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