How should you account for automatic payments that have not executed in your account reconciliation?

LIKE A CHECK THAT HAS NOT YET BEEN CASHED

Why should you know what your expected surplus is before reconciling your account?

IF YOU SEE A SURPLUS MUCH LARGER THAN EXPECTED, YOU CAN CHECK WHICH AUTO

Does a contract need to be in writing to be enforceable?

IT VARIES GREATLY DEPENDING ON THE CONTRACT

Which of the following would you need to claim a tax benefit of a tax-deductible purchase?

A RECEIPT SHOWING HOW MUCH IT WAS PURCHASED FOR, AND WHEN

Why should you reconcile your paper checks?

TO MAKE SURE YOU ACCOUNT FOR CHECKS THAT HAVE NOT CLEARED WITH YOUR BANK

What is a Deductible?

WHAT YOU HAVE TO PAY BEFORE INSURANCE KICKS IN

Which of the following people would have the most trouble with tax prep software packages?

SOMEONE WHO DAY-TRADES STOCKS WITH COMPLEX INVESTMENT INCOME

Why might a young person with no dependents want life insurance?

THE CASH-OUT AS PART OF A RETIREMENT ACCOUNT

Which of the following is NOT in a business plan?

A DETAILED MARKETING STRATEGY FOR YOUR BUSINESS LAUNCH

What is the biggest advantage of making financial goals?

IT GIVES AN EXTRA INCENTIVE TO SAVE MORE AND BUILD WEALTH FASTER

Which of these is the most effective way to build wealth?

EVALUATING YOUR SPENDING PLAN TO INCREASE HOW MUCH YOU CAN SAVE EACH MONTH

Where is the best place to start if you have a consumer complaint?

BRING UP THE COMPLAINT WITH THE BUSINESS YOU ARE HAVING AN ISSUE WITH

When do you pay an income tax with a traditional IRA?

WHEN YOU WITHDRAW IT FROM THE ACCOUNT

What which is one difference between a "Tort" and "No Fault" state?

NO FAULT STATES TYPICALLY PUT A MINIMUM LIMIT FOR HOW MUCH YOU CAN SUE

Who of the following has the legal capacity to enter a contract?

