You may only specify one person as a primary beneficiary. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
Which of the following statements concerning flexible spending accounts is false? A) They are also known as cafeteria plans. B) Unspent funds may be held over for subsequent years. C) Employees may voluntarily contribute pretax dollars to this account. D) Expenditures from the account are subject to IRS restrictions. ANSWER B
Date: September 19th, 2020
You can borrow from your IRA, thus avoiding early withdrawal penalties. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
Under an Point of Service HMO A) all employees must enroll after a preliminary waiting period. B) all employees may enroll after a preliminary waiting period. C) you may select non-HMO providers if you are willing to incur additional costs. D) you may select non-HMO providers at no additional cost. ANSWER C
Date: September 19th, 2020
Taxes on the death estate are known as probate costs. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
If you purchased automobile insurance coverage with policy limits of $100,000/$300,000/$20,000, this means that A) a maximum of $100,000 would be paid to the injured in your automobile and $300,000 to the injured in the other car. B) $100,000 is the limit on damages per individual with a $300,000 overall limit per accident. C) $20,000 […]
Date: September 19th, 2020
Those retirement plans paying monthly benefits must automatically provide married workers with a joint and last survivor annuity. Indicate whether the statement is true or false ANSWER TRUE
Date: September 19th, 2020
Social Security benefits for the custodial spouse are phased out if he or she has substantial market earnings. Indicate whether the statement is true or false ANSWER TRUE
Date: September 19th, 2020
Because book value entries are historical rather than forward-looking, the market value version of a firm’s balance sheet must be greater than the book value version. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
If you are sued for monetary losses resulting from bodily injury incurred in an auto accident you are protected under the A) liability section of your auto policy. B) medical payments section of your auto policy. C) collision coverage of your auto policy. D) other-than-collision coverage of your auto policy. ANSWER A
Date: September 19th, 2020
