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FP 101 Final Exam Guide FP 101 Final Exam If you are short on time or are looking for a specific question/answer you can use Command-F (if you’re on a mac) or Control-F (if you’re on a PC) to search the document. 1. Which of the following is not a good option to consider if you don’t have enough money to retire? 2. Which of the following federal tax forms is known as the long form? 3. Which of the following is the first step in the investment planning process? 4. Which of the following might be included in your credit report? 5. Which of the following is true about interest rates? 6. When does repayment of a PLUS loan begin? 7. Which of the following is true about student loans? 8. Which of the following is not a sign of credit trouble? 9. Which of the following is not true about student loans? \ 10. Which of the following is considered a sign of credit card debt trouble? 11. Which of the following is not a step in the housing decision process? 12. What is the major advantage of term life insurance over whole life insurance? 13. What type of account is held by the mortgage lender and used to cover property taxes and homeowner’s insurance? 14. Which of the following health plans limits your choice of doctors to those under contract with the plan? 15. What is the basic purpose of insurance? 16. Which type of lease makes you responsible for any difference between the actual and estimated depreciation on the car you lease? 17. Which of the following is not one of the main sources of auto dealer profits? 18. How does life insurance differ from other types of insurance? 19. If a single parent of a minor child dies intestate – without having written a valid will – what will happen to the child? 20. Which term describes the person who pays money for the privilege of using someone else’s vehicle or property for a set period of time? 21. Which of the following types of taxes paid are not allowable deductions on your tax return?
22. Which of the following is considered a tax credit, which will directly reduce the taxes you owe? 23. What is the name for reimbursement accounts for qualified medical and child care expenses? 24. Which of the following is not one of the recommended questions to ask yourself prior to investing? 25. Which of the following is a result of a dollar cost averaging investment strategy? 26. When does a person attain fully insured status under Social Security? 27. What is one reason many people are not financially very well prepared for retirement? 28. Which retirement saving program has a benefit that will depend on your yearly contribution and the rate of return on invested assets? 29. What investment strategy are you practicing if you purchase $100 of stock every month? 30. What information is included in your credit report? 31. Which of the following is not one of the situations that can defer student loan payments? 32. Which of the following is not a good reason to refinance a home mortgage? 33. Which of the following is not a good option if you recognize signs of credit trouble in yourself? 34. Which of the following is not one of the advantages of renting a home? 35. What type of mortgage loan has a fixed rate, fixed term and fixed payment? 36. Which type of mortgage loan features rates that change periodically with market conditions? 37. Which of the following is not one of the recommended solutions if you are having trouble making payments on your consumer credit? 38. What is the basis for the concept of risk pooling? 39. When you purchase insurance, what are you doing? 40. Which of the following is the formula for calculating the average tax rate? 41. Which of the following is not a recommended strategy for controlling your health care costs? 42. Which type of property ownership allows each person to own his or her share independently and retains the right to transfer that share by sale or will? 43. Which of the following best describes the role of a real estate broker? 44. If a single parent of a minor child dies intestate – without having written a valid will – what will happen to the child? 45. What is the term used to describe the situation when a person dies without a valid will? 46. How would you report rent received from rental property you own? 47. How would you report a college scholarship for tuition expenses on your tax return? 48. What type of retirement benefit plan is based on a formula that considers your years of service and highest salary? 49. What type of annuity pays an equal annual amount until death? 50. Which type of bankruptcy requires the liquidation of most of your assets? 51. Which of the following would be a good course of action if you think you are having credit trouble? 52. Which of the following is considered a positive sign with regard to debt management?