A 14 YEAR OLD RENTING AN APARTMENT

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Personal Finance 2

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Questions 87

Answers

1
Which of the following would be the riskiest information to give over the phone?
YOUR CREDIT CARD NUMBER
YOUR DATE OF BIRTH
YOUR NAME
YOUR HOME ADDRESS
2
Why might you be selected for an audit?
BOTH
YOUR RETURN RAISES FLAGS
NEITHER
RANDOM SELECTION
3
Which of the following is a fully-refundable tax credit?
FEDERAL CHILD TAX CREDIT
ADVANCED PREMIUM TAX CREDIT
LIFETIME LEARNING TAX CREDIT
AMERICAN OPPORTUNITY TAX CREDIT
4
Which type of purchase with a debit card would put a hold on your available bank balance?
ATM WITHDRAW
ONLINE DEBIT
OFFLINE DEBIT
ONLINE BILL PAY
5
How long can the IRS wait before announcing an audit of your tax return?
6 YEARS
1 YEAR
10 YEARS
3 YEARS
6
Which of the following is the most closely related to the modern Debit Card?
CREDIT CARDS
PAPER CHECKS
CASH
ATM CARDS
7
If you only earn what is reported on your W-2, with no significant credits or deductions, you probably should…
FILE YOURSELF
FILE USING TAX PREP SOFTWARE
HIRE AN ACCOUNTANT
ALL OF THE ABOVE
8
What is the biggest difference between a Bank and a Credit Union?
BANKS GIVE LOANS TO BUSINESSES, CREDIT UNIONS DON'T
WHO OWNS THE INSTITUTION
BOTH ARE INFERIOR TO SAVINGS AND LOANS FOR CHECKING ACCOUNTS
CREDIT UNIONS GIVE SMALLER LOANS TO INDIVIDUALS, BANKS DO NOT
9
Which of the following should not be included in your personal property inventory?
GIFT CARDS
ANY STOCKS YOU OWN
YOUR COMPUTER
BORROWED DVDS
10
How should you account for automatic payments that have not executed in your account reconciliation?
LIKE FREE MONEY THAT CONTRIBUTES TOWARDS YOUR SAVINGS GOALS
YOU SHOULD NOT RECONCILE YOUR ACCOUNTS UNTIL ALL AUTOMATIC PAYMENTS HAVE EX
YOU CAN ALWAYS CHECK YOUR ONLINE BILLS TO SEE WHAT THE AMOUNT WILL BE TO IN
LIKE A CHECK THAT HAS NOT YET BEEN CASHED
11
If you are a regular employee of a company, what form will your employer give you to show your income and taxes withheld
FORM W-2
FORM 1099
FORM 1040-EZ
FORM 1040
12
Why should you know what your expected surplus is before reconciling your account?
SO YOU DON'T NEED TO MAKE A BUDGET
SO YOU DON'T NEED TO MAKE A SPENDING PLAN
IF YOU SEE A SURPLUS MUCH LARGER THAN EXPECTED, YOU CAN CHECK WHICH AUTO
RECONCILING YOUR ACCOUNT IS FASTER IF YOU DON'T UPDATE YOUR BUDGET OR SPEN
13
Which type of groceries would likely not be exempt from sales tax?
FRESH VEGETABLES
FROZEN CHICKEN
CANNED PASTA SAUCE
POTATO CHIPS
14
Which of the following will never be asked from a reputable financial institution?
YOUR PASSWORD
YOUR CREDIT HISTORY
YOUR CREDIT CARD NUMBER
YOUR SOCIAL SECURITY NUMBER
15
Which of the following is an important part of retirement income?
SOCIAL SECURITY
PENSIONS
ALL OF THE ABOVE
INVESTMENT INCOME
16
Does a contract need to be in writing to be enforceable?
NO, SO LONG AS THERE ARE WITNESSES
YES, ALWAYS
IT VARIES GREATLY DEPENDING ON THE CONTRACT
NO, NEVER
17
If you live in a state with no sales tax, but you purchase goods online and have them shipped to your house, which tax
SALES TAX
NONE OF THE ABOVE
IMPORT TAX
USE TAX
18
What is the most secure way to dispose of an old computer?
USING DATA ERASER PROGRAMS TO WIPE THE HARD DRIVE CLEAN
LIGHT IT ON FIRE WITH GASOLINE
DRILL A HOLE IN THE HARD DRIVE
TAKING THE WHOLE THING TO A RECYCLING PLANT IN PERSON
19
Under which condition would you NOT be eligible for unemployment benefits?
