Chapter 7 of the Bankruptcy Act is permitted when it would be highly unlikely that substantial repayment could ever be made.

Which of the following is the best example of a well-stated financial goal?

Simple interest will produce larger investment values than compound interest.

Taxable income is determined by subtracting all but which one of the following from gross income?

Your standard of living is where you would like to be and your level of living is where you actually are.

Which of the following items is least appropriate to purchase with a credit card unless you will pay the bill in full when the statement is received?

Disposable income is the money left over once the necessities of living are covered.

You have an acceptable level of debt if your debt payments-to-disposable income ratio is

The investment assets-to-total assets ratio compares the value of your investment assets with your total assets.

Zelda was approved for a $3,000, two-year, 11 percent loan with the finance charges figured using the discount method. How much cash will Zelda receive from this loan?

A balance sheet describes an individual's financial progress over a period of time, generally a year.

The process of comparing products or services to find what you think is the best buy is called

An increase in the value of a home is called

You can use the asset-to-debt ratio to determine the number of months that you could continue to meet your expenses using only your monetary assets should all income cease.

The tax deductible expenses related to home ownership are

The PITI acronym in mortgage lending stands for

Which of the following is a not a peril?

The concept of "pay myself first," saving and investing before you pay other expenses, is a characteristic of successful financial managers.

Risk retention would be most appropriate in which of the following cases?

When one forgoes buying a new television set because he or she spends the money on college books, the television set is the opportunity cost of buying the books.

Craig and Jan Johnson have a health insurance policy with a $1000 deductible and 20 percent coinsurance. Craig recently sustained $12,500 in medical expenses. How much will Craig and Jan pay?

A longer waiting period on a disability income policy will

Credit term life insurance is a ____ policy with ____ named as beneficiary.

Adjustable life insurance allows you to change ____ on your policy.

Which of the following would not be considered as securities?

Selling shares of stock for more than you originally paid is called

Which investment would not be an appropriate choice for a conservative investor?

Which of the following is the most diversified investment portfolio?

Which is not a characteristic of bonds?

Anderson Equipment Corporation has total after-tax earnings of $650,000 and 500,000 shares of common stock outstanding. What are the earnings per share for Anderson Equipment?

The most widely reported security market index is the

Mutual funds that charge a load do so to compensate

Open-end mutual funds

A direct trustee-to-trustee rollover will avoid the IRS's 20 percent withholding on retirement rollover.

The age at which retirees born in 1960 or later will be able to receive full Social Security benefits

Which of the following would be considered smart financial planning?

Which of the following is designed for employees of large, private profit-seeking corporations?

Which of the following purposes is never allowed as an early withdrawal from a Roth individual retirement account (IRA)?

Present value is the value of an asset projected to the end of a particular time period in the future.

Which of the following is most likely to have to go through probate?

John is buying a home with a $300,000 mortgage using a 6.5 percent, 15-year loan. If the payment per $1,000 debt under these terms is $8.7111, how much is the monthly payment?

If Fred and Wilma borrows $500,000 to purchase a home with an interest rate of 7.5 percent for 25 years and a monthly payment of $3,150, how much total interest will they pay over the life of the loan (25years).

Maria and John Sanchez have just completed their third annual set of financial statements. They met in a personal finance class while in college and still remember their instructor's advice regarding the importance of knowing their financial condition and progress. Even before they got married, they decided that each year on February 2 (Groundhog Day) they would update their cash-flow statement and their balance sheet. The following information is taken from their latest financial statements: Monetary assets = $4,060 Tangible assets = $35,800 Investment assets = $15,005 Short-term liabilities = $3,690 Long-term liabilities = $27,350 Calculate Maria and John's current net worth.

Maria and John Sanchez have just completed their third annual set of financial statements. They met in a personal finance class while in college and still remember their instructor's advice regarding the importance of knowing their financial condition and progress. Even before they got married, they decided that each year on February 2 (Groundhog Day) they would update their cash-flow statement and their balance sheet. The following information is taken from their latest financial statements: Financial information Annual gross income = $48,000 Annual take-home income = $35,000 Annual expenses (including taxes and debt repayment) = $46,800 Annual debt repayment = $8,700 Calculate Maria and John's surplus (loss) for the year.