Initial and ongoing commissions, some soft dollar benefits, and volume incentives
- C.
Only initial and ongoing commissions
Correct Answer
B. Some Initial and ongoing commissions, some soft dollar benefits, and volume incentivesExplanation
The most correct answer is "Some Initial and ongoing commissions, some soft dollar benefits, and volume incentives." Conflicted remuneration refers to any type of benefit, monetary or non-monetary, that could influence the advice given by a financial adviser. This includes not only commissions received for initial and ongoing services, but also soft dollar benefits (such as gifts or entertainment) and volume incentives (such as bonuses based on the amount of products sold). Therefore, the answer choice that includes all of these elements is the most accurate.Rate this question:
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- 20.
Section: Compliance Update by John Kildea Question: When an ongoing advisor fee is charged, which of the following applies in regards to proposed new rules regarding opt in?
- A.
Annual Fee Disclosure and Opt In for all clients
- B.
Annual Fee Disclosure and Opt In for all new clients after 1 July 2012
- C.
Opt In every two years for all new client contracts after 1 July 2012 and annual Fee Disclosure for all clients
Correct Answer
C. Opt In every two years for all new client contracts after 1 July 2012 and annual Fee Disclosure for all clientsExplanation
The correct answer is "Opt In every two years for all new client contracts after 1 July 2012 and annual Fee Disclosure for all clients." This means that under the proposed new rules, advisors must obtain client consent every two years for new client contracts after July 1, 2012, and must also provide annual fee disclosure for all clients. This ensures that clients are aware of and agree to the ongoing advisor fee.Rate this question:
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Jun 30, 2023Quiz Edited by
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Feb 20, 2012Quiz Created by
Aaafi
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