YOU EARNED LESS THAN $25,000 LAST YEAR
YOU HAVE ALREADY BEEN ON BENEFITS FOR 20 WEEKS
YOU WOULD BE ELIGIBLE FOR BENEFITS IN ALL THESE SCENARIOS
YOU QUIT YOUR JOB
20
Which of the following would you need to claim a tax benefit of a tax-deductible purchase?
A RECEIPT SHOWING HOW MUCH IT WAS PURCHASED FOR, AND WHEN
A NOTARIZED STATEMENT FROM YOUR EMPLOYER STATING THE PURCHASE WAS NEEDED
THE TAX-DEDUCTIBLE ITEM ITSELF TO SHOW IT IS IN YOUR POSSESSION
YOUR BANK STATEMENT SHOWING THE TRANSACTION
21
Why should you reconcile your paper checks?
PAPER CHECKS GET LOST MORE FREQUENTLY SO YOU NEED TO MAKE SURE YOU PAID YOU
BECAUSE THE STORE WHERE YOU USED THE CHECK MAY HAVE ENTERED THE WRONG AMOUN
BECAUSE OF ELECTRONIC BANKING, THERE IS NO LONGER A NEED TO RECONCILE PAPER
TO MAKE SURE YOU ACCOUNT FOR CHECKS THAT HAVE NOT CLEARED WITH YOUR BANK
22
A part-time worker will most likely be…
ALL OF THE ABOVE
PAID HOURLY
PAID WITH A SALARY
HAVE EMPLOYER 401(K) CONTRIBUTIONS
23
If a bank were to buy insurance for you because your coverage lapsed, what type would they purchase?
H03
H02
H04
H01
24
How do non-monetary assets contribute to net worth?
THEY GAIN VALUE OR PAY DIVIDENDS/RENT
YOU MAY OWE TAXES ON THEM OR HAVE MAINTENANCE COSTS THAT REDUCE YOUR TOTAL
YOU CAN SELL THEM, SO THEY HAVE VALUE
ALL OF THE ABOVE
25
What is a Deductible?
THE AMOUNT THAT YOUR INSURANCE REDUCES YOUR BILL BY
WHAT YOU HAVE TO PAY BEFORE INSURANCE KICKS IN
THE THINGS YOUR INSURANCE DOES NOT COVER
WHAT YOU PAY EACH MONTH TO BE INSURED
26
Which of the following people would have the most trouble with tax prep software packages?
SOMEONE WHO RENTS OUT APARTMENTS WITH REGULAR RENTAL INCOME
A YOUNG PERSON WITH VERY FEW DEDUCTIONS
SOMEONE WITH CHILDREN WHO WANTS TO CLAIM SEVERAL TAX CREDITS FOR FAMILIES
SOMEONE WHO DAY-TRADES STOCKS WITH COMPLEX INVESTMENT INCOME
27
Which type of auto insurance covers your medical expenses in a crash?
PERSONAL INJURY COVERAGE
LIABILITY COVERAGE
COLLISION COVERAGE
UNINSURED PROTECTION
28
Why might a young person with no dependents want life insurance?
ALL OF THE ABOVE
TO COVER FUNERAL COSTS
THE CASH-OUT AS PART OF A RETIREMENT ACCOUNT
IN CASE YOU GET DEPENDENTS LATER, THEY WILL BE COVERED
29
What is the oldest aspect of homeowner's insurance?
LIABILITY INSURANCE
WEATHER INSURANCE
THEFT INSURANCE
FIRE INSURANCE
30
Which of the following is covered by Rental Insurance?
YOUR COMPUTER
YOURSELF IF INJURED
YOUR BUILDING
YOUR CAR
31
Which of the following is NOT in a business plan?
A PROBLEM YOUR BUSINESS SEEKS TO ADDRESS
A DETAILED MARKETING STRATEGY FOR YOUR BUSINESS LAUNCH
WHAT THE CURRENT MARKET FOR WHAT YOU'RE OFFERING LOOKS LIKE
SPECIFIC MILESTONES FOR THE FIRST FEW YEARS OF YOUR BUSINESS
32
Which income is typically the easiest to report?
RENTAL INCOME
CAPITAL GAINS
USE TAXES
TIPS NOT REPORTED TO YOUR EMPLOYER
33
Which type of insurance is likely the cheapest?
RENTER'S INSURANCE
HOMEOWNER'S INSURANCE
HEALTH INSURANCE
CAR INSURANCE
34
What is the biggest advantage of making financial goals?
IT GIVES AN EXTRA INCENTIVE TO SAVE MORE AND BUILD WEALTH FASTER
IT PREVENTS YOU FROM SPENDING TOO MUCH
FINANCIAL GOALS ARE MOST USEFUL FOR DISORGANIZED PEOPLE
IT HELPS YOU KEEP TRACK OF YOUR ASSETS
35
Which of these is the most effective way to build wealth?
EVALUATING YOUR SPENDING PLAN TO INCREASE HOW MUCH YOU CAN SAVE EACH MONTH
SETTING HIGH FINANCIAL GOALS, EVEN IF YOU CAN'T REACH THEM
HAVING LOTS OF LIQUID ASSETS
