Chapter 15 Test A

Chapter 15 Test A - Chapter 15 Test A 1. Estate planning is...

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1 Chapter 15 Test A 1. Estate planning is closely related to a. retirement and investment planning. b. tax and retirement planning. c. tax and investment planning. d. retirement and insurance planning. e. insurance and investment planning. 2. The goal of estate planning is to: a. accumulate b. preserve c. distribute d. all of the above e. none of the above 3. This situation calls especially for an estate plan based on the people planning perspective. a. working couple with handicapped child b. married man with no dependents c. single person, no dependents, some property d. single person, no property e. mother and daughter, independent, ages 65 and 43, share housing 4. All of the following are parts of estate planning except: a. administer and distribute assets b. minimize taxes c. increase size of estate d. all of the above e. none of the above 5. ____ would be a first-level death-related cost. a. Funeral expenses b. Federal estate taxes c. Probate expenses d. Inheritance taxes e. Administrative costs 6. AARP says that almost ____ individuals have not discussed end of life issues with family members a. 1/3 b. 100% c. 2/3 d. 1/8 e. None 7. Why does an estate "Break Up" a. Death related costs b. Inflation c. Improper use of vehicles of transfer d. Lack of liquidity
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Chapter 15 Test A - Chapter 15 Test A 1. Estate planning is...

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