CFS 345 UPDATED EXAM SCRIPT QUESTIONS AND
ANSWERS SURE A+
✔✔If you are cohabitating what are 5 things that should be covered in a legal non-
marital agreement?
1. how gifts and inheritances will be dealt with
2. stipulate that _______ be kept separate
3. indicate who gets to keep a ________ if you split
4. discuss how credit cards and other debts will be handled
5. determine who is responsible for the ________ and who gets to take the tax
deduction for interest - ✔✔property; rental apartment; mortgage
✔✔What happens if your cohabiting relationship ends and there was no non-marital
agreement? - ✔✔you could end up in court with them deciding who gets what
✔✔What are four criteria of a common-law marriage?
1. _____________
2. present yourself as married couple
3. ____________
4. must live together for a significant amount of years - ✔✔live together; intend to be
married
✔✔When should you file a new W-4 with your employer?
1. if you got a big refund last year
2. owed over ________ last year when you filed your tax return
3. _____________________
4. had a child
5. can no longer claim a dependent that you claimed last year - ✔✔$100; got married or
divorced
✔✔What is the American Opportunity Tax Credit?
A program that offers a tax credit of up to ____________ in 2012 for college students in
their first four years of postsecondary education - ✔✔$2,500
✔✔7 signs your partner is financially unstable:
1. your partner lets bills pile up
2. they struggle with ____________
3. they are blissfully ignorant
4. they have a stack of ___________
5. something doesn't add up
6. they are lying to you
7. all your activities revolve around shopping - ✔✔addiction; credit cards
, ✔✔__________- must each be represented by a lawyer and fully disclose all assets;
recommended for anyone with a business or professional practice, valuable assets, and
when children from previous marriages are involved - ✔✔prenuptial agreement
✔✔50% of couples spend less than ____________ on their wedding day - ✔✔$15,000
✔✔____% of cohabiting couples are married at 3 year mark - ✔✔40%
✔✔Of those that marry after 3 years of cohabiting, ____% later divorce - ✔✔50%
✔✔_____% of couples cohabit before marriage, but they have significantly lower marital
satisfaction than those who don't - ✔✔70%
✔✔____% of those who cohabit combine resources, but over 50% report that money is
the main topic of their fights - ✔✔80%
✔✔Child care from birth to 18- $_______________ - ✔✔$250,000
✔✔_________- name your (this) on all life insurance, retirement, banking, and
investment accounts - ✔✔beneficiaries
✔✔________- identify where your assets will go, who will have custody of your kids,
and when your kids will receive assets - ✔✔will
✔✔Raising financially literate kids:
1. set a good example
2. give an __________
3. establish a waiting period for major purchases
4. have them help with _____________
5. give them your time rather than your money
6. teach them that money is finite
7. differentiate between ________ and _________-
8. make them work - ✔✔allowance; money management; wants and needs
✔✔Two things to consider when dividing household labor: - ✔✔how unequal division
impacts women in the house and in the labor market
✔✔Employed men work an average of ____ minutes more per day than employed
women - ✔✔53
✔✔6 strategies for work-life balance:
1. let go of perfectionism
2. unplug
ANSWERS SURE A+
✔✔If you are cohabitating what are 5 things that should be covered in a legal non-
marital agreement?
1. how gifts and inheritances will be dealt with
2. stipulate that _______ be kept separate
3. indicate who gets to keep a ________ if you split
4. discuss how credit cards and other debts will be handled
5. determine who is responsible for the ________ and who gets to take the tax
deduction for interest - ✔✔property; rental apartment; mortgage
✔✔What happens if your cohabiting relationship ends and there was no non-marital
agreement? - ✔✔you could end up in court with them deciding who gets what
✔✔What are four criteria of a common-law marriage?
1. _____________
2. present yourself as married couple
3. ____________
4. must live together for a significant amount of years - ✔✔live together; intend to be
married
✔✔When should you file a new W-4 with your employer?
1. if you got a big refund last year
2. owed over ________ last year when you filed your tax return
3. _____________________
4. had a child
5. can no longer claim a dependent that you claimed last year - ✔✔$100; got married or
divorced
✔✔What is the American Opportunity Tax Credit?
A program that offers a tax credit of up to ____________ in 2012 for college students in
their first four years of postsecondary education - ✔✔$2,500
✔✔7 signs your partner is financially unstable:
1. your partner lets bills pile up
2. they struggle with ____________
3. they are blissfully ignorant
4. they have a stack of ___________
5. something doesn't add up
6. they are lying to you
7. all your activities revolve around shopping - ✔✔addiction; credit cards
, ✔✔__________- must each be represented by a lawyer and fully disclose all assets;
recommended for anyone with a business or professional practice, valuable assets, and
when children from previous marriages are involved - ✔✔prenuptial agreement
✔✔50% of couples spend less than ____________ on their wedding day - ✔✔$15,000
✔✔____% of cohabiting couples are married at 3 year mark - ✔✔40%
✔✔Of those that marry after 3 years of cohabiting, ____% later divorce - ✔✔50%
✔✔_____% of couples cohabit before marriage, but they have significantly lower marital
satisfaction than those who don't - ✔✔70%
✔✔____% of those who cohabit combine resources, but over 50% report that money is
the main topic of their fights - ✔✔80%
✔✔Child care from birth to 18- $_______________ - ✔✔$250,000
✔✔_________- name your (this) on all life insurance, retirement, banking, and
investment accounts - ✔✔beneficiaries
✔✔________- identify where your assets will go, who will have custody of your kids,
and when your kids will receive assets - ✔✔will
✔✔Raising financially literate kids:
1. set a good example
2. give an __________
3. establish a waiting period for major purchases
4. have them help with _____________
5. give them your time rather than your money
6. teach them that money is finite
7. differentiate between ________ and _________-
8. make them work - ✔✔allowance; money management; wants and needs
✔✔Two things to consider when dividing household labor: - ✔✔how unequal division
impacts women in the house and in the labor market
✔✔Employed men work an average of ____ minutes more per day than employed
women - ✔✔53
✔✔6 strategies for work-life balance:
1. let go of perfectionism
2. unplug
