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Exam 25: Managing Personal Finances

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Question 111

True/False

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

A) True
B) False

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Question 112

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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.

A) True
B) False

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Question 113

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

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

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

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

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

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

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.

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

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

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

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

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

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

The federal government discourages home ownership through high tax rates.

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

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

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

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.