Fp 101 Final Exam

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Topic:
Question: What is the basis for the concept of risk pooling? Answer: the law of large numbers.
Key Terms: Risk pooling
Topic:
Question: How do insurers determine appropriate premiums for policyholders? Answer: by evaluating risk classifications
Key Terms: Risk classifications
Topic:
Question: What is the term used to describe the situation when a person dies without a valid will? Answer: intestate.
Key Terms: Intestate, Wills
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: Which of the following is considered a tax credit, which will directly reduce the taxes you owe? Answer: Earned Income Credit
Key Terms: Tax credits
Topic:
Question: Which of the following is not one of the suggested ways to find money to invest? Answer: Use existing home equity
Key Terms: Investing

Topic:
Question: What is the basis for the concept of risk pooling? Answer: the law of large numbers.
Key Terms: Risk pooling
Topic:
Question: How do insurers determine appropriate premiums for policyholders? Answer: by evaluating risk classifications
Key Terms: Risk classifications
Topic:
Question: What is the term used to describe the situation when a person dies without a valid will? Answer: intestate.
Key Terms: Intestate, Wills
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: Which of the following is considered a tax credit, which will directly reduce the taxes you owe? Answer: Earned Income Credit
Key Terms: Tax credits
Topic:
Question: Which of the following is not one of the suggested ways to find money to invest? Answer: Use existing home equity
Key Terms: Investing
Topic:
Question: What is the basis for the concept of risk pooling?...
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