FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 23: Bonus C: Managing Your Personal Finances

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 91

True/False

Review LaterAdd Note

Review Later

Both the Roth and traditional IRA allow individuals to put as much money as they want into their retirement account.

A) True
B) False

Correct Answer

verified

Show Answer

Question 92

True/False

Review LaterAdd Note

Review Later

Term life insurance offers pure insurance with no savings feature.

A) True
B) False

Correct Answer

verified

Show Answer

Question 93

True/False

Review LaterAdd Note

In order to accumulate enough wealth to get started toward achieving their goals many people have to make significant sacrifices in their standard of living for several years.

A traditional IRA allows workers who qualify the opportunity to deduct from their reported income the money they put into a qualified retirement account.

A(n) __________ is the person named in a will to assemble and value the assets of the deceased,handle tax matters,and distribute the assets.

When you buy a home,the monthly payments for the home may remain relatively fixed,but your payments for taxes and utilities are likely to increase.

Your computer and car should both be listed on the asset side of your personal balance sheet.

Your personal budget is the same thing as your personal income statement.

Hillary and Bill are married and have a young child.Both work,but Hillary earns a higher salary than Bill.Insurance experts suggest that:

A contract that calls for regular payments to an individual for life or for a fixed period of time is called a(n) :

Wendy wants to obtain life insurance at the lowest possible cost,but is leery of term insurance because she has heard the premiums tend to go up every few years.One way for her to avoid this concern would be to purchase multiyear level-premium insurance.

A Keogh retirement plan would be used by a(n)

One problem with the Social Security system is that the number of people retiring and living longer is declining dramatically.

Most financial experts believe that the stock market is likely to grow more slowly in the future than it did in the last 50 years.

The tax-sheltered program to encourage self-employed people to accumulate retirement funds is called a(n) :

People who have health insurance seldom need disability insurance.

An umbrella policy is an inexpensive policy that provides financial protection only in the event of clearly defined major catastrophes such as hurricanes or earthquakes-events which are referred to in the insurance industry as "rainy days."

Disability insurance provides a relatively low cost way of protecting against lost income due to an accident or illness that prevents you from working for an extended period of time.

A simple IRA,which allows workers to contribute larger amounts than a regular IRA,is available to employees who work for firms with fewer than 100 employees.

Variable annuities offer investment choices identical to mutual funds.