Korea Accredited Retirement Planning Specialist (은퇴설계전문가, ARPS) flashcards
Korea Accredited Retirement Planning Specialist (은퇴설계전문가, ARPS) · Build recall with a focused review session.
21 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Net worth
- The difference between a household’s stated assets and liabilities at a specified date, distinct from recurring income.
- Cash-flow statement
- A record of receipts and payments over a period, used to identify surplus, deficit and timing mismatches.
- Liquidity
- The ability to meet payments using resources available at the needed time without unacceptable delay or loss.
- Planning horizon
- The period over which a particular goal and its funding need are evaluated, which can differ across goals.
- Risk capacity
- The financial ability to absorb adverse outcomes without undermining essential obligations, distinct from emotional willingness to take risk.
- Engagement scope
- The agreed services, responsibilities and boundaries of the planner-client relationship, including relevant information and compensation arrangements.
- Monitoring
- Periodic assessment of implementation, outcomes and changing circumstances to decide whether a financial plan requires adjustment.
- Defined benefit
- An arrangement defining benefits through a specified formula, distinct from simply promising the member a fixed account contribution.
- Defined contribution
- An arrangement defining contributions while the eventual account outcome depends on investment results, fees and applicable withdrawal arrangements.
- IRP
- An individual retirement pension account used within Korean rules for portability or additional retirement saving, distinct from an unrestricted brokerage account.
- National Pension
- Korea’s contributory public pension arrangement, whose eligibility and benefit rules differ from Basic Pension and workplace schemes.
- Basic Pension
- A Korean old-age support program with its own income-recognition and eligibility framework, not an automatic award for every pension contributor.
- Housing pension
- A home-secured retirement-income arrangement whose conditions, guarantee costs, occupancy and settlement rules require product-specific verification.
- Longevity risk
- The risk of living longer than the period for which resources were planned, increasing the need for durable income.
- Tax deduction
- An amount that reduces the relevant taxable base under the applicable rules, distinct from a direct reduction of calculated tax.
- Tax credit
- An amount applied against calculated tax liability subject to the applicable conditions, rather than a reduction of the income base.
- Marginal rate
- The rate applied to the next relevant increment of taxable amount within the specified rate structure.
- Effective rate
- Tax measured relative to a specified total income or taxable base, whose denominator should be made explicit.
- Beneficiary designation
- Identification of the person entitled under a contract or arrangement, which need not resolve every associated tax or inheritance question.
- Estate liquidity
- Resources accessible to meet obligations and expenses associated with succession without assuming immediate sale of illiquid property.
- Transition provision
- A rule specifying how a legal change applies across dates, transactions or coverage periods instead of treating every case identically.