LIFC 603 Exam 4

LIFC 603 Exam 4 Liberty University

1. Self employed individuals pay the same Social Security tax rate as employees?
2. Life insurance is also a good way to save money for your children’s college education since the growth is not taxed.
3. Withdrawing funds from an IRA before age 59 ½ results in:
4. In the later stages of life, if an individual has not accumulated enough resources, he/she may be dependent upon ___________________ and/or  __________________________.
5. What parable in Matthew 25 had individuals rewarded for their investing efforts?
6. Medicare is health insurance for only those aged 65 and over.
7. Younger couples should always use the Standard Deduction instead of Itemized Deductions?
8. A deductible in health insurance means an amount that is deducted from your bill by the provider of services, so that you can pay less.
9. A will is important when a couple has young children because only the will names the _____________________.
10. ________ __________ ___________ are the old style pension plans that pay an individual a specified amount each month for the rest of his life.
11. Charitable contributions show up on what schedule on an individual’s Federal Tax Return?
12. What are some examples of the “soft or qualitative” questions concerning retirement?
13. An “umbrella” policy covers any extra damage to your house, car or personal belongings.
14. Term life insurance provides coverage for a specified period of time.
15. Long term health care insurance covers:
16. Disability insurance can pay up to 60% of your salary if you are unable to work.
17. Individuals compute their tax liability based on Adjusted Gross Income?
18. It is not prudent to have more than _______% company stock in one’s retirement plans.
19. Which of the following is a type of IRA?
20. Financial issues are simply ______________ spiritual problems.
21. It is proper for a Christian to hide money offshore in an attempt to illegally evade paying income taxes.
22. Everyone with IRAs, retirement plans and life insurance should carefully review primary beneficiaries and ______________________ beneficiaries.
23. Capital gain rates are lower than ordinary tax rates.
24. Below are some examples of “numbers or factual” questions concerning retirement.  Which one is incorrect?
25. Two types of Non Qualified plans for small business owners are _____________ and __________________.