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ABA CTFA Exam Questions
Certified Trust and Financial Advisor (CTFA) (Page 7 )

Updated On: 5-Mar-2026
Page 7 of 91
PDF with 895 Questions

The primary purpose of a key person insurance policy is to provide funds on the death of the life assured directly to the deceased's:

  1. Children only
  2. Employer only
  3. Estate only
  4. Spouse only

Answer(s): B



The phase of the economic cycle when levels of employment and production are high and economy is growing, generally accompanied by high prices for goods and services is called:

  1. Growth
  2. Expansion
  3. Depression
  4. Recovery

Answer(s): B



The phase of the economic cycle when levels of employment and production fall and the growth of the economy slows is called:

  1. Growth
  2. Expansion
  3. Recession
  4. Recovery

Answer(s): C



The phase of the economic cycle when levels of employment and production are low and economic growth is at a virtual standstill or even negative is called:

  1. Growth
  2. Expansion
  3. Recession
  4. Depression

Answer(s): D



Gross domestic product is:

  1. The total of all goods and services produced in a country used to monitor economic growth
  2. The half of all goods and services produced in a country used to monitor economic growth
  3. The division of all goods and services produced in a country used to monitor economic growth
  4. None of the above

Answer(s): A



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