Financial Planning and Counseling Test Preparation - 3061 Verified Questions
Financial Planning and Counseling Test Preparation
Course Introduction
Financial Planning and Counseling introduces students to the principles and practices of effective personal financial management and client advising. The course covers topics such as budgeting, saving, investing, credit management, insurance, retirement planning, and estate considerations. Emphasizing an ethical and client-centered approach, students will explore tools and strategies for developing comprehensive financial plans tailored to diverse individual and family needs. The curriculum integrates communication and counseling techniques to cultivate trust and guide clients through complex decisions, while fostering financial literacy and long-term financial well-being.
Recommended Textbook
Personal Finance 13th Edition by E. Thomas Garman
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17 Chapters
3061 Verified Questions
3061 Flashcards
Source URL: https://quizplus.com/study-set/1328
Page 2
Chapter 1: Understanding Personal Finance
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148 Verified Questions
148 Flashcards
Source URL: https://quizplus.com/quiz/26518
Sample Questions
Q1) Sharing economy refers to P2P sharing of access to goods and services.
A)True
B)False
Answer: True
Q2) The Great Recession that began in December,2007
A)lasted eighteen months.
B)lasted eighteen months
C)lasted 4 years.
D)continues to this day.
Answer: A
Q3) The U.S.economy is capitalism.
A)True
B)False Answer: True
Q4) The limits on contributions to an HSA savings account are $3,300 per year for individuals and $6,150 for families.
A)True
B)False Answer: True
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Chapter 2: Career Planning
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76 Verified Questions
76 Flashcards
Source URL: https://quizplus.com/quiz/26519
Sample Questions
Q1) Salaried employees are paid overtime,and the majority of college graduates have salaried positions.
A)True
B)False
Answer: False
Q2) The main purpose of a cover letter is to indicate a desired a salary.
A)True
B)False Answer: False
Q3) In most cases,you should not turn down a job offer without taking a day or two to think it over.
A)True
B)False Answer: True
Q4) After a job interview,you should immediately send thank-you notes expressing your appreciation for the opportunity to interview and restate your interest in the position.
A)True
B)False Answer: True
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Chapter 3: Financial Statements,tools,and Budgets
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150 Verified Questions
150 Flashcards
Source URL: https://quizplus.com/quiz/26520
Sample Questions
Q1) A balance sheet includes ____,____,and ____.
A)income; expenses; net worth
B)assets; expenses; liabilities
C)income; liabilities; net worth
D)assets; liabilities; net worth
Answer: D
Q2) A person is insolvent when he or she doesn't have enough current income to pay all of his or her current bills.
A)True
B)False
Answer: False
Q3) Discretionary income is used to pay for things like
A)auto loans.
B)food.
C)rent.
D)insurance. Answer: B
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Chapter 4: Managing Income Taxes
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201 Verified Questions
201 Flashcards
Source URL: https://quizplus.com/quiz/26521
Sample Questions
Q1) A donation of old toys and clothes to the Salvation Army valued at $500 will save a single taxpayer in the 33 percent marginal tax bracket
A)$500 if he or she has other itemized deductions of at least $6,200.
B)$500 if he or she has other itemized deductions of at least $12,400.
C)$165 if he or she has other itemized deductions of at least $6,200.
D)$165 if he or she has other itemized deductions of at least $12,400.
Q2) A way to defer income taxes to later years is to
A)contribute to individual retirement accounts.
B)defer income to a later year.
C)contribute to defined-contribution retirement plans.
D)(all of these)
Q3) Flexible spending accounts reduce taxes because contributions to these accounts are made with pretax dollars.
A)True
B)False
Q4) A taxpayer whose itemized deductions were less than his or her standard deduction would benefit by itemizing deductions.
A)True
B)False
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Chapter 5: Managing Checking and Savings Accounts
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181 Verified Questions
181 Flashcards
Source URL: https://quizplus.com/quiz/26522
Sample Questions
Q1) The total protection an individual might have with any institution,including all its branches,is $250,000 with no more than $125,000 each on single-ownership and joint accounts.
A)True
B)False
Q2) Andy and Marjorie have very little will power when it comes to spending.They want to put their savings in an instrument that cannot be accessed by their ATM card.Which instrument would meet this criterion?
A)Savings account
B)Super NOW account
C)Money market mutual fund
D)NOW account
Q3) Deposits in credit unions with federal charters are insured through the National Credit Union Share Insurance Fund (NCUSIF).
A)True
B)False
Q4) Brokered certificates of deposit are available through stockbrokers.
A)True
B)False
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Chapter 6: Building and Maintaining Good Credit
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136 Verified Questions
136 Flashcards
Source URL: https://quizplus.com/quiz/26523
Sample Questions
Q1) A consumer that has nonmortgage debt repayments of 10 percent or more of annual take-home pay is seriously in debt.
A)True
B)False
Q2) To protect your credit card privacy,which of the following is recommended?
A)Review your credit bureau report at least once a year.
