- Study guides, Class notes & Summaries

Code of Ethics - correct answer Adherence to Standards of Professional Conduct Code of Ethics - correct answer Self-disclosure of prior allegations or violations Code of Ethics - correct answer Adherence to Terms and Conditions Standards of professional conduct - correct answer Fiduciary duty Fiduciary duty - correct answer ...

What are reasons why people delay savings for retirement - correct answer Procrastination Confusion about how to begin Poor cash management (cannot afford to save) Misperception about being too young to start saving for retirement College education funding Paying off debt Saving for a house Costs of caring for aging parents Not wanting to "lock up" money in a retirement plan Employee elective deferrals to a 401(k) may be subject to which of the...

Assets listed on a statement of financial position are typically divided into what three categories? A) Cash/cash equivalents, invested assets, and use assets B) Cash/cash equivalents, invested assets, and personal property C) Cash/cash equivalents, financial assets, and use assets D) Savings and checking accounts, stocks and bonds, and use assets - correct answer A) Cash/cash equivalents, invested assets, and use assets Explanation Cash/cash equivalent...

Homeowners Insurance Section II Coverage - E: Personal Liability (someone slips & falls on ice on your property & tries to sue you, Coverage E would cover the expenses as long as there is no negligence or moral hazards involved) F: Medical Payments to others (doesn't involve negligence; ex. neighbor comes over to have dinner & accidentally cuts their hand while helping prepare) What is an Inland Marine Policy? - used to provide coverage under Coverage C for personal property that is fre...

assets and liabilities on a given date and can determine and individuals current net worth - correct answer Statement of Financial Position Cash Flow Statement - correct answer records cash inflows and outflows over a period of time and shows whether, during that period, there is a positive or negative cash flow by subtracting outflows form inflows. Net Worth - correct answer the remain...

Phan and Henri would like to purchase a home, and have come to you for advice. The house they are considering would require a monthly mortgage payment (principal and interest) of $1,700. The couple estimates their monthly insurance and property taxes will be about $475. Phan and Henri's gross income is $95,000 annually, and their net income is $72,000 per year. Regarding mortgage loan qualification, what advice would you give Phan and Henri? - correct answer ...

Group Term Life Insurance - correct answer Form of insurance carried by employers for their employees that provides a lump-sum payment to the employees' beneficiaries. Most common. Stops at termination no evidence of insurability required up to $50,000 of coverage: no income taxation for the employee Whole Life Insurance - correct answer Common type of permanent life insurance coverage. savings element (cash value) ...

True or false: The type of statements used and the format of these statements may vary from practitioner to practitioner - correct answer True What statements are suppose to accomplish - correct answer To show an individuals net worth and whether during a period they have a positive or negative cash flow Statement of financial position - correct answer Balance sheet What the purpose ...

Which of the following areas does a lender consider when evaluating a borrower? - correct answer Capacity Character Collateral Conditions You plan to contribute $3,000 per year at the end of each year to a tax-deferred retirement plan. You plan to retire in 35 years. You want to have an account worth $1 million at retirement. What annual rate of return will you need to earn to achieve your goal? - correct answer 10....

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