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Fiduciary Responsibilities Quiz
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Fiduciary Responsibilities Quiz

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@SupportiveParrot

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Questions and Answers

Who can act in a fiduciary capacity to another party?

  • A pension plan manager
  • A corporate trust company
  • A bank's trust department (correct)
  • A financial adviser

    • Which one of the following is a key characteristic of a fiduciary?

  • They hold a legal or ethical relationship of trust with one or more parties (correct)
  • They provide aid, advice, or protection to another person
  • They are responsible for managing money or assets for another person
  • They act in a position of vulnerability

    • Which of the following are considered fiduciaries under applicable statutes and laws?

  • Financial advisers
  • Financial planners
  • Asset managers
  • All of the above (correct)

    • What does good conscience require a fiduciary to do?

    <p>Act solely for the benefit and interest of the person who entrusted funds to them</p> Signup and view all the answers

    In a fiduciary relationship, what does one person do in relation to the other?

    <p>Seeks aid, advice, or protection</p> Signup and view all the answers

    Which of the following is the primary responsibility of a fiduciary?

    <p>Managing money or assets for another person</p> Signup and view all the answers

    Who can be considered a fiduciary under applicable statutes and laws?

    <p>All of the above</p> Signup and view all the answers

    What is the role of a corporate trust company in a fiduciary relationship?

    <p>Acting in a fiduciary capacity to another party</p> Signup and view all the answers

    What is the requirement of a fiduciary in a relationship?

    <p>To act at all times for the sole benefit and interest of the one who trusts them</p> Signup and view all the answers

    Which one of the following professions is considered a fiduciary?

    <p>Financial planner</p> Signup and view all the answers

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