MM Chapter 9 And 10 MC Part 1: Question Preview (ID: 25266)

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Since men and women are different who is supposed to do the financial decision making in the marriage
a) both b) wife c) husband d) manage their own money
What covers damage to the other car when in an accident
a) liability b) uninsured motorist c) collision d) PIP
Which of the following statements is FALSE
a) If you value freedom and spontaneity, you are more likely to be a saver b) when it comes to relating with others about money, it is important to also consider their values c) being aware of your money personality will help you create a money plan that works for you d) when handling money it can be difficult to balance who you are with what you should do
If you value security you are more likely to
a) save money b) all of these c) make impulse buys d) spend money
Which of the following statements about long-term care insurance is false
a) you should not buy long term care insurance until age 30 b) a good long term care policy will include in-home care c) at least 70% of people over the age of 65 will require long-term care at some point d) long term care insurance is not the same as disability or short term medical costs
When married couples do not share goals and values in how they manage money, which of the following can occur
a) all of these b) divorce c) conflict d) stress
The purpose of insurance is to
a) transfer financial risk b) all of these c) provide an investment opportunity d) develop a savings plan
You should communicate your money goals with your parents and others close to you because
a) it will allow others to help you by providing accountability and encouragement along the way b) they can write your monthly budget c) there is no need to share your goals d) they can provide financial support in case you make mistakes
You are involved in a two-car accident in which you are at fault. The other driver and your insurance covers the medical expenses of the victim. This type of coverage is called
a) liability b) comprehensive c) collision d) uninsured
Which of the following is NOT a recommended way to save on your health insurance premium
a) If you are young and healthy, you do not need health insurance b) increase your stop-loss or your premium out of pocket expense c) increase your deductible d) see if a Health Savings Account would make sense for your situation
Which of the following is NOT a true statement about an HSA
a) it is a good plan for people who have a lot of medical expenses b) it is tax sheltered c) it is a savings account for medical expenses d) it stands for health savings account
Which of the following would not be a huge financial risk and not require insurance if you have a full emergency fund of $500
a) lose your cell phone b) your identity gets stolen c) car accident d) medical emergency
Life insurance policy for a specific period of time is called
a) term b) life c) whole life d) universal
Which of the following statements regarding marriage and money is FALSE
a) it is okay to hide purchases from your spouse as long as you have the cash to pay for it b) in a marriage you are financially accountable to one another c) when you agree on your spending that means that you also agree on your value system d) managing finances in a marriage takes teamwork
A person becomes self insured when
a) their kids are grown, they have no debt, and they have a fully funded retirement b) they have no debt c) they own their own business d) everyone should have term insurance regardless of age or financial well being
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