BUSI 352 Exam 2 Questions And Answers 100% Correct Verified.

The American Opportunity Credit is characterized by all of the following EXCEPT: - correct answer b. there is no requirement that the student pursue a degree The following features of an UTMA account set up in a child's name by a parent to pay for the child's college education are true EXCEPT - correct answer If the child chooses not to go to college the parent can revoke the account Bobby Ayala's sons are attending the local 4-year college. James is a senior, and Todd is a freshman. Bobby paid $8,000 each for their tuition this year. His AGI for 2015 is $80,000 and he is in the 25% tax bracket. Which of the following options provides MAX tax benefits for the educational expenses paid by Bobby? - correct answer claim an American Opportunity credit for both students All of the following factors need to be considered in assessing the adequacy of funds needed to fund a client's income needs during retirement EXCEPT - correct answer living trust funds WHich of the following is true about ret planning - correct answer ret planning is really about cash flow planning which is true regarding inflation - correct answer inflation impacts retirees differently from those who are working Which is true regarding investing for retirement - correct answer municipal bonds are considered fixed investments which is true about the ret planning process - correct answer information on assets and liabilities is needed during this process The most important documents that a terminally ill person should have are the following except - correct answer charitable remainder trust which type of disability policy is the most expensive to purchase - correct answer own occupation the time period a person must wait after a disability before receiving benefits is called what - correct answer elimination period in 2018 approx. what was the national average daily rate for a private room in a long-term care facility - correct answer $275 WHich is true regarding planning for a client with a terminal illness - correct answer even with a terminal illness there may be an extended period of financial needs the probate process ensures the following except - correct answer no contesting of the will by any beneficiaries or potential beneficiaries the following statements about a person dying without a will are true except - correct answer the probate court will divide the estate based on petitions from potential beneficiaries the ability of spouses to treat gifts as by each spouse so as to double the use of the gift tax annual exclusion is called what - correct answer gift splitting which of the following is not a requirement for a valid will - correct answer the will must be typed what is NOT an advantage of budgeting - correct answer it can inhibit creativity what is an example of discretionary expenses - correct answer education fund what is true regarding emergency funds for a family - correct answer families should have 3 to 6 months of income for emergencies what is true regarding a family's savings and investments - correct answer a change in attitude is the most important step in increasing savings and investment what is true regarding impementing a family budget - correct answer the form of the budget should be consistent which of the following is listed on a balance sheet without a specific amount - correct answer contingent liabilities what is true regarding financial statements - correct answer assets and liabilities should be presented in order of liquidity which of the following considerations makes it NOT appropriate to use book value to value a business - correct answer when the assets are generally office furniture what is true regarding the goodwill and going concern value of a business - correct answer patents and trademarks are an aspect of goodwill what is NOT an advantage of personal financial statements - correct answer it may require appraisals and asset valuations according to the authors, the three Cs of credit include all of the following except - correct answer competence consumers may obtain copies of their credit history from one of the following major reporting agencies except - correct answer equitable you can imporve your Fair Isaac Credit Score (FICO) by all of the following except - correct answer paying bills before they are posted to your account Ron's bankruptcy filing under Chapter 7 was approved by the bankruptcy court. which of the following obligations will he be allowed to discharge? - correct answer unpaid condo fees which statemnents about Chapter 13 bankruptcy filing are true - correct answer it is the preferred route for debtors with steady income and some non-exempt assets the "Truth in Lending" Act provides all of the following except - correct answer consumers must be given credit regardless of their credit history which of the following is not an example of financial leverage - correct answer buying 100 shares of a stock using cash which is correct definition of a jumbo loan - correct answer a loan whose amount exceeds the guidlines of agencies like Fannie Mae the best way to assess whether refinancing a loan is advantageous is to - correct answer compare the present value of the payments at the two discount rates if a family's gross income is $120,000 and the front-end ratio limit of the lender is .33, the maximum monthly housing expenses for the family under the lender's guidelines will be - correct answer $3,300 what is true regarding margin trading - correct answer some brokerage firms have their own margin requirements