Question 14 (1 point) What are the advantages of term life insurance? 1) It allows you to increase your insurance coverage for specific reasons and specific time periods. 2) It has an investment feature to help with future costs. 3) It has no investment feature so it costs less than other forms of insurance, 4) It requires no medical review before being approved for coverage. Question 15 (1 point) Tom and Tonya are married. Tom handles the majority of the finances and makes purchases without Tonya knowing. This is called 1) Family Fraud 2) Financial Dependence 3) Financial Avoidance 4) Financial Indfidelity A Question 16 (1 point) b elief includes the theme of money equals happiness and is the solution to all problems. This individual believes there is never enough money and they always want more wealth. 1) Money Vigilance 2) Money Status 3) Money Worship 4) Money Avoiders Question 17 (1 point) Saved Dave Matthews, the best muscial artist in the United States, only assets are a boat worth $10,000 and a stock portfolio worth $5,000. His liabilities are a guitar loan of $12,000 and a balance of $9,000 onvan loan. What is his net worth? 1) $21,000 2) $15,000 3) $6,000 4) Dave is currently insolvent with $6,000 negative net worth. O 5) None of the above statements are correct. Question 18 (1 point) Dak and Cheryl have assets include an old clunker of a car worth $10,000 and a checking account with a $5,000 balance, while their liabilities include a student loan balance of $2,000 and a car loan on their clunker with a balance of $8,000. What is their net worth? 1) $10,000 O2) $8,000 O 3) $5,000 4) $2,000 Question 23 (1 point) Elizabeth currently makes $45,000 per year and is in a 25% tax bracket. If she contributes $2,400 to her 401(k) plan at work, by how much will this lower her taxable income? 1) $7,500 O2) $600 3) $2,400 4) $11,250 Question 24 (1 point) Tommy needs $4,000 in 5 years. He currently has $2,000 invested as a lump sum. He will not add any additional payments. He needs to find out what kind of investment he will need to use to get his needed dollar value. What does he need to solve for? O 1) Payment 2) Rate 3) Number 4) Future Value 5) Present Value