Question 1

When you retire,you will probably spend less money on

Accepted Answer

A)  Clothing. 
B)  Health insurance. 
C)  Medical care. 
D)  Recreation. 
E)  All of these. 
A)  Clothing. 
B)  Health insurance. 
C)  Medical care. 
D)  Recreation. 
E)  All of these.

Question 2

Which retirement plan specifies the benefits you'll receive at retirement age based on your total earning and years on the job?

Accepted Answer

A)  Defined benefit plan. 
B)  Money-purchase plan. 
C)  Defined contribution plan. 
D)  Profit-sharing plan. 
E)  401(k) plan. 
A)  Defined benefit plan. 
B)  Money-purchase plan. 
C)  Defined contribution plan. 
D)  Profit-sharing plan. 
E)  401(k) plan.

Question 3

If you are single,you should not have beneficiaries.

Accepted Answer

A) True 
 B)False

Question 4

Explain the importance of an executor and a guardian.

Accepted Answer

An executor is someone who is willing an

Question 5

What are three important things to consider when planning for retirement?

Accepted Answer

The following are all correct:
1.Saving

Question 6

When you retire,you will probably spend more money on

Accepted Answer

A)  Clothing. 
B)  Transportation. 
C)  Taxes. 
D)  Health insurance. 
E)  All of these. 
A)  Clothing. 
B)  Transportation. 
C)  Taxes. 
D)  Health insurance. 
E)  All of these.

Question 7

When planning for retirement,you should review

Accepted Answer

A)  Housing. 
B)  Life insurance. 
C)  Investments. 
D)  Assets. 
E)  All of these. 
A)  Housing. 
B)  Life insurance. 
C)  Investments. 
D)  Assets. 
E)  All of these.

Question 8

If you have fully funded your 401(k)and profit-sharing plans,you may choose to enhance your retirement savings by using this plan that allows you to withdraw money from the account tax-free and penalty-free after five years.

Accepted Answer

A)  Annuity 
B)  Keogh plan 
C)  Roth IRA 
D)  SEP plan 
E)  Spousal IRA 
A)  Annuity 
B)  Keogh plan 
C)  Roth IRA 
D)  SEP plan 
E)  Spousal IRA

Question 9

The best time to begin planning for retirement is at age 27.

Accepted Answer

A) True 
 B)False

Question 10

A holographic will is legal in all states.

Accepted Answer

A) True 
 B)False

Question 11

If you have children and are writing your will,you need to do all of the following except

Accepted Answer

A)  Select a guardian. 
B)  Write the will with the help of an attorney. 
C)  Select an executor. 
D)  Sign the will in front of two witnesses. 
E)  Select beneficiaries. 
A)  Select a guardian. 
B)  Write the will with the help of an attorney. 
C)  Select an executor. 
D)  Sign the will in front of two witnesses. 
E)  Select beneficiaries.

Question 12

An individual can give away up to $13,000 per year before paying an inheritance tax to the IRS.

Accepted Answer

A) True 
 B)False

Question 13

If a will is found to be invalid,the result is called in-probate.

Accepted Answer

A) True 
 B)False

Question 14

A(n)______ is the creator of a trust.

Accepted Answer

A)  beneficiary 
B)  executor 
C)  grantor 
D)  guardian 
E)  trustee 
A)  beneficiary 
B)  executor 
C)  grantor 
D)  guardian 
E)  trustee

Question 15

When an employer promises to set aside a certain amount of money for each employee each year,it has set up a

Accepted Answer

A)  Defined benefit plan. 
B)  Money-purchase plan. 
C)  Profit-sharing plan. 
D)  Salary reduction plan. 
E)  Stock bonus plan. 
A)  Defined benefit plan. 
B)  Money-purchase plan. 
C)  Profit-sharing plan. 
D)  Salary reduction plan. 
E)  Stock bonus plan.

Question 16

Only people who are retired can receive a benefit from Social Security.

Accepted Answer

A) True 
 B)False

Question 17

A power of attorney should handle the estate of a deceased person.

Accepted Answer

A) True 
 B)False

Question 18

Social Security

Accepted Answer

A)  Covers about 97% of all American workers. 
B)  Offers full retirement benefits beginning at age 62. 
C)  Provides benefits only for retirees. 
D)  Provides 100% of retirement income for recipients. 
E)  Was established in 1947. 
A)  Covers about 97% of all American workers. 
B)  Offers full retirement benefits beginning at age 62. 
C)  Provides benefits only for retirees. 
D)  Provides 100% of retirement income for recipients. 
E)  Was established in 1947.

Question 19

Employees who were born in 1960 or later can receive full Social Security benefits beginning at age

Accepted Answer

A)  59½. 
B)  62. 
C)  65. 
D)  67. 
E)  70. 
A)  59½. 
B)  62. 
C)  65. 
D)  67. 
E)  70.

Question 20

When planning for retirement,

Accepted Answer

A)  A mortgage should not affect your financial planning. 
B)  Investments should be evaluated to determine whether their income can help cover living expenses. 
C)  Keeping your current, large house will be cheaper to maintain than a move to a smaller house. 
D)  Life insurance should be avoided. 
E)  All of these are true. 
A)  A mortgage should not affect your financial planning. 
B)  Investments should be evaluated to determine whether their income can help cover living expenses. 
C)  Keeping your current, large house will be cheaper to maintain than a move to a smaller house. 
D)  Life insurance should be avoided. 
E)  All of these are true.

When you retire,you will probably spend less money on

Which retirement plan specifies the benefits you'll receive at retirement age based on your total earning and years on the job?

If you are single,you should not have beneficiaries.

Explain the importance of an executor and a guardian.

What are three important things to consider when planning for retirement?

When you retire,you will probably spend more money on

When planning for retirement,you should review

If you have fully funded your 401(k)and profit-sharing plans,you may choose to enhance your retirement savings by using this plan that allows you to withdraw money from the account tax-free and penalty-free after five years.

The best time to begin planning for retirement is at age 27.

A holographic will is legal in all states.

If you have children and are writing your will,you need to do all of the following except

An individual can give away up to $13,000 per year before paying an inheritance tax to the IRS.

If a will is found to be invalid,the result is called in-probate.

A(n)______ is the creator of a trust.

When an employer promises to set aside a certain amount of money for each employee each year,it has set up a

Only people who are retired can receive a benefit from Social Security.

A power of attorney should handle the estate of a deceased person.

Social Security

Employees who were born in 1960 or later can receive full Social Security benefits beginning at age

When planning for retirement,

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

When you retire,you will probably spend less money on

Which retirement plan specifies the benefits you'll receive at retirement age based on your total earning and years on the job?

If you are single,you should not have beneficiaries.

Explain the importance of an executor and a guardian.

What are three important things to consider when planning for retirement?

When you retire,you will probably spend more money on

When planning for retirement,you should review

If you have fully funded your 401(k)and profit-sharing plans,you may choose to enhance your retirement savings by using this plan that allows you to withdraw money from the account tax-free and penalty-free after five years.

The best time to begin planning for retirement is at age 27.

A holographic will is legal in all states.

If you have children and are writing your will,you need to do all of the following except

An individual can give away up to $13,000 per year before paying an inheritance tax to the IRS.

If a will is found to be invalid,the result is called in-probate.

A(n)______ is the creator of a trust.

When an employer promises to set aside a certain amount of money for each employee each year,it has set up a

Only people who are retired can receive a benefit from Social Security.

A power of attorney should handle the estate of a deceased person.

Social Security

Employees who were born in 1960 or later can receive full Social Security benefits beginning at age

When planning for retirement,

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