Crpc practice exam - Study guides, Revision notes & Summaries

CRPC Practice Exam (1).

CRPC Practice Exam 1.

CRPC Practice Exam 1 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

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CRPC Practice Exam 2 Questions with Correct Answers What type of insurance is referred to as "pure" life insurance? - Answer-Term life is insurance in it's purest form. It provides nothing more than a cash payment if death occurs while the policy is in force. Reverse mortgages can be used for what purpose? - Answer-To generate a lump sum that can be used to fund long term care. Under the Affordable Care Act, how do plans offered on the exchanges vary? - Answer-They all cover the same...

CRPC Practice Exam 2.

Mary Goodwin's financial situation is as follows: Cash/cash equivalents $15,000 Short-term debts $8,000 Long-term debts $133,000 Tax expense $7,000 Auto note payments $4,000 Invested assets $60,000 Use assets $188,000 What is her net worth? A)$111,000 B)$137,000 C)$122,000 D)$263,000 - ANSWER-C At the end of last year, Bill Greer has the following financial information: Salaries$70,000Auto payments$5,000Insurance payments$3,800Food$8,000Credit card balance$10,000Dividends$1,100U...

Mary Goodwin's financial situation is as follows: Cash/cash equivalents$15,000S hort-term debts$8,000 Long-term debts$133,000 Tax expense$7,000 Auto note payments$4,000 Invested assets$60,000 Use assets$188,000 What is her net worth? - ANSWER-$122,000 Assets = $263,000; liabilities = $141,000, so net worth is $122,000. Taxes and auto note payments appear on the cash flow statement. For the year ending December 31, XXXX, Bill Greer has the following financial information: Salaries...

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CRPC Practice Exam 2 Questions with Answers What is a deductible IRA? - Answer-A deductible IRA can lower your tax bill by allowing you to deduct your contributions on your tax return - you essentially get a refund on the taxes you paid earlier in the year. You fund a NON-deductible IRA with after-tax dollars What is a traditional IRA? - Answer-A traditional IRA lets you make tax-deductible contributions to a retirement account that grow tax-deferred until you're ready to start taking di...