Liberty University - BUSI 352 > BUSI 352 Quiz 1 to 8 complete solutions Quiz-Bank (latest

BUSI 352 : QUIZ 1 – 8 TEST BANK (2019/20)  Question 1 2 out of 2 points Someone who has a terminal illness shoud consider the following: 1- Prepare or update personal financial statements 2- Review named beneficiaries of life insurance and retirement plans 3- Sign a Do Not Resuscitate (DNR) order 4- Consider oragan donation 5- Review funeral and burial arrangements Selected Answer: 1, 2, 4, and 5  Question 2 2 out of 2 points Failing to discover hidden assets is a common mistake made in a divorce? Selected Answer: True  Question 3 2 out of 2 points Which if the following is NOT a recommendation for someone who receives a financial windfall? Selected Answer: Invest in a new business you have always wanted to start  Question 4 2 out of 2 points Some studies have suggested that up to 70% of lottery winners lose their winnings within as short as a seven-year period. What are some of the reasons that might cause this or cause others who have come into a wind fall to lose it? Selected Answer: All of the above.  Question 5 2 out of 2 points Approximately how any families are raising one or more children with a disability? Selected Answer: More than two million  Question 6 2 out of 2 points According to the textbook, what percentage of lottery winners spent 100% of their winnings within 5 years? Selected Answer: 44%  Question 7 2 out of 2 points Which of the following are sources of information about benefits for special needs dependents? 1- Social Security website 2- The Arc 3- United Health Care Children Foundation 4- Easter Seals Selected Answer: 1, 2, 3, and 4  Question 8 2 out of 2 points Terminal illness can be devastating for a family. Which of the following is not correct? Selected Answer: The emotional issues are not relevant to the financial advisor.  Question 9 2 out of 2 points How many months of income is the recommended amount (in general) to be accumulated in an emergency fund? Selected Answer: 3-6 months  Question 10 2 out of 2 points Two out of seven families (29%) reported at least one family member with a disability. Selected Answer: True  Question 11 2 out of 2 points Trusts are general tools that are beneficial in many financial planning situations. Many trust benefits, such as asset protection and control, are appropriate considerations for a family with a special needs person. Which of the following is generally correct regarding special needs trusts? Selected Answer: A special needs trust under 42 U.S.C. Sec. 1396p(d)(4)(A) will permit a family member to contribute to the trust for the benefit of the special needs child without adversely effecting government benefits if funds are paid back to the State to the extent of the benefit at the death of the child.  Question 12 0 out of 2 points What is the estimated number of families in the U.S. raising at least one child aged 5 – 17 with a disability? Selected Answer: 1.2 million  Question 13 2 out of 2 points Which of the following is not a financial consideration for divorcing couples? Selected Answer: Estimate of post divorce philanthropy  Question 14 2 out of 2 points Which of the following is not a way property can transfer at death? Selected Answer: By verbal promise  Question 15 2 out of 2 points Which tasks should not be completed by a caretaker of a special needs dependent? Selected Answer: File the dependent’s tax return Sunday, August 26, 2018 10:34:31 PM EDT  Question 1 2 out of 2 points Which tasks should not be completed by a caretaker of a special needs dependent? Selected Answer: File the dependent’s tax return  Question 2 2 out of 2 points Divorce is a very emotional time for those who are going through it and assistance from a financial advisor is generally helpful. Which of the following are common mistakes that are made by those going through divorce? Selected Answer: All of the above are common mistakes  Question 3 2 out of 2 points Trusts are general tools that are beneficial in many financial planning situations. Many trust benefits, such as asset protection and control, are appropriate considerations for a family with a special needs person. Which of the