Question 1

A husband and wife could make up to $_________ in gifts to their two children each year without having tax consequences.

	a.	$14,000
	b.	$28,000
	c.	$42,000
	d.	$56,000

Question 2

___________ tax is assessed by certain state governments against beneficiaries who receive inherited property.

	a.	Estate tax
	b.	Inheritance tax
	c.	Excise tax
	d.	Flat tax

Question 3

A(n) ____ is created to become effective on the death of the grantor.

	a.	testamentary trust
	b.	advanced directive
	c.	power of attorney
	d.	escheat

Question 4

When you die without having a valid will you will have died ____________.

	a.	escheat.
	b.	nonprobate.
	c.	codicil.
	d.	intestate.

Question 5

The person named in a will who identifies assets, collects any money due, pays off debts, liquidates assets, files final income tax and estate tax returns, and with the court's permission distributes the balance of any remaining money and property to the beneficiaries is the _____________.

	a.	guardian.
	b.	executor.
	c.	grantor.
	d.	probate judge.

Question 6

A consumer can save money by ____________________.

	a.	paying cash for purchases.
	b.	buying on impulse.
	c.	letting credit card balances roll from month-to-month.
	d.	none of these.

Question 7

____ should be completed before interacting with sellers.

	a.	Distinguishing between needs and wants
	b.	Preshopping research
	c.	Fitting the budget
	d.	All of these

Question 8

Dividing the price of a product by the number of times it will likely be used provides its ______ and provides a way to compare among competing purchase options.

	a.	item price
	b.	cost-per-use
	c.	bottom line
	d.	unit-price.

Question 9

Owing more on a vehicle loan than the vehicle is actually worth is called being __________.

	a.	upside down..
	b.	in default.
	c.	strangled.
	d.	depreciation.

Question 10

Nearly ____ percent of households headed by persons under age 25 are renters.

	a.	60
	b.	70
	c.	80
	d.	90