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