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Question 41.41. (TCO 6) Judith recently inherited several pieces of
diamond jewelry from her aunt. This jewelry is an example of (Points : 4)
Question 42.42. (TCO 6) If Jeremiah's employer makes nontaxable
contributions to a plan in his name and his salary is reduced by the same
amount, Jeremiah has a (Points : 4)
Question 43.43. (TCO 6) Chuck owns a home worth $140,000, a car
valued at $30,000, and miscellaneous assets worth $7,500. He owes
$75,000 on the home and $12,000 on the car, and has no other debts. His
retirement account, in which he is fully vested, contains $17,500 in
mutual funds. He is insured with a $250,000 term life insurance policy.
What is his net worth? (Points : 4)
Question 44.44. (TCO 7) The benefits of establishing a trust include the
fact that (Points : 4)
Question 45.45. (TCO 7) If Barry has been named by Anderson to
distribute his assets as outlined in his will and pay outstanding
obligations, Barry will serve as a(n) (Points : 4)
1. (TCO 1) Suppose Debra Betts has presented you with the following
information: She currently possesses a checking account with a balance
of $850, a savings account with a balance of $3,000, a credit card
balance of $300, jewelry worth $600, real estate valued at $75,000, and
a mortgage on the real estate of $66,000. What is the total of Debra's
assets and how could she increase her net worth? (Points : 10)
2. (TCO 2) What is the difference between a short-term capital gain and
a long-term capital gain? (Points : 10)
3. (TCO 3) Carla Brown wants to know what price home she can afford.
Her annual gross income is $45,000. She owes $1,050 per month on
other debts and expects her property taxes and homeowners insurance to