Question 1

People should never dip into their savings in retirement.

Accepted Answer

A) True 
 B)False

Question 2

The four primary sources of retirement income are employer pension plans,personal retirement plans,annuities,and public pension plans.

Accepted Answer

A) True 
 B)False

Question 3

According to the text,which of the following will probably be your most valuable asset at retirement?

Accepted Answer

A)  Automobile. 
B)  House. 
C)  Investments. 
D)  Life insurance. 
E)  All of these. 
A)  Automobile. 
B)  House. 
C)  Investments. 
D)  Life insurance. 
E)  All of these.

Question 4

What is the difference between a holographic will and a formal will?

Accepted Answer

A holographic will is handwrit

Question 5

The letter of last instruction is

Accepted Answer

A)  Another name for a will. 
B)  Legally binding. 
C)  Another name for a trust. 
D)  A document that identifies whether you want to be kept alive by artificial means if you become terminally ill and unable to make such a decision. 
E)  A non-legally binding document that provides information regarding your death such as funeral arrangements. 
A)  Another name for a will. 
B)  Legally binding. 
C)  Another name for a trust. 
D)  A document that identifies whether you want to be kept alive by artificial means if you become terminally ill and unable to make such a decision. 
E)  A non-legally binding document that provides information regarding your death such as funeral arrangements.

Question 6

A revocable trust cannot be changed or ended.

Accepted Answer

A) True 
 B)False

Question 7

Jason is updating his estate planning and wants to set up the legal document to leave half of the adjusted gross estate to his wife.He is writing a(n)

Accepted Answer

A)  Exemption trust will. 
B)  Guardian will. 
C)  Simple will. 
D)  Stated amount will. 
E)  Traditional marital share will. 
A)  Exemption trust will. 
B)  Guardian will. 
C)  Simple will. 
D)  Stated amount will. 
E)  Traditional marital share will.

Question 8

What steps should be taken in retirement planning?

Accepted Answer

A)  Conduct a financial analysis. 
B)  Estimate retirement living expenses. 
C)  Exceed budget amounts for spending. 
D)  Conduct a financial analysis and estimate retirement living expenses. 
E)  All of these are correct. 
A)  Conduct a financial analysis. 
B)  Estimate retirement living expenses. 
C)  Exceed budget amounts for spending. 
D)  Conduct a financial analysis and estimate retirement living expenses. 
E)  All of these are correct.

Question 9

About one out of every three Americans currently collects some form of Social Security benefit.

Accepted Answer

A) True 
 B)False

Question 10

A disclaimer trust is appropriate for couples who do not yet have enough assets to need a credit shelter trust.

Accepted Answer

A) True 
 B)False

Question 11

A will prepared on a preprinted form is called a(n)

Accepted Answer

A)  Formal will. 
B)  "I love you" will. 
C)  Holographic will. 
D)  Ordinary will. 
E)  Statutory will. 
A)  Formal will. 
B)  "I love you" will. 
C)  Holographic will. 
D)  Ordinary will. 
E)  Statutory will.

Question 12

Every adult should have a written will.

Accepted Answer

A) True 
 B)False

Question 13

What are four major sources of retirement income?

Accepted Answer

The primary sources of retirem

Question 14

A copy of your living will should be distributed to your family doctor.

Accepted Answer

A) True 
 B)False

Question 15

An example of a defined contribution plan is a stock bonus plan.

Accepted Answer

A) True 
 B)False

Question 16

An employer may choose to match money employees invest in a

Accepted Answer

A)  401(k) plan or a salary reduction plan. 
B)  Money-purchase plan. 
C)  Stock bonus plan. 
D)  Profit-sharing plan. 
E)  Individual retirement account. 
A)  401(k) plan or a salary reduction plan. 
B)  Money-purchase plan. 
C)  Stock bonus plan. 
D)  Profit-sharing plan. 
E)  Individual retirement account.

Question 17

How is eligibility determined for receiving Social Security retirement benefits?

Accepted Answer

A)  Marital status. 
B)  Credits. 
C)  Family size. 
D)  Salary. 
E)  All of these. 
A)  Marital status. 
B)  Credits. 
C)  Family size. 
D)  Salary. 
E)  All of these.

Question 18

This trust is designed to allow married couples to take full advantage of the federal estate tax exemption.

Accepted Answer

A)  Credit-shelter trust 
B)  Revocable trust 
C)  Irrevocable trust 
D)  Living trust 
E)  Testamentary trust 
A)  Credit-shelter trust 
B)  Revocable trust 
C)  Irrevocable trust 
D)  Living trust 
E)  Testamentary trust

Question 19

The longer money accumulates tax-deferred,the bigger the benefit.

Accepted Answer

A) True 
 B)False

Question 20

An inter vivos trust takes effect while you're alive.

Accepted Answer

A) True 
 B)False

People should never dip into their savings in retirement.

The four primary sources of retirement income are employer pension plans,personal retirement plans,annuities,and public pension plans.

According to the text,which of the following will probably be your most valuable asset at retirement?

What is the difference between a holographic will and a formal will?

The letter of last instruction is

A revocable trust cannot be changed or ended.

Jason is updating his estate planning and wants to set up the legal document to leave half of the adjusted gross estate to his wife.He is writing a(n)

What steps should be taken in retirement planning?

About one out of every three Americans currently collects some form of Social Security benefit.

A disclaimer trust is appropriate for couples who do not yet have enough assets to need a credit shelter trust.

A will prepared on a preprinted form is called a(n)

Every adult should have a written will.

What are four major sources of retirement income?

A copy of your living will should be distributed to your family doctor.

An example of a defined contribution plan is a stock bonus plan.

An employer may choose to match money employees invest in a

How is eligibility determined for receiving Social Security retirement benefits?

This trust is designed to allow married couples to take full advantage of the federal estate tax exemption.

The longer money accumulates tax-deferred,the bigger the benefit.

An inter vivos trust takes effect while you're alive.

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Account

Consumer Credit: Advantages, Dis-Advantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Selecting and Financing Housing

Home and Automobile Insurance

Health and Disability Income Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Filters

Exam 14: Starting Early: Retirement and Estate Planning

People should never dip into their savings in retirement.

The four primary sources of retirement income are employer pension plans,personal retirement plans,annuities,and public pension plans.

According to the text,which of the following will probably be your most valuable asset at retirement?

What is the difference between a holographic will and a formal will?

The letter of last instruction is

A revocable trust cannot be changed or ended.

Jason is updating his estate planning and wants to set up the legal document to leave half of the adjusted gross estate to his wife.He is writing a(n)

What steps should be taken in retirement planning?

About one out of every three Americans currently collects some form of Social Security benefit.

A disclaimer trust is appropriate for couples who do not yet have enough assets to need a credit shelter trust.

A will prepared on a preprinted form is called a(n)

Every adult should have a written will.

What are four major sources of retirement income?

A copy of your living will should be distributed to your family doctor.

An example of a defined contribution plan is a stock bonus plan.

An employer may choose to match money employees invest in a

How is eligibility determined for receiving Social Security retirement benefits?

This trust is designed to allow married couples to take full advantage of the federal estate tax exemption.

The longer money accumulates tax-deferred,the bigger the benefit.

An inter vivos trust takes effect while you're alive.

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Account

Consumer Credit: Advantages, Dis-Advantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Selecting and Financing Housing

Home and Automobile Insurance

Health and Disability Income Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Filters