ABA CTFA Exam (page: 6)
ABA Certified Trust and Financial Advisor (CTFA)
Updated on: 25-Dec-2025

Viewing Page 6 of 91

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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JUAN 6/28/2023 2:12:00 AM

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