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Course 171012- Personal Financial Planning for Accountants
  Final Exam
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171012v - Personal Financial Planning for Accountants

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Financial Planning
20 CPE Credit Hours

Final Exam
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Read 'Chapter 1: What You Should Know About Financial Planning Chapter' & answer the following question(s):
1. Family financial goals should be
2. Financial planning can help us to
3. Financial goals need NOT be
4. The first step in the financial planning process is to
5. Personal financial planning processes may include all except
6. Which of the following statements is FALSE about financial goals?
7. An unemployment rate of 8 percent would be indicative of
8. Inflation refers to
9. As the rate of inflation increases,
10. Effects of lowering the discount rate by the Federal Reserve can stimulate all except
11. Financial planning for people over sixty should NOT include
12. The least important financial planning for single-adult concerns
13. Martha is 80 years old. She is most likely concerned with
Read 'Chapter 2: Basic Time Value Applications' & answer the following question(s):
14. You should consider the time value of money as an opportunity cost when you do the following except
15. Future value tables are used to determine
16. If you put $1,000 in a saving account and make no further deposits, what type of calculation would provide you with the value of the account in 20 years?
17. ___________________ is a rule of thumb to figure out how long it takes you to double your investment money.
Read 'Chapter 3: Personal Financial Statements And Budgeting' & answer the following question(s):
18. The balance sheet describes a family's wealth
19. The three parts of your balance sheet are
20. Which of the flowing is TRUE?
21. _______________________ is NOT a deferred asset.
22. An abbreviated personal balance sheet would NOT include
23. Liabilities do NOT include
24. A budget is a
25. The main purpose of a budget is to
Read 'Chapter 4: Career Planning And Financial Success' & answer the following question(s):
26. _______________________ is NOT an important occupational motivator.
27. Employee benefits may NOT include
28. The cost savings of working at home do NOT include
29. _________________________ is NOT a website for job hunting.
30. __________________ may NOT be an example of college-related costs.
Read 'Chapter 5: Planning For Your Children'S College Education ' & answer the following question(s):
31. Your child wants to go to college for the next 4 years. The annual cost is $6,000 and will increase at the rate of 8 percent per year. What is the cost of the education?
32. Top strategies to maximize aid eligibility do NOT include
33. To qualify for a Stafford loan, you must
34. _______________________ is a non-needed-basis loan.
35. ____________ loans do NOT have to be repaid until after you graduate from college.
36. Federal government programs do NOT include:
Read 'Chapter 6: The Return And Riskiness Of Your Investments ' & answer the following question(s):
37. Holding Period Return (HPR) is
38. To be successful as an investor, you need an understanding of
39. The returns you would expect from your investments could be
40. In deciding your risk tolerance you should NOT consider
41. The investment vehicle with the highest risk and highest rate of return is
42. Security investors incur varying degrees of risk. Business risk is related to
43. Companies with a great deal of long-term debt would rate fairly high in ____________ risk.
44. Risk and return are ___________ related.
45. Beta is a security’s volatility compared to an average security. A beta reading of zero (0) means
Read 'Chapter 7: Banking And Cash Management ' & answer the following question(s):
46. Which of the following statements is NOT true about check writing?
47. Which of the following statements is NOT true about a home equity line of credit?
48. Commercial banks are insured by the
49. The Emergency Economic Stabilization Act of 2008 increased the insurance coverage on all accounts up to ______________.
50. Banking regulators include all except
51. Banking tools (services) do NOT include
Read 'Chapter 8: How To Take On And Manage Debt' & answer the following question(s):
52. Fair Credit Reporting affects your credit by releasing all the information except
53. The elements of credit do NOT include
54. A FICO Score or credit score that is computer generated and predicts a lenders risk, includes some of the following factors except for
55. Most of the information in your credit file may be reported for only ______ years.
56. If you have a problem with your creditor, the best solution is to
57. A good rule of thumb is to limit consumer debt payments to
58. Your debt/equity ratio
59. Vantage Score, a credit scoring model, was launched in 2005 by
60. The 2005 bankruptcy law
Read 'Chapter 9: How To Determine And Save On The Costs Of Living ' & answer the following question(s):
61. One of the ways to reduce automotive expenses is to buy a small hybrid car, since it
62. Which of the following is NOT one of the four basic leasing rules:
Read 'Chapter 10: Where And How You Choose To Live' & answer the following question(s):
63. _________ is NOT an advantage of owning your own home.
