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Question 21.21. (TCO 5) The purpose of asset allocation is to (Points : 4)

reduce risk. increase growth. lower liquidity. provide a high return. increase income.

Question 22.22. (TCO 5) _____ involves the analysis of charts and historical data in order to make stock purchasing decisions. (Points : 4)

Fundamental Technical Efficient market Chart Plot

Question 23.23. (TCO 5) A(n) _____ market is one in which previously issued financial securities are traded among investors. (Points : 4)

technical fundamental efficient secondary primary

Question 24.24. (TCO 5) ABC Corporation has assets that total $15 million and liabilities that total $4 million. It also has 500,000 shares of stock outstanding. What is ABC’s book value per share? (Points : 4)

$8 $38 $22 $8 $30

Question 25.25. (TCO 5) Scott Turner has a bond with 10 years to maturity, a face value of $1,000, a 7% interest rate, and a market price of $800. What is the yield to maturity on this bond? (Points : 4)

8.00% 11.00% 7.00% 10.00% 11.11%

Question 26.26. (TCO 5) A _____ is created when bonds are issued, and it allows the issuer to set aside money periodically for the purpose of redemption. (Points : 4)

serial default sinking fund low coupon convertible

Question 27.27. (TCO 5) What is the current yield for a $1,000 corporate bond that pays 9% and has a current market value of $825? (Points : 4)

9.0% 10.9% 10.0% 8.25% 8.0%

Question 28.28. (TCO 3) All of the following are disadvantages of leasing a vehicle except (Points : 4)

automatic ownership interest in the car. unlimited mileage on the car. no need to meet credit requirements. lease payments are likely to be lower than loan payments. All of the other answers are advantages.

Question 29.29. (TCO 1) Melba Anderson has a document that allows her new microwave to be repaired or replaced within a certain time frame if it stops working. She has a (Points : 4)

coupon. rebate. warranty. rain check. class action suit.

Question 30.30. (TCO 3) A credit purchase with 24 monthly payments of $80 and a down payment of $125 would have a total cost of (Points : 4)

$2,000. $1,795. $2,045. $1,920. $1,085.

Question 31.31. (TCO 3) When a loan is made based on the equity value of a home and the loan provides a homeowner with tax-free income until the home is sold (to pay back the loan), this is called a(n) (Points : 4)

conventional mortgage. growing equity mortgage. second mortgage. reverse mortgage. adjustable-rate mortgage.

Question 32.32. (TCO 4) Your home insurance policy has a $250 deductible. If hail causes $1,500 damage to your home, what amount of the claim would the insurance company pay? (Points : 4)

$1,750 $1,250 $1,500 $250 $0

Question 33.33. (TCO 4) John Brown owns a home in Oakland, California and because of the risk of earthquakes, he decides to purchase _____ to cover potential losses. (Points : 4)

building and other structures additional living expenses personal property personal liability specialized coverage

Question 34.34. (TCO 4) Angela has a policy that includes a $250 deductible and a coinsurance provision requiring her to pay 20% thereafter. Her medical bills total $5,500. What amount is she required to pay personally? (Points : 4)

$1,050 $300 $5,500 $5,500 $1,300

Question 35.35. (TCO 4) Medigap insurance is sold and serviced by (Points : 4)

the federal government. state governments. both federal and state governments. private insurance companies. both the government and private insurance companies.

Question 36.36. (TCO 4) A(n) _____ is an addendum to a life insurance policy that can add additional benefits, such as an accidental death benefit payable to a beneficiary. (Points : 4)

accelerated benefits clause policy dividend guaranteed insurability clause second-to-die rider double indemnity rider

Question 37.37. (TCO 4) If Franseca has a term life insurance policy that is _____, this means that she can exchange the policy into a whole life policy without the need for a medical examination. (Points : 4)

straight renewable convertible decreasing accelerated

Question 38.38. (TCO 6) The Capitalist Mutual Fund’s net asset value is $28.25. The fund has liabilities of $3 million and 1,600,000 shares have been issued. What is the value of the fund’s portfolio? (Points : 4)

$42 million $45.2 million $48 million $48.2 million $3 million

Question 39.39. (TCO 6) Mickey Thomas plans to invest in a(n) _____ because he is interested in a fund that invests in European companies. (Points : 4)

aggressive growth fund equity income fund global fund international fund regional fund

Question 40.40. (TCO 6) One disadvantage associated with real estate investments is that an investor must face (Points : 4)

lack of involvement in property maintenance. a hedge against inflation. illiquidity. lack of financial risk. possible high capital requirements for total venture.

Question 41.41. (TCO 6) If Wilson Fischer has purchased 10 rare silver coins from a broker, he is investing in (Points : 4)

direct investment in real estate. indirect investment in real estate. precious metals. ceramics. gems.

Question 42.42. (TCO 6) If Jeremiah’s employer makes nontaxable contributions to a plan in his name and his salary is reduced by the same amount, Jeremiah has a (Points : 4)

money-purchase pension plan. stock bonus plan. profit-sharing plan. defined benefit plan. 403(b) plan.

Question 43.43. (TCO 6) Randall owns a condo worth $240,000, a car valued at $25,000, and miscellaneous assets worth $7,500. He owes $185,000 on the condo and $15,000 on the car and has no other debts. His retirement account, in which he is fully vested, contains $27,500 in mutual funds. He is insured with a $500,000 term life insurance policy. What is his net worth? (Points : 4)

$92,500 $115,000 $100,000 $592,500 $600,000

Question 44.44. (TCO 7) Brenda wants to leave a message of encouragement to her grandchildren just in case something happens to her in the near future. She would be interested in preparing a(n) (Points : 4)

ethical will. durable power of attorney. letter of last instruction. codicil. formal will.

Question 45.45. (TCO 7) Samantha has been designated as the recipient of her sister’s assets in the event of her death. This means that Samantha is her sister’s (Points : 4)

executor. trustee. guardian. beneficiary. agent.

Question 1.1. (TCO 1) Your brother-in-law has come to you in confidence expressing a concern with managing his finances. Your initial recommendation is that he consider using a budget. How would you explain the purpose of a budget and what would you suggest that he take into consideration in order for the budgeting process to be successful? (Points : 10)

Question 2.2. (TCO 2) What are the advantages of a Roth IRA? (Points : 10)

Question 3.3. (TCO 3) Kelly Manchester wants to know what price home she can afford. Her annual gross income is $45,000. She owes $750 per month on other debts and expects her property taxes and homeowners insurance to cost $250 per month. She knows she can get a 7.0%, 30-year mortgage, so her mortgage payment factor is 6.65. She expects to make a 20% down payment. What is Michelle’s affordable home purchase price? Assume a lender will use a 38% monthly gross income guideline. Round your answer to the nearest $100. (Points : 10)

Question 4.4. (TCO 3) Identify two or three sources of consumer credit and discuss the advantages and disadvantages of each type selected. (Points : 10)

Question 5.5. (TCO 5) Clayton and Barbara Patterson were married immediately after graduating from college and have been married for 20 years. They both started investments early in life, but the majority of their funds were placed in speculative stock funds. Their portfolios performed well until the last few years, when they faced losses due to an economic downturn. Explain how asset allocation could have helped the Pattersons.(Points : 10)

Question 6.6. (TCO 7) What is the difference between retirement and estate planning? (Points : 10)

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