7.01/7.02 Personal Finance

Which is not considered a form of giving?

• Reading about the storm victims of

  Hurricane Katrina

• Making a monetary donation to a charitable cause

• Spending an afternoon cleaning up an abandoned park in one’s hometown

• Donating material goods to a campaign

Planned giving can occur through:

• buying Girl Scout Cookies on the way out of

  the grocery store.

• estate planning activities.

• paycheck deductions for retirement accounts

• pulling over to help someone with car trouble

Advocacy is:

• when someone is audited by the Internal Revenue Service (IRS).

• a wish list developed by nonprofit organizations

• the act or process of writing or speaking out in favor of or about a cause.

• a situation in which two people argue against a policy

If the resulted emotion of giving includes resentment, guilt, or anger then the giving would be considered:

• selfish.

• egotistical

• unhealthy.

• passive

Healthy giving occurs when:

• someone with limited resources gives all they have to make another happy.

• someone decides to write a check for another

• an individual wants to give back and the result is positive emotions for both the giver and receiver

• the well‐being of only the receiver is affected

What is the most appropriate type of giving at the following life cycle stages?

• School children host a book fair and donate sales to the March of Dimes.

• A CEO of a company suggests that his employees go paperless and not print out quarterly reports.

• A grandparent gifts a plot of land to a hospital in the name of her grandchild.

• All of the above qualify as appropriate types of giving during the life cycle stages.

Which question does not represent a topic that teens should ask parents and guardians about estate planning?

• How much money do you have in your checking account?”

• Do you have a life insurance policy?”

• “Who would take care of me if something

  happened to you?”

• Have you written and recorded a will?”

Which is not considered a positive outcome of estate planning?

• Ability to leave a legacy with gifts to others, including family, organizations, or institutions

• Ability to provide for loved ones after one is gone

• Ability to increase time, effort, and dollar costs incurred by survivors

• Ability to decrease time, effort, and dollar costs incurred by survivors

Which is not considered part of the steps of estate planning?

• Goal setting

• Family information

• Selling off assets

• Legal and tax analysis

Which statement would be true in most states

• Teens under the age of 18 may write their own will, but it may not be a legal document.

• Teens under the age of 18 may not

  write their own will.

• Teens under the age of 18 may be named an executor of a will.

• Teens under the age of 18 may not accompany their parent/guardian to an attorney’s office.