64. Closing costs do NOT include
65. Which of the following is false about an adjustable rate mortgage (ARM)?
Read 'Chapter 11: Life, Health, And Property And Liability Insurance ' & answer the following question(s):
66. _____________________ is NOT one of the most common risks a consumer must address.
67. The features of term insurance can include all except
68. Aspects of whole-life insurance do not include
69. _______________________________ is NOT professional designation that life insurance agents may earn.
70. A ratings guide to the financial stability of the nation's insurers is published by
71. The fastest growing segment of the health care industry is
72. When you have to file a homeowner’s claim you should NOT
73. A HO-1 policy covers damage from property damage perils except
74. _________________ is another insurance credit scoring company along with FICO.
Read 'Chapter 12: What You Should Know About Investments And Planning' & answer the following question(s):
75. Before getting started as an investor you should do all of the following except
76. Sources of financing your investment choices do NOT include
77. An asset that is considered both highly marketable and highly liquid is
78. Buying on margin is buying
79. _________ is NOT an investment at risk with changing interest rates
80. Investments NOT vulnerable to a changing economy are
Read 'Chapter 13: Should You Invest In Common Stock?' & answer the following question(s):
81. Corporate ownership is evidenced by
82. Types of stock can NOT include
83. ___________ is NOT the type of orders you may place for stock transactions
84. What is your return on a stock if you buy a stock for $30 and sell it for $36, and the annual cash dividend is $2. Your return per share is
85. If you invested $80 in a stock which you sold 3 months later for $100 and a $2 dividend was received, then the quarterly return is ________.
86. Patsy Banz owns 220 shares of General Mills Corporation. For the last calendar quarter, General Mills Corporation paid $0.47 a share. What is the total amount she received in her dividend check for this quarter?
87. Price-earnings ratio is NOT affected by
88. ____________________ is NOT a rule of thumb used for stock valuation.
89. Market risk is often measured using
90. Good monetary indicators include
Read 'Chapter 14: Should You Invest In Fixed-Income Securities? ' & answer the following question(s):
91. Examples of fixed income securities do NOT include
92. Bonds have the following advantages except for
93. Types of bonds do NOT include
94. ________ is NOT one of basic factors to consider in selecting a bond
95. If a bond is purchased at a price above the face value, the yield to maturity is
96. John Smith is in the 28 percent tax bracket. If he were to purchase a $1,000 municipal bond that had a stated interest rate of 6.9%, the taxable equivalent yield would be
97. Preferred stock, like a corporate bond, has the following features except that
98. Other fixed income securities, often called short-term parking lots, include
Read 'Chapter 15: Investing In Tangibles: Real Estate And Other Real Assets' & answer the following question(s):
99. Which of the following statements is FALSE about real estate investing?
100. Limited partnerships have the following disadvantages except for
101. Before investing in Real Estate Investment Trusts (REITs) you must consider all the following EXCEPT
102. When choosing a REIT you should NOT consider
103. Federal law requires REITs to
104. One of the possible advantages of investing in a real estate limited partnership is that you
105. What type of REIT is the safest?
106. Mortgage backed securities do NOT include
107. Investments in tangible assets such as gold and silver offer the following benefits
Read 'Chapter 16: Mutual Funds And Diversification ' & answer the following question(s):
108. A mutual fund has $10 million in assets and $1 million in liabilities. There are 400,000 fund shares outstanding. What is the net asset value (NAV) of this fund?
109. Mutual fund investing is characterized by all except
110. The value of the mutual fund's portfolio minus the mutual fund's liabilities divided by the number of shares outstanding is called the
111. Another name for a mutual fund is
112. Redeeming your mutual fund shares might result in a charge called a
113. A no-load fund has no
114. Mutual funds may NOT include
115. In picking a “muni” (municipal) fund you should NOT consider
116. Proven risk-reducing strategies for making money in mutual funds do NOT include
Read 'Chapter 17: How To Have Enough Money In Your Pension Plan When You Retire ' & answer the following question(s):
117. ___________________ is NOT an excellent investment vehicle for retirement planning.
118. Which one of the following is the most widely used source of retirement income?
119. The first step in retirement planning is to
120. Ideally, retirement planning should begin
121. An individual retirement account is an example of a(n) ______________ asset.
122. ________________________ is an option for retirement planning.
Read 'Chapter 18: Estate Planning: Preserving Your Estate' & answer the following question(s):
123. The primary purpose of estate planning is to
124. Estate planning involves
125. A will is a legal document outlining the plan for
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