April 24, 2014

Homework Help: Personal Finance

Posted by Phoebe on Monday, May 6, 2013 at 7:10pm.

32. Which is not a horrible mortgage option?
a. ARM
b. Conventional
c. Reverse mortgage
d. Balloon
I answered c and I am not sure if that is right or not.
33. Why do you plan for retirement instead of relying on Social Security to take care of you?
a. Monthly Social Security benefits are not going to be enough to live on comfortably.
b. You aren't depending on someone else to take care of you.
c. The system may not be able to pay promised benefits in the future.
d. All of the above
I answered d is that right or not.
35. Which is a type of insurance to avoid?
a. Long-term care insurance
b.Mortgage insurance
c. Identity theft insurance
d. Disability insurance
I answered c.Is that right?
37. What is the difference between gross pay and net pay?
a. Gross pay is before taxes; net pay is after taxes.
b. Gross pay is after taxes; net pay is before taxes.
c. There is no difference between the two.
d. The difference is determined primarily by your current tax bracket.
I answered a. Is that right?
40. Which is an advantage of taking a 15-year mortgage vs. a 30-year mortgage?
a. The monthly payments are slightly higher.
b. The monthly payments are lower.
c. The difference you save in interest is significant.
d. There is a tax advantage with a 15-year mortgage.
I answered d.Is that right?

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