31. All of the following are requirements of a valid will EXCEPT: A) freedom of choice B) mental capacity C) proper execution D) codicil provision 32. While you are still working, you should be managing your finances with a focus on retirement. Which of the following is not a goal of retirement planning? A) maintaining your standard of living B) effectively passing wealth on to heirs C) acquisition of a vacation home D) travel 33. An asset management account provides a: A) checking account B) money market deposit account C) brokerage account D) line of credit E) all of the above 34. Which of the following does not represent a line of credit? A) retail credit card B) debit card C) overdraft protection D) unsecured personal credit 35. The right of _____________ gives the insurer the right to recover its costs from the at-fault party after the company has paid a claim to its insured. A) subrogation B) indemnity C) insurance interest D) coinsurance E) none of the above 36. The income and expenditures statement examines your financial A) level B) performance C) position D) assets 37. A legal claim that allows lenders to liquidate loan collateral is a: A) A reverse mortgage B) security claim C) lien D) none of the above 38. The federal income tax system is: A) integrative B) regressive C) progressive D) flat rate 39. Roger has been offered an opportunity to buy shares of a diversified collection of securities. Roger will be investing in: A) bonds B) common stock C) stock options D) mutual funds 40. When you buy 300 shares of a company, you have purchased: A) an odd lot B) a round lot C) a combined lot D) a reverse lot E) none of the above