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Financial Planning Review
Test Description: This is a review for your exam. It covers all the information from your study guide.
Instructions: Answer all questions to get your test result.
1) In choosing a career in finance, you should learn about your own abilities, interests, and personal qualities by taking________.
A
skills test
B
attitude tests
C
aptitude tests and interest inventories
D
attitude tests and interest inventories
2) The moral principles by which people conduct themselves personally, socially, and professionally are called_______.
A
morals
B
conduct
C
behavior
D
ethics
3) All property and assets owned by an individual or group is a(n)
A
trust
B
inheritance
C
codicil
D
estate
4) The accumulation and management of property during one’s lifetime and the distribution of one’s property at death is referred to as:
A
estate planning
B
codicil provision
C
trust management
D
inheritance planning
5) Through a ___________, a person states whether he or she wishes to be kept alive by artificial means if terminally ill.
A
power of attorney
B
living will
C
trust manager
D
life insurance policy
6) The legal right to act on your behalf when you need someone to handle your personal needs is called:
A
estate planning
B
living will
C
power of attorney
D
codicil inclusion
7) Sally has not received her inheritance from her grandmother's estate because her cousin has contested the will. The will is said to be in:
A
probate
B
limbo
C
termination
D
execution
8) In insurance, anything that may possibly cause a loss is known as a:
A
hazard
B
peril
C
liability
D
risk
9) A written outline of how the business will get money to start up and operate, and how the business will maintain financial operations and business records is a:
A
marketing plan
B
financial plan
C
budget analysis
D
business outline
10) A retirement plan funded in part by employers is considered a:
A
tax shelter
B
pension plan
C
insurance policy
D
credit policy
*select an answer for all questions
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