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Worksheetsbm Personal Finance Ch. 15
Total questions: 26
Worksheet time: 6mins
a legal document that modifies parts of a will and reaffirms the rest
heir
codicil
estate
trust
The person who will inherit property
codicil
estate
heir
trust
a federal tax on property transferred from an estate to its heirs
inheritance tax
power of attorney
reverse mortgage
estate tax
a loan against the equity in the borrower's home in which the borrower receives monthly payments
trust
reverse mortgage
estate
equity
A legal document authorizing someone to act on your behalf
power of attorney
heir
trust
estate
a state tax on an heir who inherits property from an estate
heir
inheritance tax
estate tax
trust
a legal document in which an individual gives someone else control of the property for ultimate distribution to another person
trust
heir
estate
codicil
A will is also called a ________________ .
testator
testament
holographic document
simple document
Put words in correct order.
_________________ is what a real estate appraiser believes your property is worth compared to similar properties that have recently sold in your area. __________________ is what the country or taxing authority has determined your property is worth for tax purposes
assessed value, the appraised value
current market value, the appraised value
appraised value, the assessed value
assessed value, current market value
This equation is the property's value minus the mortgage balance.
estate
equality
heir
equity
_________________ is the amount for which you could sell your house for now.
current market value
assessed value
appraised value
equity
_______________ is government sponsored health insurance for the elderly.
Medicare
Medicaid
This is what a person owns, fewer debts owned, at the time of the person's death.
estate
will
trust
intervivos
This is the person who MAKES the will.
decedent
executor
testator
trustor
This is the person who receives the ultimate distribution to another person.
beneficiary
beneficiary
intestate
decedent
Put words in correct order.
__________________ is the type of IRA where contributions are taxed, but earnings are not. _______________ is the type of IRA that you can deduct your contribution each year from your taxable income.
Traditional IRA, Roth IRA
Roth IRA, Traditional IRA
Roth IRA, Education IRA
Education IRA, Roth IRA
Tax-Deferred retirement savings plan available to self-employed individuals and their employees.
Simplified Employee Pension (SEP)
annuity
tax-sheltered annuities
Keogh plan
A company-sponsored retirement plan in which retired employees receive a set of a monthly amount based on wages earned and the number of years of service.
defined contribution plan
defined benefit plan
Simplified Employee Pension (SEP)
tax-sheltered annuities
annuity
This is a defined contribution plan for employees of companies that operate for profit.
401K
403B
401B
403K
The 403b plan includes all of the following except.
schools
non-profit organizations
government
retail store
If you and your spouse own property as joint tenants with right of survivorship the ownership is split ________ for estate tax purposes.
60/40 the eldest get most
70/30 the eldest get most
50/50 even split
70/30 the wife get majority because of the children
A limited power of attorney is good for ________ days.
30 days
60 days
90 days
120 days
Intervivos is also called _________ .
living trust
trustee
willing trust
codicil
A court supervised process to paying your debts and distributing your property to your heirs upon your death.
civil court
family court
probate court
A holographic will is legally valid in how many states?
26
10
15
20
A ________ allows you to pass title to real property to a loved one but retain your right to live on the premise.
life estate
gift estate
relative estate