INVESTING IN STOCKS THAT PAY LOTS OF DIVIDENDS
36
If you are selected for an audit, how will you be notified?
NEITHER
BOTH
BY PHONE
BY MAIL
37
Which of the following states do not charge sales tax?
ILLINOIS
TEXAS
WISCONSIN
OREGON
38
Where is the best place to start if you have a consumer complaint?
YOUR LAWYER
BRING UP THE COMPLAINT WITH THE BUSINESS YOU ARE HAVING AN ISSUE WITH
THE BETTER BUSINESS BUREAU
THE CONSUMER COMPLAINTS RESOURCE CENTER AT USA.GOV
39
If you want to have the lowest possible monthly payment, what should you do?
ONLY GET LIABILITY COVERAGE
ONLY GET COLLISION COVERAGE
GET A VERY LOW DEDUCTIBLE
GET A VERY HIGH DEDUCTIBLE
40
Which of the following would be the least likely to be covered in a normal Homeowner's Insurance policy?
FLOODS
JEWELRY
DOG BITES
MOLD/WATER DAMAGE
41
Which method is most likely to ensure you get the highest return?
ALL OF THE ABOVE
FILE YOURSELF
FILE USING TAX PREP SOFTWARE
HIRE AN ACCOUNTANT
42
Which tax credit can be claimed if you are filing using the 1040 EZ?
MORTGAGE INTEREST TAX CREDIT
FEDERAL CHILD TAX CREDIT
EARNED INCOME TAX CREDIT
AMERICAN OPPORTUNITY TAX CREDIT
43
When do you pay an income tax with a traditional IRA?
IRA CONTRIBUTIONS ARE TAX-EXEMPT
THE TAX IS SPREAD OVER THE LIFETIME OF THE ACCOUNT
WHEN YOU WITHDRAW IT FROM THE ACCOUNT
WHEN YOU FIRST EARN THE MONEY
44
What happens if you use an out-of-network provider for non-emergency visits?
YOUR BILL WILL PROBABLY BE A LOT HIGHER THAN AN IN-NETWORK PROVIDER
YOUR INSURANCE PROVIDER MAY NOT PAY
BOTH B AND C
THE PROVIDER WILL REFUSE TO SERVE YOU
45
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$0
$200
$100
$300
46
Which type of coverage would pay for the damage caused to your car by another driver who was uninsured?
LIABILITY COVERAGE
COLLISION COVERAGE
COMPREHENSIVE COVERAGE
PERSONAL INJURY PROTECTION
47
What program provides health insurance for the elderly?
EMPLOYER-SPONSORED GROUP PLANS
MEDICARE
MEDICAID
SOCIAL SECURITY
48
What which is one difference between a "Tort" and "No Fault" state?
TORT STATES TYPICALLY DO NOT OFFER COMPREHENSIVE COVERAGE
NO FAULT STATES WILL ALWAYS COVER DAMAGE YOU DO TO SOMEONE ELSE'S CAR
TORT STATES ARE LESS OF A BURDEN ON THE LEGAL SYSTEM
NO FAULT STATES TYPICALLY PUT A MINIMUM LIMIT FOR HOW MUCH YOU CAN SUE
49
How often did most baby-boomers change jobs?
EVERY 12 YEARS
EVERY 8 YEARS
EVERY 3 YEARS
EVERY YEAR
50
Who of the following has the legal capacity to enter a contract?
AN 18 YEAR OLD BUYING ALCOHOL
A PERSON WHO WENT BANKRUPT RECENTLY BUYING A $10,000 BOAT
A 16 YEAR OLD BUYING A CAR
A 14 YEAR OLD RENTING AN APARTMENT
51
Which of the following account management services would not be provided by a bank?
A TRANSACTION HISTORY OF ALL YOUR PURCHASES WITH A DEBIT CARD
A COPY OF ALL YOUR CHECKS YOU HAVE WRITTEN AND WERE CASHED
A PERSONAL PROPERTY INVENTORY
COMBINED PORTALS FOR YOUR SAVINGS, CHECKING, AND INVESTMENT ACCOUNTS
52
Which penalties will you incur if you file your taxes late?
ALL OF THE ABOVE
THE FULL TAX AMOUNT OWED ON YOUR TAX RETURN
FULL TAX AMOUNT, PLUS 5% MONTHLY INTEREST
FULL TAX AMOUNT, PLUS 6% ANNUAL INTEREST
53
Which of the following forms is reported to your employer, not the IRS?
FORM 1040-A
FORM 4137
FORM W-2
FORM 4070
54
During the great depression, what percent of people over 65 where below the poverty line?
50%
10%
25%
40%
55
Which factor impacts renters more than buyers for insurance premiums?
ANTI-THEFT FEATURES IN THE BUILDING
WHICH FLOOR YOUR APARTMENT OR CONDO IS ON
