Fp/101 Final Exam

Topics: Taxation in the United States, Pension, Life annuity Pages: 4 (362 words) Published: May 5, 2013
FP/101 Final Exam
Posted: Sun 04/07/2013 03:09 PM , by: 
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FP/101 Final Exam

User: 9048400345

First Name:

Last Name:

Confirmation #: 23336811

Score: 63.33

Total Questions: 30

Total Correct: 19

Start: 4/7/2013 2:41:24 PM

End: 4/7/2013 3:11:30 PM

Here is some additional information on items missed:

Topic:

Question: Which of the following is true about credit reports?

Answer: You can get a free credit report by contacting a credit bureau.

Key Terms: Credit reports|

Topic:

Question: Which of the following statements is true of adjustable-rate mortgages?

Answer: The interest rate changes on ARMs are limited per year and per lifetime.

Key Terms: Adjustable-rate mortgages|

Topic:

Question: Which of the following is not a good reason to refinance a home mortgage?

Answer: A significant increase in the monthly payment.

Key Terms: Refinancing benefits|

Topic:

Question: Which of the following is not one of the advantages of renting a home?

Answer: greater certainty

Key Terms: Renting a home|

Topic:

Question: Who is the principal for whom a real estate broker works?

Answer: the seller

Key Terms: Real estate broker¿s client|

Topic:

Question: Which of the following is true if your taxable income falls in the lowest tax bracket?

Answer: All of your taxable income is taxed at the same rate.

Key Terms: Taxable income|

Topic:

Question: How would you report a college scholarship for tuition expenses on your tax return?

Answer: excluded from reporting as income

Key Terms: College scholarships|

Topic:

Question: How do many employer based retirement plans minimize taxes?

Answer: By reducing taxable income

Key Terms: Retirement plan taxes|

Topic:

Question: Which of the following federal tax forms is known as the long form?...
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