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ABA CTFA Practice Test - Questions Answers, Page 38

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List of questions

Question 371

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Many young people receive health insurance benefits through their parents. Which of the following statements is true about health insurance coverage?

Question 372

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If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you can be fo

Question 373

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Kelly and Pete just had a baby. They received money as baby gifts and want to put it away for the baby's education. Which of the following tends to have the highest growth over periods of time as lo

Question 374

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Maria worked her way through college earning $20,000 per year. After graduation, her first job pays $40,000. The total dollar amount Maria will have to pay in federal income taxes in her new job wil

Question 375

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A voluntary program under Medicare that provides payments for services not covered under basic hospital insurance is called:

Question 376

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Doug must borrow $12,000 to complete his college education. Which of the following would NOT be likely to reduce the finance charge rate?

Question 377

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If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account?

Question 378

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Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income?

Question 379

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Retirement income paid by a company is called:

Question 380

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Many people put aside money to take care of unexpected expenses. If John and Jenny have money put aside for emergencies, in which of the following forms would it be of LEAST benefit to them if they

Question 371

Many young people receive health insurance benefits through their parents. Which of the following statements is true about health insurance coverage?

Young people don't need health insurance because they are so healthy

You continue to be covered by your parents' insurance as long as you live at home, regardless of your age

You are covered by your parents' insurance until you marry, regardless of your age

If your parents become unemployed, your insurance coverage may stop, regardless of your age

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If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you can be forced to pay according to federal law?

Nothing

$50

$500

$1000

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Question 373

Kelly and Pete just had a baby. They received money as baby gifts and want to put it away for the baby's education. Which of the following tends to have the highest growth over periods of time as long as 18 years?

A U.S. government savings bond

A savings account

A checking account

Stocks

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Question 374

Maria worked her way through college earning $20,000 per year. After graduation, her first job pays $40,000. The total dollar amount Maria will have to pay in federal income taxes in her new job will:

Stay the same as when she was in college

Be lower than when she was in college

Double, at least, from when she was in college

Go up a little from when she was in college

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Question 375

A voluntary program under Medicare that provides payments for services not covered under basic hospital insurance is called:

Supplementary medical insurance

Medicare

National health care

Blue cross

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Question 376

Doug must borrow $12,000 to complete his college education. Which of the following would NOT be likely to reduce the finance charge rate?

If his parents took out an additional mortgage on their house for the loan

If the loan was insured by the federal government

If he went to a state college rather than a private college

If his parents co-signed the loan

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Question 377

If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account?

Sales tax may be charged on the interest that you earn

You cannot earn interest until you pass your 18th birthday

Earnings from savings account interest may not be taxed

Income tax may be charged on the interest if your income is high enough

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Question 378

Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income?

When some clothes you like go on sale

When the interest on the loan is greater than the interest you get on your savings

When you need to buy a car to get a much better paying job

When you really need a weeklong vacation

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Question 379

Retirement income paid by a company is called:

Rents and Profits

Social security

401(k)

Pension

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Question 380

Many people put aside money to take care of unexpected expenses. If John and Jenny have money put aside for emergencies, in which of the following forms would it be of LEAST benefit to them if they needed it right away?

Stocks

Saving account

Invested in a down payment in the house

Checking account

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Total 895 questions