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Personal Finance 7.02
Test Description: Chapter 7.02
Instructions: Answer all questions to get your test result.
1) 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
An Accountant
C
a Certified Financial Planner
D
Any of the above
2) Which of the following statements 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 be named an executor of a will
C
Teens under the age of 18 may not accompany their parent/guardian to an attorney’s office
D
Teens under the age of 18 may not write their own will
3) Which of the following is NOT considered a positive outcome of estate planning?
A
Ability to increase time, effort and dollar costs incurred by survivors
B
Ability to provide for loved ones after you are gone
C
Ability to leave a legacy with gifts to others including family, organizations, or institutions
D
Ability to decrease time, effort and dollar costs incurred by survivors
4) Which of the following is NOT considered part of the steps of Estate Planning?
A
Goal setting
B
Family information
C
Legal and tax analysis
D
Selling off assets
5) Which of the following questions does NOT represent a topic teens should ask parents and guardians about Estate Planning?
A
Do you have a life insurance policy?
B
How much money do you have in your checking account?
C
Have you written a will? Is it recorded?
D
Who would take care of me if something happened to you?
6) I have no doors but I have keys, I have no rooms but I do have a space, you can enter but you can never leave. What am I?
A
Piano
B
Key Ring
C
Car
D
Keyboard
7) While a cat was outside, it started to downpour. The cat couldn’t find any shelter and got completely soaked by the rain, yet not a single hair was wet. How could this be?
A
It was a rabid rabbit
B
It was a rabbit
C
It was a hairless cat
D
Someone decides to check another
8) If Bethany drank a half cup of milk, and Maria drank a fourth cup of milk, who drank more?
A
Maria did as she drank 4 cups
B
Bethany did as 1/2 is greater than 1/4
C
Both drank the same amount
D
Neither as they are not dairy tolerant.
9) What has a thumb but no fingers and is not living?
A
Thumb Drive
B
A glove
C
A Mitton
D
A Kitten
10) You can always see me, yet never touch me. You can move towards me and I will always stay away at the same distance. You can run away from me, yet I will follow you still at the same distance.
A
The Sun
B
Your Shadow
C
Don't pick this answer as it is definitely wrong!
D
The horizen
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