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Exam 25: Managing Personal Finances

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Question 111

Multiple Choice

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For a young person,one of the worst places to invest money for the long-term is:

A) a duplex.
B) a bank savings account.
C) a home.
D) the stock market.

E) All of the above
F) A) and B)

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Question 112

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The federal government discourages home ownership through high tax rates.

A) True
B) False

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Question 113

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In order to accumulate enough wealth to get started toward achieving their goals many people have to make significant sacrifices in their standard of living for several years.

One of the keys to financial success is never to apply for a credit card.

The only way to accumulate enough money to do all of the things you want to do late in life is to:

Social Security is the term used to describe the Old Age,Survivors,and Disability Insurance Program.

The benefit of opening an IRA while you're young is the compounding of the money invested tax-free over your working lifetime.

An annuity is a contract to make regular payments to a person for life or for a fixed period.

Employers often match part of the contribution of their employees into a 401k)retirement plan.

________ life insurance offers pure insurance protection for a given period of time.

More than half of all debtors seeking help at the National Consumer Counseling Service were between the ages of 18 and 32.

In the future,the Social Security system is likely to:

A good way to save money is to spend all of your regular income,but have a strict rule to put any money from unexpected or unusual sources such as overtime pay,bonuses,gifts,gambling payouts,or contest prizes)into a savings account.

Most homeowner's insurance policies do not cover certain types of expensive items unless you purchase a rider for the additional coverage.

How does term insurance differ from whole life insurance? Describe the newer types of life insurance that have been offered in recent years.

Investors who desire a very stable and predictable income from their investments such as people who are nearing retirement)would be reluctant to invest heavily in the stock market.

Credit cards can be used to categorize and track your purchases.

Your personal balance sheet will reflect the same fundamental accounting equation as the balance sheet for a business: assets = liabilities + owners' equity.

Jack is thinking about preparing a durable power of attorney.This indicates that he wants to:

Keogh plans are intended to help small business owners save for retirement.