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 )