Fundamentals of Personal Financial Planning

Only available on StudyMode
  • Download(s) : 171
  • Published : May 13, 2013
Open Document
Text Preview
Feedback — Final Exam
You submitted this quiz on Tue 5 Mar 2013 12:11 AM MSK. You got a score of 19.00 out of 25.00. You can attempt again, if you'd like. -------------------------------------------------
Начало формы
Question 1
Which of the following describes the formula for calculating your net worth? Your Answer| | Score| Explanation|
Assets – Liabilities = Net Worth| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 2
A cash flow statement tells you
Your Answer| | Score| Explanation|
How much money you earn versus how much you spend| ✔| 1.00| | Total| | 1.00 / 1.00| |
Question 3
Which of the following items WOULD be considered income on your U.S. federal income tax form? Your Answer| | Score| Explanation|
Tips| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 4
Putting money into an employer's regular 401k retirement plan would be an example of tax: Your Answer| | Score| Explanation|
Deferral| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 5
A Defined Contribution plan is limited in:
Your Answer| | Score| Explanation|
The amount that can be contributed annually| ✔| 1.00| | Total| | 1.00 / 1.00| |
Question 6
Itemized deductions on your income taxes are not allowed for: Your Answer| | Score| Explanation|
Gifts to your spouse| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 7
The United States Social Security Administration has which of the following types of disability programs? Your Answer| | Score| Explanation|
Programs for total disability| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 8
Stocks represent a part of the debts owed by a company.
Your Answer| | Score| Explanation|
False| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 9
If you hold individual stocks, you are considered:
Your Answer| | Score| Explanation|
A direct investor| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 10
Social Security Benefits are figured on:
Your Answer| | Score| Explanation|
Average Social Security earnings for highest 35 years, adjusted for inflation| ✔| 1.00| | Total| | 1.00 / 1.00| |
Question 11
At the death of a spouse, the surviving spouse will receive a Social Security Benefit equal to: Your Answer| | Score| Explanation|
The full retirement age benefit of the surviving spouse| ✘| 0.00| | Total| | 0.00 / 1.00| |
Question 12
A decline in interest rates will cause the value of the U.S. Treasury note in your portfolio to: Your Answer| | Score| Explanation|
Go Up| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 13
If a person dies without leaving any legal instructions about their property, the distribution of their property will be governed by: Your Answer| | Score| Explanation|
Rules of Intestacy| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 14
Property held in a Trust is in the name of the
Your Answer| | Score| Explanation|
Trustee| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 15
In order to advise the state of the person whom you want to serve as Guardian for your child, you would use a: Your Answer| | Score| Explanation|
Will| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 16
The following person can make changes to the instructions in a Revocable Living Trust: Your Answer| | Score| Explanation|
Settlor| ✔| 1.00| |
Total| | 1.00 / 1.00| |
Question 17
The Annual Gift Tax exclusion is
Your Answer| | Score| Explanation|
A per family, per person per year exemption| ✘| 0.00| | Total| | 0.00 / 1.00| |
Question 18
For the purposes of this part of the exam, assume the following as fact: * Mark and Elizabeth Morrow are married with two children: Leslie age 18 and Jim age 14. * The rate of CPI increase is 3.4% per year.

* Their maximum taxable Social Security income is $113,700. * Social Security Tax rate: Employee pays 6.2%....
tracking img