01 May QuestionRebecca Murphy is planning for her retirement. She has done some ch
Question
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? A. Analyzing her current assets and liabilities B. Estimating her spending needs C. Evaluating her planned retirement income D.Developing a balanced budget based on her retirement income
How many years can you expect to spend in retirement? A. 6 to 10 years B. 10 to 12 years C. 12 to 16 years D. from 16 to 25 years
The maximum tax rate on estates and gifts: A. is gradually declining. B. is gradually increasing. C. has remained constant. D. has increased sharply.
Which of the following wills leaves everything to your spouse? A. Simple will B. Traditional marital share will C. Exemption trust will D. Stated dollar amount will
What is likely to be an individual’s single biggest asset? A. Their automobile B. Their jewelry C. Their bank account D. Their home
The people who are in the best position to save are: A. teenagers. B. young adults in their 20s. C. middle-aged. D. elderly.
To stretch your income during retirement, you could: A. skip leisure activities. B. cut your food expenditures. C. cancel your life and property insurance. D. use your skills and time instead of your money.
Which one of the following is the most widely used source of retirement income? A. IRAs B. Keogh plans C. Social Security D. company pension plans
Estate planning has two parts. The first part consists of: A. building your estate through savings, investments, and insurance. B. transferring your estate in the manner you have specified. C. deciding who is going to get what. D. evaluating your assets and liabilities.
Even though there is no one ideal will, today, which type of will is considered best by many attorneys? A. Simple will B. Traditional marital share will C. Exemption trust will D. Stated dollar amount will Which employer pension plan has an individual account for each employee? A. Undefined-contribution plan B. Defined-contribution plan C. Defined-benefit plan D. Undefined-benefit plan
What are the two most popular personal retirement plans? A. Keogh account and Social Security B. Social Security and Roth IRA Plus C. Keogh accounts and individual retirement accounts D. 401(k) and Social Security
Janice Jacobs is planning for her retirement. She knows what assets and liabilities she has now and expects to have in the future. She knows what her spending patterns are likely to be and adjusted them for inflation. She also has identified all of her sources of income after she retires. Now she is sitting down and planning her income and expenses each month. After she has finished this plan, she knows that she has enough income to cover her expected expenses and still have $200 extra each month for emergencies and other unplanned activities. Even with inflation, she thinks she can sustain this plan for approximately 30 years. What step in the retirement planning process is Janice completing? A. Analyzing her current assets and liabilities B. Estimating her spending needs C. Evaluating her planned retirement income D. Developing a balanced budget based in her retirement income
A trust established by your will that becomes effective upon your death is called a(n) ____________ trust. A. testamentary B. living C. revocable D. irrevocable
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?
A. Analyzing her current assets and liabilities
B. Estimating her spending needs
C. Evaluating her planned retirement income
D. Developing a balanced budget based on her retirement income
A person who will follow your instructions specified in your will is called a(n):
A. beneficiary.
B. trustor.
C. witness.
D. executor or executrix.
Which of the following statements is correct regarding wills?
A. Only married people with dependents need a will.
B. Only the rich with a considerable estate needs a will.
C. Every adult needs a will.
D. Only senior citizens need a will.
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?
A. Tenants in common
B. Tenancy by the entirety
C. Joint tenants with the right of survivorship
D. Tenancy by default
The second part of estate planning consists of:
A. building your estate through savings.
B. transferring your estate in the manner you have specified.
C. deciding who should be your attorney.
D. evaluating your assets and liabilities.
If you die without a valid will:
A. the IRS confiscates your property.
B. the federal court decides how the property should be distributed.
C. your relatives or friends will get the property.
D. the state’s law of descent and distribution becomes your will.
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