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Chapter Quiz
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1
The first step to controlling your assets is to take an inventory of them.
A)True
B)False
2
Mortgage payments should not amount to more than 28% of your net income.
A)True
B)False
3
Liability auto insurance means that if you hit someone else with your car, your insurance would pay to repair both cars.
A)True
B)False
4
A Roth IRA is an investment that gets tax deductions when the money is deposited in the account.
A)True
B)False
5
A Keogh retirement plan is designed for those who work for the government.
A)True
B)False
6
The lifetime income of families headed by individuals with a bachelor's degree is ______________________.
A)less than $550,000.
B)close to $1 million.
C)$1.667 million.
D)$10 million.
7
The type of home mortgage that has a variable interest rate, and thus the payment throughout the life of the loan will change is known as a(n) _________________.
A)variable rate mortgage.
B)adjustable rate mortgage
C)80/20 loan
D)interest only mortgage
8
A(n) __________ mortgage has a fixed interest rate and the payment is the same throughout the life of the loan.
A)fixed rate
B)interest only
C)80/20
D)set rate
9
The least expensive and simplest form of life insurance is _________________.
A)term.
B)whole.
C)partial.
D)universal.
10
__________ is the worth of an investment right now.
A)Current value
B)Present value
C)Amortized value
D)Future value





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