Personal Finance 7.02 Question Preview (ID: 44901)


Chapter 7.02. TEACHERS: click here for quick copy question ID numbers.

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) Any of the above
b) An Attorney
c) An Accountant
d) a Certified Financial Planner

Which of the following statements 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 be named an executor of a will
d) Teens under the age of 18 may not accompany their parent/guardian to an attorney’s office

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 decrease time, effort and dollar costs incurred by survivors
c) Ability to provide for loved ones after you are gone
d) Ability to leave a legacy with gifts to others including family, organizations, or institutions

Which of the following is NOT considered part of the steps of Estate Planning?
a) Selling off assets
b) Legal and tax analysis
c) Family information
d) Goal setting

Which of the following questions does NOT represent a topic teens should ask parents and guardians about Estate Planning?
a) How much money do you have in your checking account?
b) Do you have a life insurance policy?
c) Who would take care of me if something happened to you?
d) Have you written a will? Is it recorded?

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) Keyboard
b) Piano
c) Key Ring
d) Car

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 hairless cat
b) Someone decides to check another
c) It was a rabbit
d) It was a rabid rabbit

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.

What has a thumb but no fingers and is not living?
a) A Mitton
b) A glove
c) Thumb Drive
d) A Kitten

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 horizen
b) Your Shadow
c) The Sun
d) Don't pick this answer as it is definitely wrong!

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