Final Examination Answer Sheet

Final Examination Answer Sheet Student Help
FINC 355 RETIREMENT AND ESTATE PLANNING
FINAL EXAMINATION

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DIRECTIONS: Here is the Final Examination. Use the Final Examination Answer Sheet for your responses to the questions. When you have completed the Final Examinaiton submit the Answer Sheet to your Final Examination Assignment Folder. Keep in mind that the Final Examination is comprehensive. Late Final Examinations will not be accepted. There will be no make-up exams unless for documented emergencies. The Final Examination is to be your work and your work alone, with no assistance from others Please submit your Final Examination in MS Word fromat with the following file name: LastNameFirstInitial_FinalExamAnswerSheet.docx. For example, if you name is John Smith, the file name of your Answer Sheet should be SmithJ_FinalExamAnswerSheet.docx.
1. The local government in Central City is considering using an alternative to a tax deferred annuity as a retirement plan. Which of the following could Central City Government use?
A. 401(k) plan B. SIMPLE IRA C. SIMPLE 401(k) D. Section 403(b) E. city governments can only use a tax deferred annuity
 
2. A guardian is: A. A person appointed by court to manage people who are not legally able to mange for
themselves. B. The same as a trustee but for minor children. C. Responsible for the supervision of the ward, only to the extent described in the Will. D. Always a relative of the deceased and the ward.
 
3. Cathy Atwater is 60, 5 years away from retirement. The most accurate method for her to use in calculating her income needs during retirement is the
A. expense method B. replacement ratio method
4. A person should define his or her wishes for the disposition of property at death in a document called a
A. Durable Power of Attorney B. Trust C. Will D. Living will
 
5. If a person wons real estate, and that ownership is not shared with others, the ownership is known as:
1
 

 
FINC 355 RETIREMENT AND ESTATE PLANNING
FINAL EXAMINATION
 
 
A. Joint tenancy B. Tenancy by the entirely C. Tenancy in common. D. A Fee simple estate
6. Makework Corp. has an unfunded nonqualified deferred compensation plan. Employees covered under the plan can defer taxes on plan contributions if plan funds are
A. available to company creditors B. subject to substantial risk of forfeiture C. placed in a designated trust D. a and b E. b and c
7. By using inter vivos gifts, an estate owner can: A. Maintain control over property while removing it from the estate B. Distribute estate property prior to to his or her death C. Distribute estate property after his or her death according to the terms of the Will D. Eliminate the need for estate planning
8. Bob D. Builder, owner of Bob’s Construction, would like to offer a retirement plan that would
help reduce turnover. Bob should consider using a(n) A. 401(k) plan B. profit sharing plan C. savings plan D. age-weighted plan E. defined benefit plan
9. If insurance on the life of the decedent is payable to the decedent’s estate, it is:
A. Included in the estate B. Included in the estate unless the policy is owned by a life insurance trust C. Included in the estate but the estae gets a credti for the proceeds if they are used to
pay federal estate taxes D. Included in the estate unless the policy is owned by the spouse
10. Maria Valquez is a public school teacher. Her employer provides a tax deferred annuity (TDA).
She began working for this employer 4 years ago and started her TDA at that time. Over those 4 years, she has contributed $1,000, $2,500, $3,000, $3,000 to her TDA through salary reduction. Her employer matches $1 for $1 up to $100 and offers graded vesting at the rate required by law for TDA accounts. Currently, Maria’s vested interest in the plan is
A. 9,500 B. 9,580 C. 9,660 D. 9,740 E. 9,900
 
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