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Please complete the following quiz questions using the separate answer key worksheet




Please complete the following quiz questions using the separate answer key worksheet. Be;sure to respond to all of the questions, and include your name in your answer sheet. Then, save;and upload your answer sheet only to the Week 4 Quiz assignment area.;There are 9 questions in the Week 4 Quiz and it is due by Sunday, 10/26/14. If you have any;questions, please contact your instructor. Do not leave your quiz to the last minute give;yourself the gift of time and a clear mind. Good luck!;1. Which of the following is the smartest way to handle allowance for children and teens?;a. Pay your children and teens according to the work that they do.;b. Never pay for chores of any type, since children of all ages should be expected to help out;as members of the family.;c. Increase allowance annually based on the child's age.;d. Give allowance when children have performed well in school or exhibited exemplary;behavior.;2. When you talk to your children about money, you should strive to;a. protect them from knowledge of bills and other weighty financial matters;b. instill a healthy fear of spending money on anything but necessities;c. give them positive messages about the value of earning and saving money;d. let them know that you are financially secure and can provide for all of their needs and;wants, even if you cannot;3. Which of the following is the best strategy for bill paying in a family?;a. The head of household or person with the highest income should be in charge of paying bills.;b. The person with the greatest understanding of finances should be in charge of paying bills.;c. Take turns paying the bills on a rotating basis.;d. Pay bills together. It should be a family affair.;4. What are the consequences of withdrawing money from a 529 plan to pay for expenses not;associated with higher education?;a. You must replace any withdrawals within 60 days or pay a 25% federal penalty tax.;b. You must pay income taxes on the earnings as well as a 10% federal penalty tax.;c. You may incur a tax if you withdraw more than half of the account.;d. There are no penalties as long as your adjusted gross income is below $110,000 (for a;single filer) or $220,000 (for joint filers).;5. An accurate description of a 529 plan is;a. a retirement savings plan offered by employers that allows you to save up to $17,000 a;year tax-deferred;b. a tax-advantaged plan that allows anyone, regardless of income, to save for future;college expenses;c. a custodial account that adults can set up for children with the child as owner;d. a retirement plan offered by nonprofit employers similar to a 401(k);(Continued on next page);6. Which of the following best describes the Federal Direct PLUS loan?;a. A need-based loan that lets you borrow up to the full cost of tuition, minus any financial aid;that you receive;b. A need-based federal loan with a lower, variable rate for those with high credit scores;c. A $5,500 maximum annual loan with a fixed rate of just 3.4%;d. A loan available to people of all income levels that allows a parent to borrow up to the full;cost of attending college, minus any financial aid your child receives;7. After paying off debt and establishing an emergency fund, your top savings priority should be;which of the following?;a. Saving for retirement;b. Saving for your child's college education;c. Saving for a down payment on a house;d. Saving for a vacation;8.;If your child receives a gift of money, you should;a. let your child spend it as she wishes, since it is her money;b. make your child save it for college;c. teach your child to spend 10%, give away 10% and save 80%;d. encourage your child to spend 90% and save 10%;9. According to Suze, under what circumstances might you consider cosigning a loan for a family;member?;a. Your family member has a low credit score due to poor credit management and he really;needs a car to get to work.;b. Your family member signs a promissory note to you stating when she will begin making;monthly payments on this loan and that she is in fact responsible for this loan.;c. Cosigning the loan will help the family member establish a credit history, which in turn will;help him in all other aspects of his financial life.;d. You should not cosign a loan for a family member.;University of Phoenix;FP/101;Week 4 Quiz;View Full Attachment


Paper#28342 | Written in 18-Jul-2015

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