Question 1

What type of education funding is available for all years of undergraduate and graduate work?

Accepted Answer

A) Hope Credit 
B) Lifetime Learning Credit 
C) Education Learning Credit 
D) Hope learning Credit 
A) Hope Credit 
B) Lifetime Learning Credit 
C) Education Learning Credit 
D) Hope learning Credit B

Question 2

How many of today's 20-year-olds are estimated to become disabled before they retire?

Accepted Answer

A) 1 in 50 
B) 1 in 10 
C) 1 in 8 
D) 1 in 4 
A) 1 in 50 
B) 1 in 10 
C) 1 in 8 
D) 1 in 4 D

Question 3

What educational savings plan vehicle is a gift to a child without the expense of a trust?

Accepted Answer

A) Uniform Transfers to Minors Act 
B) CollegeSure CD 
C) Financial Aid 
D) Coverdell Education Savings Accounts 
A) Uniform Transfers to Minors Act 
B) CollegeSure CD 
C) Financial Aid 
D) Coverdell Education Savings Accounts A

Question 4

What type of education funding is only for the first two years of undergraduate education?

Accepted Answer

A) Hope Credit 
B) Lifetime Learning Credit 
C) Education Learning Credit 
D) Hope learning Credit 
A) Hope Credit 
B) Lifetime Learning Credit 
C) Education Learning Credit 
D) Hope learning Credit

Question 5

As a funding strategy, what allows for a child to receive annual gift tax exclusion?

Accepted Answer

A) Section 2053(c) Minor's Trust 
B) Section 6 (a) Parental Tax Exception 
C) Section 2053 (c) Adult Trust 
D) Section 5 - 3 Child Trust 
A) Section 2053(c) Minor's Trust 
B) Section 6 (a) Parental Tax Exception 
C) Section 2053 (c) Adult Trust 
D) Section 5 - 3 Child Trust

Question 6

Which client would have the highest risk exposure?

Accepted Answer

A) Miriam is a 40-year-old single client. She has no dependents and rents her apartment. Her annual income is $155,000. She has saved enough money to retire in the next two years. 
B) Andrea is a 50-year-old married client. She and her husband have two children and rent their apartment. Andrea's annual income is $40,000. Her husband earns $150,000 per year, and they put most of Andrea's income in savings. 
C) Mark is a 30-year-old single client. He has no dependents and rents his apartment. His annual income is $78,000. He has some savings. He is a self-employed lawyer. 
D) Stephen is a 35-year-old married client. He and his wife have one child and rent their apartment. Stephen's annual income is $80,000. His wife also earns $80,000 per year, and they put half of their earnings in savings. Stephen is a doctor employed by a practice that pays his medical liability insurance. 
A) Miriam is a 40-year-old single client. She has no dependents and rents her apartment. Her annual income is $155,000. She has saved enough money to retire in the next two years. 
B) Andrea is a 50-year-old married client. She and her husband have two children and rent their apartment. Andrea's annual income is $40,000. Her husband earns $150,000 per year, and they put most of Andrea's income in savings. 
C) Mark is a 30-year-old single client. He has no dependents and rents his apartment. His annual income is $78,000. He has some savings. He is a self-employed lawyer. 
D) Stephen is a 35-year-old married client. He and his wife have one child and rent their apartment. Stephen's annual income is $80,000. His wife also earns $80,000 per year, and they put half of their earnings in savings. Stephen is a doctor employed by a practice that pays his medical liability insurance.

Question 7

Which of the following is a disability program run by the Federal government?

Accepted Answer

A) STD 
B) LTD 
C) DI 
D) SSDI 
A) STD 
B) LTD 
C) DI 
D) SSDI

Question 8

How much money may be deducted as interest on qualified education loans?

Accepted Answer

A) $1,500 
B) $2,500 
C) $3,500 
D) $4,500 
A) $1,500 
B) $2,500 
C) $3,500 
D) $4,500

Question 9

Which type of insurance plan is available to individuals over age 65?

Accepted Answer

A) Group plan coverage 
B) COBRA 
C) Medicare 
D) Medicaid 
A) Group plan coverage 
B) COBRA 
C) Medicare 
D) Medicaid

Question 10

In which case should a client consider having some type of insurance policy?

Accepted Answer

A) A single mother who does not have substantial savings 
B) A homeowner who lives in a flood area 
C) An automobile owner who has a loan on his or her vehicle 
D) All of the above 
A) A single mother who does not have substantial savings 
B) A homeowner who lives in a flood area 
C) An automobile owner who has a loan on his or her vehicle 
D) All of the above

Question 11

What term is also known as education IRAs?

Accepted Answer

A) Pell Grant 
B) CollegeSure CD 
C) Financial Aid 
D) Coverdell Education Savings Accounts 
A) Pell Grant 
B) CollegeSure CD 
C) Financial Aid 
D) Coverdell Education Savings Accounts

Question 12

What must be considered with completing a needs analysis for a family saving for a child's tuition?

Accepted Answer

A) Where the child will go to college 
B) Where the family lives 
C) What year the child was born 
D) The age the child will attend college 
A) Where the child will go to college 
B) Where the family lives 
C) What year the child was born 
D) The age the child will attend college

What type of education funding is available for all years of undergraduate and graduate work?

How many of today's 20-year-olds are estimated to become disabled before they retire?

What educational savings plan vehicle is a gift to a child without the expense of a trust?

What type of education funding is only for the first two years of undergraduate education?

As a funding strategy, what allows for a child to receive annual gift tax exclusion?

Which client would have the highest risk exposure?

Which of the following is a disability program run by the Federal government?

How much money may be deducted as interest on qualified education loans?

Which type of insurance plan is available to individuals over age 65?

In which case should a client consider having some type of insurance policy?

What term is also known as education IRAs?

What must be considered with completing a needs analysis for a family saving for a child's tuition?

Education Planning

Education Planning

Estate Planning

Estate Planning

General Principles of Financial Planning

General Principles of Financial Planning

Investment Planning

Investment Planning

Professional Conduct and Regulation

Professional Conduct and Regulation

Retirement Savings and Income Planning

Retirement Savings and Income Planning

Risk Management and Insurance Planning

Tax Planning

Tax Planning

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Exam 7: Risk Management and Insurance Planning

What type of education funding is available for all years of undergraduate and graduate work?

How many of today's 20-year-olds are estimated to become disabled before they retire?

What educational savings plan vehicle is a gift to a child without the expense of a trust?

What type of education funding is only for the first two years of undergraduate education?

As a funding strategy, what allows for a child to receive annual gift tax exclusion?

Which client would have the highest risk exposure?

Which of the following is a disability program run by the Federal government?

How much money may be deducted as interest on qualified education loans?

Which type of insurance plan is available to individuals over age 65?

In which case should a client consider having some type of insurance policy?

What term is also known as education IRAs?

What must be considered with completing a needs analysis for a family saving for a child's tuition?

Education Planning

Education Planning

Estate Planning

Estate Planning

General Principles of Financial Planning

General Principles of Financial Planning

Investment Planning

Investment Planning

Professional Conduct and Regulation

Professional Conduct and Regulation

Retirement Savings and Income Planning

Retirement Savings and Income Planning

Risk Management and Insurance Planning

Tax Planning

Tax Planning

Filters