final exam review. the government program that provides health insurance to individuals who are 65...
TRANSCRIPT
Final Exam Review
The government program that provides health insurance to individuals who are 65 years of
age or older.
Medicare
Bonds issued by state and local government agencies
Municipal Bonds
Bills that are to be paid off within a year are called
Current liabilities
True or False: Since real estate brokers are licensed and bonded, they are required to give you
unbiased information about real estate purchases.
False
The cash flow statement reports a person’s or family’s __________.
Current income and payments
The legal document granting a person the power to make specific health care decisions
for you.
Durable Power of Attorney for health care
True or False: The traditional IRA allows tax-deductible contributions of up to $4000 for individuals who are not covered
by employer-sponsored retirement plans or meet income qualification if they have an employer plan.
True
True or False: In order to be valid, a will bust be dated, signed, and witnessed.
True
The federal law that allows you to continue health insurance coverage through your former employer’s
plan for 18 months after you stop work.
COBRA
Is an order to execute a transaction to buy or sell a stock only if the price is within the range
specified.
Limit order
True or False: If no one else relies on your income, life insurance may not be necessary.
True
True or False: Advantages of whole life insurance policies are that they provide long-term coverage, the rates are
fixed, and they have a savings or cash value feature.
True
Established to transfer assets tax-free from a company retirement plan.
Rollover IRA
Wealth calculated by deducting money that you owe from the value of the things you own.
Net Worth
True or False: Employers have an option of whether or not to match an employee’s Social
Security and Medicare taxes.
False
ARM stands for
Adjustable Rate Mortgage
True or False: An example of a depository financial institution is an insurance company.
False
On the purchase of a home, one “point” is equal to what?
1 percent of the amount being financed
True or False: Social Security provides sufficient income to support the lifestyles of most
individuals.
False