1. A good way to reduce the cost of your car, home, and health insurance is to: a. Raise the deductibles on your policies
b. Reduce your coverage to the minimum
c. Keep your auto and home policies with different companies d. Suspend your coverage for a limited time
2. The four documents you must have to protect your family are: a. A will, an irrevocable trust, an advance directive, and a durable power of attorney b. A will, a living revocable trust, a durable power of attorney, and an advance directive c. A prenuptial agreement, a will, a bypass trust, and a living will d. An emergency information form, a will, a living revocable trust, and an advanced directive
3. If your income drops and you can no longer afford private school for your children, you should: a. Put your family first by reducing retirement contributions and using the money to pay for tuition for your children b. Use your emergency savings to cover tuition until your income increases c. Consider moving your child to a good public school, even if you have to move to a different community d. Apply for a private education loan at your bank or credit union
4. When you have a will what is the name of the court procedure that the will has to go through before assets are giving to the beneficiaries? a. Beneficiaries court
b. Death court
c. Probate court
d. Estate court
5. What is an advance directive?
a. A document that clearly spells out the level of medical intervention you want in the event you become too ill to speak for yourself. b. A document that specifies where your assets will go upon your death. c. A document that specifies who will make decisions for your children should you pass away while they are still minors. d. A document that specifies who the executor of your will be.
6. In which of the following accounts can you not designate beneficiaries? a. Life insurance policy
b. 401(k) retirement account
c. Pay of Death accounts
d. Credit-card accounts
Please join StudyMode to read the full document