Final test

Question 1

Portfolio

Answer 1

A list of your investments

Question 2

​​Three types of taxes

Answer 2

1. Sales Tax
2. Income Tax
3. Property Tax

Question 3

Income tax

Answer 3

Tax paid out by anyone who earns an income

Question 4

Time poverty

Answer 4

A situation in which a person is lacking time, which leads to stress

Question 5

Will

Answer 5

A legally enforceable declaration of how a person wishes his or her property to be distributed after death

Question 6

Five things that successful people do

Answer 6

1. They start
2. They fight fear
3. They ignore haters
4. They stay humble and hungry
5. They give to others

Question 7

Policy in insurance/ What is the policy regards to insurance?

Answer 7

Describes the type of coverage in an insurance agreement

Question 8

Philanthropist

Answer 8

A person who seeks to promote the welfare of others, especially by the generous donation of money to good causes.
(I search it up, couldn’t find in the book)

Question 9

Premium

Answer 9

Amount you pay monthly, quarterly, semiannually or annually to purchase different types of Insurance

Question 10

(MC) Earned income

Answer 10

Any income that is generated by working

Question 11

Three types of property taxes

Answer 11

1. Land
2. Home
3. Commercial

Question 12

Six basic types of insurance

Answer 12

1. Homeowners / Renter’s Insurance
2. Auto Insurance
3. Health Insurance
4. Disability Insurance
5. Long-term care Insurance
6. Life Insurance

Question 13

Diversification

Answer 13

The practice of dividing the money a person invests between several different types of investments in order to lower risk “don’t put your eggs in one basket”

Question 14

Beneficiary

Answer 14

The person who receives the assets from the death of a friend or relative

Question 15

Legacy

Answer 15

Anything handed down from the past; something that someone has achieved that continues to exist after they are gone

Question 16

Why is it a good idea to get insurance?

Answer 16

Because insurance transfers the financial risk of life’s major catastrophes. chances are that something major and unexpected is going to happen at some point during your lifetime. Insurance will protect your wealth during those events.

Question 17

Seven areas you should goal with

Answer 17

1. Career
2. Financial
3. Spiritual
4. Physical
5. Education
6. Family
7. Social

Question 18

Out-of-pocket expenses

Answer 18

Specific amount of money that you pay when insurance only covers a portion of costs

Question 19

Passive income

Answer 19

Earning money that you earn without effort (ex. network marketing)

Question 20

Core values

Answer 20

Traits or qualities that represent as individual’s highest priorities, deeply held beliefs and motivating forces
One’s guiding principles

Question 21

What is a résumé?

Answer 21

A brief account of one’s professional or work experience and qualifications, often submitted with an employment application

Question 22

Value system

Answer 22

A person’s priorities, beliefs and standards that affect how he or she views the world

Question 23

What is the name of the personality file that we looked at in class?

Answer 23

DiSC

Question 24

Accountability

Answer 24

The quality or state of being responsible, liable or answerable