Final Exam 210

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FP/120 Final Exam|
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Total Questions:| 48|
Total Correct| 35|
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Here is some additional information on items you missed:
Topic: Recognize signs of credit trouble
Question: Which of the following is a sign of credit trouble?

Answer: Credit cards are canceled due to poor payment history.| Topic: Identify parts of a credit report
Question: How might you correct an error on your credit report?

Answer: Notify the credit bureau to investigate and correct the information| Topic: Outline the decision process for buying a car or house Question: From the following, which is a factor to consider when you are buying a car?

Answer: Seller warranties|
Topic: Summarize the steps in buying a home
Question: Which type of mortgage loan does not have the possibility of negative amortization?

Answer: Lender buy-down mortgage|
Topic: Summarize the functions of insurance
Question: What is the name for supplemental coverage provided in an insurance contract addendum?

Answer: Rider|
Topic: List characteristics of auto, home, health, disability, and life insurance Question: What part of an auto insurance policy provides coverage for a tree falling on your car as it sits in the driveway?

Answer: Comprehensive physical damage coverage|
Topic: Describe the importance of wills
Question: A will usually includes which of the following clauses?

Answer: Distribution of assets|
Topic: Summarize ways to save money on federal taxes
Question: Which of the following is an effective tax planning strategy?

Answer: Defer taxable income.|
Topic: List steps to file a federal tax return
Question: What is the deadline for filing a federal tax return for the previous tax year if you have been granted an extension?

Answer: August 15 of the current year|
Topic: Summarize the investment planning process
Question: Which type of investor...
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