Few people have just one or two sources of income.
Answer: false
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Personal Finance
- An __________ company, or insurer, is a risk-sharing firm that assumes financial responsibility for losses from the insured in exchange for a fee.
- There are two basic types of life insurance: term and cash value.
- Insurance should not be used to smooth out all the little bumps of life.
- A desirable health insurance plan should cover:
- Health insurance should be part of very few people's overall risk management plan to safeguard their and their family's economic security.
- Insurance companies pay a lot of attention to the relationship between risk and cost.
- Unlike renter's insurance, homeowner's insurance covers personal property, provides liability protection, and pays for other expenses.
- Very few states require drivers to carry some minimum level of automobile insurance.
- Ignoring the effect taxes have on spending choices very often leads to making poor decisions.
- People work in a __________ world, but live and play in a post-tax world.
- For the average wage earner about one-third of each marginal dollar in earned income goes toward taxes.
- People work in a pre-tax world, but live and play in a post-tax world.
- The government taxes:
- It is important for taxpayers to understand the difference between tax ________ and tax deductions if they want to pay minimum income taxes.
- The old argument that a tax refund is like having a built-in savings plan is a very good argument as there are no better ways to save.
- Excise taxes are usually paid on:
- Although rarely thought of this way, for most people their tax burden is actually their largest annual household expense.
- Understanding the affect taxes have on purchasing decisions is not important to reaching personal financial goals in as short a time as possible.
- Taxes are never difficult and confusing.
- The main reason to understand the impact of taxes is to:
- Never review one's tax situation in order to avoid an ?April 15th Surprise.?
- Taxes are almost always one a minor expenses on a budget.
- The federal government does not have an estate tax.
- Wealth is taxed at both the state and federal levels primarily through inheritance taxes.
- Personal property tax is paid on the value of the things one rents.
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