FIRE SAFETY FEATURES IN THE BUILDING
AGE OF THE BUILDING
56
How are SNAP benefits distributed?
A CHECK SENT BY MAIL EACH MONTH
A SPECIAL TYPE OF PRE-PAID DEBIT CARD
PAPER VOUCHERS IN A COUPON BOOK SENT BY MAIL
MAILING IN RECEIPTS FOR REIMBURSEMENT
57
Why would you start your own business?
BE YOUR OWN BOSS
GET THE FULL REWARDS FROM YOUR WORK
ALL OF THE ABOVE
TAKE ADVANTAGE OF A HOLE IN THE MARKET
58
Which of the following would not be a binding contract?
A WRITTEN AGREEMENT TO BUY 10 SHARES OF GOOG AT $700 PER SHARE
A WRITTEN AGREEMENT TO GIVE YOUR FRIEND $20
A WRITTEN AGREEMENT TO SELL YOUR HOUSE FOR $20
A VERBAL AGREEMENT TO BUY 10 SHARES OF GOOG AT $700 PER SHARE
59
Which of the following expenses would not be tax-deductible?
RENT ON YOUR APARTMENT WHEN YOU WORK FROM HOME
CLOTHES YOU CHOOSE TO WEAR TO WORK (NOT A UNIFORM)
CAR PAYMENTS ON A CAR YOU USE FOR PIZZA DELIVERY
GOING OUT TO LUNCH WITH A POTENTIAL CLIENT
60
Which of the following could lower your premiums by the most over 10 years?
HAVING NO SPEEDING TICKETS
TAKING A "SAFE DRIVER" COURSE
SHOPPING AROUND REGULARLY
HAVING NO ACCIDENTS
61
What is the biggest thing stopping more people from starting their own business?
TOO LITTLE POTENTIAL REWARDS
UNCERTAINTY AND RISK
LACK OF EXPERTISE
TOO MUCH WORK
62
Which of the following forms of indirect compensation has historically been a part of most start-ups?
LOTS OF EXTRA VACATION TIME
STOCK OPTIONS
PAID CHILD DAY-CARE
HIGH SALARY GROWTH
63
Which of the following should you consider when choosing a password?
HAVE YOU EVER USED THIS PASSWORD SOMEWHERE ELSE?
HAVE YOU EVER SHARED THIS PASSWORD, OR IS IT SOMETHING ANYONE ELSE WOULD KN
IS THIS PASSWORD EASY TO GUESS?
ALL OF THE ABOVE
64
An Endowment Life Insurance policy works like combining…
A TERM POLICY WITH A SAVINGS ACCOUNT
A WHOLE POLICY WITH A SAVINGS ACCOUNT
A TERM POLICY WITH A MUTUAL FUND
A WHOLE POLICY WITH A MUTUAL FUND
65
What is one advantage of a Bank over a Credit Union?
BANKS OFFER ONLINE BANKING, CREDIT UNIONS DO NOT
YOU WILL ALWAYS HAVE LOWER FEES AT A BANK
BANKS GIVE BETTER INTEREST RATES FOR MORTGAGES
BANKS USUALLY OFFER A LOT MORE TYPES OF CHECKING ACCOUNTS TO CHOOSE FROM
66
Which institution will likely offer online bill payment features?
BANKS
THEY ALL LIKELY OFFER THIS SERVICE
CREDIT UNIONS
SAVINGS AND LOANS
67
How can you estimate how much your degree will pay off?
BY IMMEDIATELY APPLYING FOR YOUR DREAM JOBS TO DISCUSS IT IN PERSON WITH
ASK OTHER STUDENTS - OTHER STUDENTS IN YOUR POSITION WILL PROBABLY KNOW MOR
POTENTIAL PAY AND COSTS ARE TOO VARIABLE TO EFFECTIVELY BALANCE
SEARCH FOR JOBS IN THAT FIELD TO COMPARE REQUIREMENTS WITH POTENTIAL PAY
68
Which of the following is an "Implied Right"?
THE RIGHT TO COMPLAIN
SERVICE REQUIREMENTS FOR UTILITIES
THE RIGHT TO A REPLACEMENT FOR SOMETHING DEFECTIVE
THE RIGHT TO BE SERVED WITHOUT DISCRIMINATION
69
Which tool can you use to keep financial records?
A FILING CABINET WITH PAPER RECORDS LIKE RECEIPTS
YOUR BANK'S AUTOMATICALLY GENERATED REPORTS
YOU WILL NEED TO USE ALL OF THESE TO HAVE ACCURATE REPORTS OF YOUR FINANCES
AN EXCEL SPREADSHEET LISTING THE LOCATIONS AND VALUES OF ALL YOUR RECORDS
70
What is one advantage of a 401(k) over a traditional pension?
YOU WILL ALWAYS GET A CHECK IN THE MAIL EVERY MONTH IN RETIREMENT
FEWER PEOPLE USE THEM BECAUSE THEY ARE SO COMPLICATED, BUT WITH MORE PERKS
YOU CAN CONTROL WHERE IT IS INVESTED
THEY HAVE A LOWER TAX BURDEN
71
Which type of health insurance covers the most people?
