Personal Finance - Unit 7 Question Preview (ID: 42196)
Unit 7.
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Advocacy is:
a) when someone is audited by the Internal Revenue Service (IRS).
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) a situation in which two people argue against a policy.
Planned giving can occur through:
a) pulling over to help someone with car trouble.
b) estate planning activities.
c) paycheck deductions for retirement accounts.
d) buying Girl Scout Cookies on the way out of the grocery store.
Which is not considered a positive outcome of estate planning?
a) Ability to leave a legacy with gifts to others, including family, organizations, or institutions
b) Ability to increase time, effort, and dollar costs incurred by survivors
c) Ability to provide for loved ones after one is gone
d) Ability to decrease time, effort, and dollar costs incurred by survivors
What is the most appropriate type of giving at the following life cycle stages?
a) All of the above qualify as appropriate types of giving during the life cycle stages.
b) School children host a book fair and donate sales to the March of Dimes.
c) A CEO of a company suggests that his employees go paperless and not print out quarterly reports.
d) A grandparent gifts a plot of land to a hospital in the name of her grandchild.
A grandparent gifts a plot of land to a hospital in the name of her grandchild.
a) Selling off assets
b) Legal and tax analysis
c) Goal setting
d) Family information
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 accountant.
b) Any of the above
c) an attorney.
d) a certified financial planner.
Which statement would be true in most states?
a) Teens under the age of 18 may not write their own will.
b) Teens under the age of 18 may write their own will, but it may not be a legal document.
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 accompany their parent/guardian to an attorney’s office.
Which question does not represent a topic that teens should ask parents and guardians about estate planning?
a) “Have you written and recorded a will?”
b) “Do you have a life insurance policy?”
c) “How much money do you have in your checking account?”
d) “Who would take care of me if something happened to you?”
Which is not considered a form of giving?
a) Spending an afternoon cleaning up an abandoned park in one’s hometown
b) Making a monetary donation to a charitable cause
c) Donating material goods to a campaign
d) Reading about the storm victims of Hurricane Katrina
Healthy giving occurs when:
a) someone with limited resources gives all they have to make another happy.
b) the well‐being of only the receiver is affected.
c) an individual wants to give back and the result is positive emotions for both the giver and receiver.
d) someone decides to write a check for another.
If the resulted emotion of giving includes resentment, guilt, or anger then the giving would be considered:
a) selfish.
b) egotistical.
c) passive.
d) unhealthy.
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