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Final Exam Review

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.

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Final Exam Review

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  1. Final Exam Review

  2. The government program that provides health insurance to individuals who are 65 years of age or older.

  3. Medicare

  4. Bonds issued by state and local government agencies

  5. Municipal Bonds

  6. Bills that are to be paid off within a year are called

  7. Current liabilities

  8. True or False: Since real estate brokers are licensed and bonded, they are required to give you unbiased information about real estate purchases.

  9. False

  10. The cash flow statement reports a person’s or family’s __________.

  11. Current income and payments

  12. The legal document granting a person the power to make specific health care decisions for you.

  13. Durable Power of Attorney for health care

  14. True or False: The traditional IRA allows tax-deductible contributions of up to $4000 for individuals who are not covered by employer-sponsored retirement plans or meet income qualification if they have an employer plan.

  15. True

  16. True or False: In order to be valid, a will bust be dated, signed, and witnessed.

  17. True

  18. The federal law that allows you to continue health insurance coverage through your former employer’s plan for 18 months after you stop work.

  19. COBRA

  20. Is an order to execute a transaction to buy or sell a stock only if the price is within the range specified.

  21. Limit order

  22. True or False: If no one else relies on your income, life insurance may not be necessary.

  23. True

  24. 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.

  25. True

  26. Established to transfer assets tax-free from a company retirement plan.

  27. Rollover IRA

  28. Wealth calculated by deducting money that you owe from the value of the things you own.

  29. Net Worth

  30. True or False: Employers have an option of whether or not to match an employee’s Social Security and Medicare taxes.

  31. False

  32. ARM stands for

  33. Adjustable Rate Mortgage

  34. True or False: An example of a depository financial institution is an insurance company.

  35. False

  36. On the purchase of a home, one “point” is equal to what?

  37. 1 percent of the amount being financed

  38. True or False: Social Security provides sufficient income to support the lifestyles of most individuals.

  39. False

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