Posted: Sun 04/07/2013 03:09 PM , by:
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FP/101 Final Exam
Confirmation #: 23336811
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:
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|
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|
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|
Question: Which of the following is not one of the advantages of renting a home?
Answer: greater certainty
Key Terms: Renting a home|
Question: Who is the principal for whom a real estate broker works?
Answer: the seller
Key Terms: Real estate broker¿s client|
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|
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|
Question: How do many employer based retirement plans minimize taxes?
Answer: By reducing taxable income
Key Terms: Retirement plan taxes|
Question: Which of the following federal tax forms is known as the long form?...