Question 1

According to the Wealthy Barber, one should buy convertible and renewable term insurance for thier children (actual policy is in child's name).

True

False

2 points

QUESTION 2

Difference between what is owed on the house and the homes' actual value

		Net assets
		Liability
		Loan to Value (LTV)
		Profit

2 points

QUESTION 3

A liquid asset is an asset..

		like a barrel of oil or a case of beer
		that can be easily sold without a loss in value
		that tends to appreciate greatly in value over time
		that is subject to wild price swings

2 points

QUESTION 4

An official "filing status" used by some taxpayers

		Lucky
		Head of Household
		Divorced
		None of the above

2 points

QUESTION 5

Specific expenses such as mortgage insurance that may be deducted from one's AGI.

		Standard Deduction
		Itemized Deduction
		Capital Gain
		Capital Loss

2 points

QUESTION 6

The number one factor in determing your credit score is?

		Income
		Payment history
		Inquiries
		Available credit

2 points

QUESTION 7

Dave Scott's total income is $42,000, but his taxable income is only $34,050. Therefore, his tax liability is $4,694. Dave's average tax rate is approximately _____ percent.

		11
		14
		15
		25

2 points

QUESTION 8

An analysis to determine the estimated value of a home

		Depreciation
		Appreciation
		Appraisal
		Loan to Value (LTV)

2 points

QUESTION 9

The cost of credit on a yearly basis stated as a percentage rate is its

		APR
		interest charge
		finance charge
		interest rate

2 points

QUESTION 10

Selling an asset for less than one paid for it

		Personal Exemption
		Capital Loss
		Depreciation
		Adjusted Gross Income