Final Exam Review - Carlisle County Schools

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Final Exam Review
The government program that
provides health insurance to
individuals who are 65 years of age
or older.
Medicare
Bonds issued by state and local
government agencies
Municipal Bonds
Bills that are to be paid off within
a year are called
Current liabilities
True or False: Since real estate
brokers are licensed and bonded,
they are required to give you
unbiased information about real
estate purchases.
False
The cash flow statement reports a
person’s or family’s __________.
Current income and payments
The legal document granting a
person the power to make specific
health care decisions for you.
Durable Power of Attorney for
health care
True or False: The traditional IRA
allows tax-deductible contributions
of up to $4000 for individuals who
are not covered by employersponsored retirement plans or meet
income qualification if they have an
employer plan.
True
True or False: In order to be valid, a
will bust be dated, signed, and
witnessed.
True
The federal law that allows you to
continue health insurance coverage
through your former employer’s
plan for 18 months after you stop
work.
COBRA
Is an order to execute a transaction
to buy or sell a stock only if the price
is within the range specified.
Limit order
True or False: If no one else relies on
your income, life insurance may not
be necessary.
True
True or False: Advantages of whole
life insurance policies are that they
provide long-term coverage, the
rates are fixed, and they have a
savings or cash value feature.
True
Established to transfer assets taxfree from a company retirement
plan.
Rollover IRA
Wealth calculated by deducting
money that you owe from the value
of the things you own.
Net Worth
True or False: Employers have an
option of whether or not to match
an employee’s Social Security and
Medicare taxes.
False
ARM stands for
Adjustable Rate Mortgage
True or False: An example of a
depository financial institution is an
insurance company.
False
On the purchase of a home, one
“point” is equal to what?
1 percent of the amount being
financed
True or False: Social Security
provides sufficient income to
support the lifestyles of most
individuals.
False
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