PUBLIC HEALTH INSURANCE
INDIVIDUAL HEALTH INSURANCE
MOST PEOPLE HAVE NO INSURANCE
GROUP HEALTH INSURANCE
72
What can you do if you do not accept the results of the auditors?
ALL OF THE ABOVE
TAKE YOUR CASE TO TAX COURT
APPEAL TO THEIR SUPERVISOR
APPEAL TO A THIRD PARTY MEDIATOR
73
Which of the following is a form of Indirect Compensation?
PERFORMANCE BONUS FOR HITTING SALES TARGETS
STOCK OPTIONS
GROUP HEALTH INSURANCE
YOUR BASE SALARY
74
Which is a benefit of automatic payments?
AVOIDING LATE FEES
NO NEED TO THINK ABOUT BILLS
EASIER TO BUDGET EXPENSES
LOWER BANKING FEES
75
What is a Deduction?
AN AMOUNT THAT GETS SUBTRACTED FROM YOUR GROSS INCOME, REGARDLESS OF IMPACT
AN AMOUNT THAT GETS SUBTRACTED FROM YOUR TOTAL TAXES OWED, BUT CAN BE REFUN
AN AMOUNT THAT GETS SUBTRACTED FROM YOUR TOTAL TAXES OWED, BUT CANNOT BE
AN AMOUNT THAT GETS SUBTRACTED FROM YOUR GROSS INCOME, SO LONG AS IT DOES
76
Which type of purchase with a debit card is immediately deducted from your bank account?
CASH TRANSACTIONS
INTEREST FEES
ONLINE DEBIT
OFFLINE DEBIT
77
What is the most expensive way to receive healthcare?
THROUGH INSURANCE PLANS WITH HIGH CO-PAYS
THROUGH INDIVIDUAL INSURANCE SCHEMES
BY USING THE EMERGENCY ROOM
THROUGH OUT-OF-NETWORK PROVIDERS
78
Which method will usually build your professional network the fastest?
GETTING A COLLEGE DEGREE, TWO YEARS AT HOME AND TWO YEARS ON-CAMPUS
GETTING A COLLEGE DEGREE AND JOINING PROFESSIONAL ORGANIZATIONS
GETTING A COLLEGE DEGREE, LIVING ON CAMPUS FOR ALL 4 YEARS
GOING STRAIGHT TO WORK IMMEDIATELY AFTER HIGH SCHOOL
79
Which disaster would be covered by most rental insurance policies?
EARTHQUAKE
HURRICANE
FIRE
FLOOD
80
Which is the least expensive type of Life Insurance?
ENDOWMENT LIFE INSURANCE
TERM LIFE INSURANCE
WHOLE LIFE INSURANCE
DISABILITY INSURANCE
81
What is one advantage of a Whole Life policy over the other policies?
YOU MAY BE ELIGIBLE FOR DIVIDENDS THAT DECREASE YOUR PREMIUMS
YOUR PREMIUMS DO NOT INCREASE WITH AGE
YOU HAVE A HIGHER CASH VALUE THAT YOU CAN BORROW AGAINST
ALL OF THESE ARE ADVANTAGES OF WHOLE LIFE POLICIES
82
Why do you need to reconcile purchases made with a debit card?
IN CASE THE CASHIER ENTERED THE AMOUNT WRONG INTO THE DEBIT TERMINAL
BECAUSE OF BULK PROCESSING, YOUR PAYMENTS MAY NOT ACTUALLY BE DEBITED FROM
NONE OF THE ABOVE
BOTH A AND B
83
Which of the following groups of ordinary people are exempt from owing any tax?
UNEMPLOYED US RESIDENTS
SELF-EMPLOYED WORKERS
US CITIZENS LIVING AND WORKING ABROAD
IMMIGRANT WORKERS
84
What is one benefit of having matching contributions to your 401(k) as part of your compensation package?
IT EFFECTIVELY DOUBLES YOUR SAVINGS RATE
IT IS AN EFFECTIVE REPLACEMENT FOR LIFE INSURANCE
IT LOWERS YOUR TAX BURDEN
IT GIVES YOU A GUARANTEED PENSION WHEN YOU RETIRE
85
What makes a right "Explicit"?
IT IS DESCRIBED IN DETAIL IN A CONTRACT BETWEEN THE BUYER AND SELLER
IT IS OUTLINED IN DETAIL IN A CONSUMER PROTECTION LAW
NONE OF THE ABOVE
BOTH A AND B
86
Why should you record your totals every time you reconcile your accounts?
TO HELP SEE HOW YOUR SPENDING AND SAVING PATTERNS CHANGE OVER TIME
TO COMPARE AGAINST YOUR SPENDING PLAN AND MAKE ADJUSTMENTS
SO YOU CAN TELL IF YOUR NET WORTH IS GOING UP OR DOWN
ALL OF THESE ARE GOOD REASONS
87
Which of the following would likely cause your premiums to go up?
IF YOU LIVE IN A CITY
ALL OF THE ABOVE
IF YOUR SPOUSE ALSO USES YOUR CAR
IF YOU ARE MALE

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