B)Cancel all credit card accounts.
C)Write your driver's license number on charge slips.
D)All of these.
Q3) Which of the following items is least appropriate to purchase with a credit card unless you will pay the bill in full when the statement is received?
A)A new suit
B)Groceries
C)Microwave oven
D)Smart phone
Q4) When debts were accumulated in both names,divorce decrees have a legal effect on who technically owes which debts.
A)True
B)False
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Chapter 8: Vehicles and Other Major Purchases
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145 Verified Questions
145 Flashcards
Source URL: https://quizplus.com/quiz/26525
Sample Questions
Q1) A service contract offers free or low-cost repairs to the product
A)during the warranty period.
B)at no additional cost.
C)only if the product is covered by a full warranty.
D)for a specified period of time.
Q2) Prioritizing wants includes the careful consideration of benefits and the costs of various options.
A)True
B)False
Q3) Mary Kay has decided she would like to negotiate on a new car with a sticker price of $22,000.The typical dealer cost on this vehicle is approximately ____.
A)$21,560
B)$19,800
C)$19,360
D)$21,340
Q4) The money factor (or lease rate or lease factor) measures the rent portion of your lease payment.
A)True
B)False
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Chapter 9: Obtaining Affordable Housing
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217 Verified Questions
217 Flashcards
Source URL: https://quizplus.com/quiz/26526
Sample Questions
Q1) Assuming Janice and Ronald are willing to accept the higher risk of the loan 4 adjustable-rate mortgage (ARM),what is the highest possible interest rate they would be paying after three years?
A)4.75 percent
B)5.75 percent
C)7.75 percent
D)9.75 percent
Q2) Many communities have a multiple-listing service (MLS),which is an information and referral network among real estate brokers allowing properties listed with a particular broker to be shown by all other brokers.
A)True
B)False
Q3) A loan amortization schedule will reveal that with each subsequent payment,the portion of each monthly payment that goes towards interest increases while the portion that goes towards the principal decreases.
A)True
B)False
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Page 11
Chapter 10: Managing Property and Liability Risk
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209 Verified Questions
209 Flashcards
Source URL: https://quizplus.com/quiz/26527
Sample Questions
Q1) Residents of certain states such as Florida and Tennessee would be wise to add sinkhole insurance to their homeowner's insurance plan as it is typically not covered in the standard policy.
A)True
B)False
Q2) Installing a smoke detector in your home is an example of loss control.
A)True
B)False
Q3) Buying insurance is the preferable way to handle risk for nearly all potential losses faced.
A)True
B)False
Q4) The homeowner's policy written for condominium owners does not provide which of the following coverages?
A)Primary coverage for the building
B)Personal property coverage
C)Liability coverage
D)Coverage for improvements the owner makes to his or her unit
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Page 12
Chapter 11: Managing Health Expenses
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136 Verified Questions
136 Flashcards
Source URL: https://quizplus.com/quiz/26528
Sample Questions
Q1) The health benefits provided under Medicaid differ from state to state.
A)True
B)False
Q2) Health maintenance organizations provide health care rather than health insurance.
A)True
B)False
Q3) A special power of attorney gives the designated person virtually absolute power to manage your financial affairs.
A)True
B)False
Q4) Long-term custodial care is not covered by health insurance because the care is A)very expensive.
B)not medically necessary
C)provided by nonlicensed practitioners
D)(All of these)
Q5) ACOs generally operate as a fee-for-service organization.
A)True
B)False
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Chapter 12: Life Insurance Planning
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215 Verified Questions
215 Flashcards
Source URL: https://quizplus.com/quiz/26529
Sample Questions
Q1) The suicide clause in a life insurance policy is an example of an endorsement.
A)True
B)False
Q2) Using the needs-based approach,how much additional life insurance is needed on Trina's life?
A)$373,845
B)$468,750
C)$525,750
D)$575,750
Q3) Life insurance needs typically ____ over your lifetime.
A)increase
B)fluctuate
C)remain the same
D)stay high
Q4) You can buy life insurance designed specifically to pay off a home mortgage should the borrower pass away.
A)True
B)False
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Page 14
Chapter 15: Mutual Funds and Exchange Traded Funds
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176 Verified Questions
176 Flashcards
Source URL: https://quizplus.com/quiz/26532
Sample Questions
Q1) There are more open-end mutual funds than there are companies listed on the New York Stock Exchange.
A)True
B)False
Q2) A mutual fund that invests in a mix of assets (usually stocks,bonds,and cash equivalents and sometimes international assets,gold,and real estate),and they buy and sell regularly to reduce risk while trying to outperform the market is a(n)
A)balanced fund.
B)asset allocation fund.
C)blend fund.
D)equity-income fund.
Q3) The mutual fund company owns the investments it makes,and the mutual fund investors own the mutual fund company.
A)True
B)False
Q4) If the stock owned by a mutual fund increases in value,the net asset value of the fund will fall.
A)True
B)False
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