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MM Chapter 9 And 10 MC Part 1
Test Description: Multiple Choice Questions for Ch. 9 and 10
Instructions: Answer all questions to get your test result.
1) Life insurance policy for a specific period of time is called
A
whole life
B
universal
C
term
D
life
2) Which of the following statements regarding marriage and money is FALSE
A
in a marriage you are financially accountable to one another
B
it is okay to hide purchases from your spouse as long as you have the cash to pay for it
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
3) Which of the following is NOT a true statement about an HSA
A
it stands for health savings account
B
it is tax sheltered
C
it is a savings account for medical expenses
D
it is a good plan for people who have a lot of medical expenses
4) 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
car accident
B
your identity gets stolen
C
medical emergency
D
lose your cell phone
5) 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
collision
B
liability
C
comprehensive
D
uninsured
6) Which of the following is NOT a recommended way to save on your health insurance premium
A
increase your stop-loss or your premium out of pocket expense
B
see if a Health Savings Account would make sense for your situation
C
increase your deductible
D
If you are young and healthy, you do not need health insurance
7) You should communicate your money goals with your parents and others close to you because
A
there is no need to share your goals
B
they can provide financial support in case you make mistakes
C
they can write your monthly budget
D
it will allow others to help you by providing accountability and encouragement along the way
8) The purpose of insurance is to
A
provide an investment opportunity
B
all of these
C
transfer financial risk
D
develop a savings plan
9) 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
stress
C
divorce
D
conflict
10) Which of the following statements about long-term care insurance is false
A
a good long term care policy will include in-home care
B
at least 70% of people over the age of 65 will require long-term care at some point
C
you should not buy long term care insurance until age 30
D
long term care insurance is not the same as disability or short term medical costs
11) If you value security you are more likely to
A
make impulse buys
B
spend money
C
save money
D
all of these
12) What covers damage to the other car when in an accident
A
liability
B
collision
C
PIP
D
uninsured motorist
13) Which of the following statements is FALSE
A
being aware of your money personality will help you create a money plan that works for you
B
If you value freedom and spontaneity, you are more likely to be a saver
C
when handling money it can be difficult to balance who you are with what you should do
D
when it comes to relating with others about money, it is important to also consider their values
14) Since men and women are different who is supposed to do the financial decision making in the marriage
A
wife
B
both
C
manage their own money
D
husband
15) A person becomes self insured when
A
everyone should have term insurance regardless of age or financial well being
B
they have no debt
C
they own their own business
D
their kids are grown, they have no debt, and they have a fully funded retirement
*select an answer for all questions
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