CWM_LEVEL_1 Practice Online

Question 1

What is the amount of deduction in relation to Tea, Coffee and Rubber development account u/s 33AB of Income Tax Act?

A : 20% of profits of such business

B : 40% of profits of such business

C : 60% of profits of such business

D : 100% of profits of such business

Answer: B

Question 2

Mr. Tiwari is the sole income earner in the family. Mrs. Tiwari is a homemaker. They are aged 40 and 36

respectively Life expectancy for both of them is another 40 years. They have no children. Other

information you have is: Current investment portfolio Rs. 20 lakhs, Estimated final expenses Rs. 1 lakh,

present annual expenses are of Rs. 4 lakhs (including Rs. 1 lakh of Mr. Tiwari's personal expenses), Mr.

Tiwari's post tax income in hand is Rs. 3.5 lakhs. Assume a post tax and post inflation rate is 4%.

Calculate the insurance requirement under the Needs Based Method?

A : Rs. 43 Lakhs

B : Rs. 42 Lakhs

C : Rs. 62 Lakhs

D : Rs. 51 Lakhs

Answer: D

Question 3

Deductions under section 54 are allowed from

A : Gross Total Income

B : Long Term Capital Gain

C : Gross total income exclusive of long-term capital gain as well as short-term capital gain

D : Net Total Income

Answer: C

Question 4

Mrs. Meghana, a Hindu woman died without making a Will. She has left behind self-acquired property as well as property which she had got from her parents. Mrs. Meghana is survived by her husband and two children. According to the Hindu succession act 1956, how the whole property will be distributed and to whom it belongs?

A : Meghana-s husband and two children have equal rights (one-third each) on her self-acquired property

B : elf-acquired property as well as property which she had got from her parents shall be distributed in equal ratio to her husband and two children

C : Mrs. Meghana-s property which is acquired from her parents shall be distributed to her two children in equal ratio. Her husband does not have a right on such property

D : Both A and C of the above

Answer: D

Question 5

The current dividend on an equity share of MAGADH Limited is Rs. 8.00 on earnings per share of Rs. 30.00. Assume that the growth rate of 15 per cent will decline linearly over a five year period and then stabilize at 10 per cent. What is the intrinsic value of MAGADH 's share if the investors' required rate of return is 15 per cent?

A : Rs. 196/-

B : Rs. 183/-

C : Rs. 116/-

D : Rs. 269/-

Answer: D

Name:	Chartered Wealth Manager (CWM) Certification Level 1 Examination
Exam Code:	CWM_LEVEL_1
Certification:	AAFM Certification
Vendor:	AAFM
Total Questions:	138
Last Updated:	Oct 23, 2026

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