Question
Which employer pension plan has an individual account for each employee? Question 3 options: Undefined-contribution plan Defined-contribution plan Defined-benefit plan Undefined-benefit plan SaveQuestion 4 (5
Which employer pension plan has an individual account for each employee?
Question 3 options:
Undefined-contribution plan
Defined-contribution plan
Defined-benefit plan
Undefined-benefit plan
SaveQuestion 4(5 points)Which one of the following is the most widely used source of retirement income?
Question 4 options:
Social Security
IRAs
Keogh plans
company pension plans
SaveQuestion 5(5 points)Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?
Question 5 options:
Tenancy by the entirety
Joint tenants with the right of survivorship
Tenants in common
Tenancy by default
SaveQuestion 6(5 points)The maximum tax rate on estates and gifts:
Question 6 options:
is gradually increasing.
has increased sharply.
has remained constant.
is gradually declining.
SaveQuestion 7(5 points)What are the two most popular personal retirement plans?
Question 7 options:
Keogh accounts and individual retirement accounts
Social Security and Roth IRA Plus
Keogh account and Social Security
401(k) and Social Security
SaveQuestion 8(5 points)A trust established by your will that becomes effective upon your death is called a(n) ____________ trust.
Question 8 options:
living
revocable
irrevocable
testamentary
SaveQuestion 9(5 points)How many years can you expect to spend in retirement?
Question 9 options:
6 to 10 years
12 to 16 years
from 16 to 25 years
10 to 12 years
SaveQuestion 10(5 points)The second part of estate planning consists of:
Question 10 options:
transferring your estate in the manner you have specified.
evaluating your assets and liabilities.
deciding who should be your attorney.
building your estate through savings.
SaveQuestion 11(5 points)Estate planning has two parts. The first part consists of:
Question 11 options:
transferring your estate in the manner you have specified.
building your estate through savings, investments, and insurance.
deciding who is going to get what.
evaluating your assets and liabilities.
SaveQuestion 12(5 points)Beverly Foster is planning for her retirement. She has determined that her car is worth $10,000, her home is worth $150,000, her personal belongings are worth $100,000 and her stocks and bonds are worth $300,000. She owes $50,000 on her home and $5000 on her car. What step in the retirement planning process is Beverly completing?
Question 12 options:
Analyzing her current assets and liabilities
Estimating her spending needs
Developing a balanced budget based on her retirement income
Evaluating her planned retirement income
SaveQuestion 13(5 points)Rebecca Murphy is planning for her retirement. She has done some checking and thinks she will get about $1025 a month from social security. She also thinks her pension plan at her work will pay her about $1125 per month. In addition, she has some personal retirement accounts that she thinks will pay her $500 per month. What step in the retirement planning process is Rebecca completing?
Question 13 options:
Evaluating her planned retirement income
Estimating her spending needs
Developing a balanced budget based on her retirement income
Analyzing her current assets and liabilities
SaveQuestion 14(5 points)To stretch your income during retirement, you could:
Question 14 options:
use your skills and time instead of your money.
skip leisure activities.
cut your food expenditures.
cancel your life and property insurance.
SaveQuestion 15(5 points)A person who will follow your instructions specified in your will is called a(n):
Question 15 options:
witness.
trustor.
beneficiary.
executor or executrix.
SaveQuestion 16(5 points)Which of the following wills leaves everything to your spouse?
Question 16 options:
Exemption trust will
Simple will
Stated dollar amount will
Traditional marital share will
SaveQuestion 17(5 points)If you die without a valid will:
Question 17 options:
the federal court decides how the property should be distributed.
your relatives or friends will get the property.
the IRS confiscates your property.
the state's law of descent and distribution becomes your will.
SaveQuestion 18(5 points)Even though there is no one ideal will, today, which type of will is considered best by many attorneys?
Question 18 options:
Exemption trust will
Traditional marital share will
Stated dollar amount will
Simple will
SaveQuestion 19(5 points)Which of the following statements is correct regarding wills?
Question 19 options:
Only the rich with a considerable estate needs a will.
Only senior citizens need a will.
Only married people with dependents need a will.
Every adult needs a will.
SaveQuestion 20(5 points)The people who are in the best position to save are:
Question 20 options:
teenagers.
young adults in their 20s.
middle-aged.
elderly.
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