For individuals with income below specified limits, a contribution to a traditional IRA is taken as A) a gross income addition. B) an adjustment (deduction) to gross income. C) an itemized expense. D) a credit. ANSWER B
Date: September 19th, 2020
When purchasing a home you first should consult an attorney A) before signing a purchase agreement. B) after signing a purchase agreement, but before closing on the purchase. C) only after the title search is complete. D) In most cases there is no need to consult an attorney when purchasing a typical single family dwelling […]
Date: September 19th, 2020
With an open listing agreement A) the first agent to list your home is entitled to half the commission on the sale. B) the first agent to list your home is entitled to the full commission on the sale. C) any agent can broker your home. The commission goes to the agent who locates a […]
Date: September 19th, 2020
Personal exemptions are deducted from A) gross income. B) adjusted gross income. C) taxable income. D) personal income. ANSWER B
Date: September 19th, 2020
Written warranties are regulated by Congress under the A) Consumer Protection Act of 1970. B) Magnuson-Moss Warranty Act of 1975. C) Antitrust Improvements Act of 1978. D) Robinson-Patman Act of 1936. ANSWER B
Date: September 19th, 2020
You purchased 100 shares of KLM at $60 a share by depositing the minimum amount of margin. If the initial margin requirement was 50% and the maintenance margin requirement is 30%, you will get a margin call if KLM’s price falls to A) $18. B) $20. C) $43. D) $40. ANSWER C
Date: September 19th, 2020
With a traditional IRA and earned income below federally determined limits, the annual contributions A) are taxed, but the interest on the fund accumulates tax free. B) reduce your taxes, but the interest income on the IRA is taxed in the year it is earned. C) reduce your taxable income. The funds in the IRA […]
Date: September 19th, 2020
If the listing agreement indicates the real estate agent has an “exclusive right to sell”, then A) the agent earns a commission regardless of who sells the property. B) the agent earns a commission only if the property is sold through a real estate agency. C) the real estate agent receives a commission only if […]
Date: September 19th, 2020
Using a margin account A) magnifies your gains and losses B) only reduces your losses. C) only reduces your gains D) reduces your gains and losses. ANSWER A
Date: September 19th, 2020
A net listing agreement A) provides the seller a predetermined amount of money from the sale of the home. B) provides the seller’s agent a predetermined amount of money from the sale of the home. C) provides the buyer’s agent a predetermined amount of money from the sale of the home. D) specifies the total […]
Date: September 19th, 2020
