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Question;Rebecca Murphy is planning for her retirement. She has done;some checking and thinks she will get about $1025 a month from social security.;She also thinks her pension plan at her work will pay her about $1125 per;month. In addition, she has some personal retirement accounts that she thinks;will pay her $500 per month. What step in the retirement planning process is;Rebecca completing? A. Analyzing her current assets and liabilities B.;Estimating her spending needs C. Evaluating her planned retirement income;D.Developing a balanced budget based on her retirement income;How many years can you expect to spend in retirement? A. 6;to 10 years B. 10 to 12 years C. 12 to 16 years D. from 16 to 25 years;The maximum tax rate on estates and gifts: A. is gradually;declining. B. is gradually increasing. C. has remained constant. D. has;increased sharply.;Which of the following wills leaves everything to your;spouse? A. Simple will B. Traditional marital share will C. Exemption trust;will D. Stated dollar amount will;What is likely to be an individual?s single biggest asset?;A. Their automobile B. Their jewelry C. Their bank account D. Their home;The people who are in the best position to save are: A.;teenagers. B. young adults in their 20s. C. middle-aged. D. elderly.;To stretch your income during retirement, you could: A. skip;leisure activities. B. cut your food expenditures. C. cancel your life and;property insurance. D. use your skills and time instead of your money.;Which one of the following is the most widely used source of;retirement income? A. IRAs B. Keogh plans C. Social Security D. company pension;plans;Estate planning has two parts. The first part consists of;A. building your estate through savings, investments, and insurance. B.;transferring your estate in the manner you have specified. C. deciding who is;going to get what. D. evaluating your assets and liabilities.;Even though there is no one ideal will, today, which type of;will is considered best by many attorneys? A. Simple will B. Traditional marital;share will C. Exemption trust will D. Stated dollar amount will Which employer;pension plan has an individual account for each employee? A.;Undefined-contribution plan B. Defined-contribution plan C. Defined-benefit;plan D. Undefined-benefit plan;What are the two most popular personal retirement plans? A.;Keogh account and Social Security B. Social Security and Roth IRA Plus C. Keogh;accounts and individual retirement accounts D. 401(k) and Social Security;Janice Jacobs is planning for her retirement. She knows what;assets and liabilities she has now and expects to have in the future. She knows;what her spending patterns are likely to be and adjusted them for inflation.;She also has identified all of her sources of income after she retires. Now she;is sitting down and planning her income and expenses each month. After she has;finished this plan, she knows that she has enough income to cover her expected;expenses and still have $200 extra each month for emergencies and other;unplanned activities. Even with inflation, she thinks she can sustain this plan;for approximately 30 years. What step in the retirement planning process is;Janice completing? A. Analyzing her current assets and liabilities B.;Estimating her spending needs C. Evaluating her planned retirement income D.;Developing a balanced budget based in her retirement income;A trust established by your will that becomes effective upon;your death is called a(n) ____________ trust. A. testamentary B. living C.;revocable D. irrevocable;Beverly Foster is planning for her retirement. She has;determined that her car is worth $10,000, her home is worth $150,000, her;personal belongings are worth $100,000 and her stocks and bonds are worth;$300,000. She owes $50,000 on her home and $5000 on her car. What step in the;retirement planning process is Beverly completing?;A. Analyzing her current assets and liabilities;B. Estimating her spending needs;C. Evaluating her planned retirement income;D. Developing a balanced budget based on her retirement;income;A person who will follow your instructions specified in your;will is called a(n);A. beneficiary.;B. trustor.;C. witness.;D. executor or executrix.;Which of the following statements is correct regarding;wills?;A. Only married people with dependents need a will.;B. Only the rich with a considerable estate needs a will.;C. Every adult needs a will.;D. Only senior citizens need a will.;Under what type of ownership is the property considered;owned 50-50 for estate tax purposes and passed automatically to your spouse at;your death?;A. Tenants in common;B. Tenancy by the entirety;C. Joint tenants with the right of survivorship;D. Tenancy by default;The second part of estate planning consists of;A. building your estate through savings.;B. transferring your estate in the manner you have;specified.;C. deciding who should be your attorney.;D. evaluating your assets and liabilities.;If you die without a valid will;A. the IRS confiscates your property.;B. the federal court decides how the property should be;distributed.;C. your relatives or friends will get the property.;D. the state's law of descent and distribution becomes your;will.

 

Paper#59134 | Written in 18-Jul-2015

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