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Personal Finance - Unit 7
Test Description: Unit 7
Instructions: Answer all questions to get your test result.
1) Advocacy is:
A
a situation in which two people argue against a policy.
B
a wish list developed by nonprofit organizations.
C
the act or process of writing or speaking out in favor of or about a cause.
D
when someone is audited by the Internal Revenue Service (IRS).
2) Planned giving can occur through:
A
estate planning activities.
B
buying Girl Scout Cookies on the way out of the grocery store.
C
paycheck deductions for retirement accounts.
D
pulling over to help someone with car trouble.
3) Which is not considered a positive outcome of estate planning?
A
Ability to increase time, effort, and dollar costs incurred by survivors
B
Ability to decrease time, effort, and dollar costs incurred by survivors
C
Ability to provide for loved ones after one is gone
D
Ability to leave a legacy with gifts to others, including family, organizations, or institutions
4) What is the most appropriate type of giving at the following life cycle stages?
A
A CEO of a company suggests that his employees go paperless and not print out quarterly reports.
B
School children host a book fair and donate sales to the March of Dimes.
C
All of the above qualify as appropriate types of giving during the life cycle stages.
D
A grandparent gifts a plot of land to a hospital in the name of her grandchild.
5) A grandparent gifts a plot of land to a hospital in the name of her grandchild.
A
Family information
B
Goal setting
C
Legal and tax analysis
D
Selling off assets
6) Caitlyn’s parents were rushing off to a meeting to get some help planning their estate. When Caitlyn asked who they were meeting with, her parents likely told her they were going to the office of:
A
an attorney.
B
Any of the above
C
a certified financial planner.
D
an accountant.
7) Which statement would be true in most states?
A
Teens under the age of 18 may write their own will, but it may not be a legal document.
B
Teens under the age of 18 may not accompany their parent/guardian to an attorney’s office.
C
Teens under the age of 18 may not write their own will.
D
Teens under the age of 18 may not accompany their parent/guardian to an attorney’s office.
8) Which question does not represent a topic that teens should ask parents and guardians about estate planning?
A
“Who would take care of me if something happened to you?”
B
“Do you have a life insurance policy?”
C
“How much money do you have in your checking account?”
D
“Have you written and recorded a will?”
9) Which is not considered a form of giving?
A
Donating material goods to a campaign
B
Making a monetary donation to a charitable cause
C
Spending an afternoon cleaning up an abandoned park in one’s hometown
D
Reading about the storm victims of Hurricane Katrina
10) Healthy giving occurs when:
A
an individual wants to give back and the result is positive emotions for both the giver and receiver.
B
someone with limited resources gives all they have to make another happy.
C
someone decides to write a check for another.
D
the well‐being of only the receiver is affected.
11) If the resulted emotion of giving includes resentment, guilt, or anger then the giving would be considered:
A
selfish.
B
passive.
C
egotistical.
D
unhealthy.
*select an answer for all questions
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