WFG REVIEW TEST QUESTIONS AND ANSWERS
Social Security benefits are designed to reduce the financial losses caused by all of the
following except - Answers -Property Damage; Social Security is designed to address
the life events death, disability, and retirement. Property damage is not a contingency
covered by this benefit system.
Which of the following statements regarding the Social Secuirty definition of disability is
true - Answers -The requirements are met only if a worker is unable to perform the
duties of any occupation and the worker is not expected to revocer from the disability.
John has a $4000 charge account balance is $5000 in installments loans, and a
monthly rent payment of $500. Johns debts repayment need is - Answers -$9000; Rent
isn't included in debt repayment
For prospects who own their home, the home assurance need is - Answers -The
mortgagee balance
An emergency fund is designed to meet all of the following types of expenses except -
Answers -college expenses
A center of influence is - Answers -an ongoing source of quality referrals
From the names and ages of the members of a prospects family, you can tell all of the
following except - Answers -the size of the emergency fund
Which of the following statements describes the role of accurate factual information in
needs analysis - Answers -Close estimates of figures are adequate
which of the following activities would not be included in the presentation of your
solution to the prospect? - Answers -Determination of the prospects financial objectives
A single parent does not have which of the following life insurance needs - Answers -
continuing income for the preretirement period
Lee pays $800 a month in rent. At an assumed interest rate of 5%, her home assurance
need is - Answers -$192,000/Rent of $800* 12 months=$9,600. To generate $9,600 per
year at 5% interest requires a fund of $192,000.
Your client has an annual income shortage during the retirement period of $12,000. To
calculate the amount of capital required today to offset this shortage using the capital
liquidation method, you should - Answers -multiply $12,000 by the appropriate capital
liquidation factor, then reduce the result by the appropriate present value factor.
Social Security benefits are designed to reduce the financial losses caused by all of the
following except - Answers -Property Damage; Social Security is designed to address
the life events death, disability, and retirement. Property damage is not a contingency
covered by this benefit system.
Which of the following statements regarding the Social Secuirty definition of disability is
true - Answers -The requirements are met only if a worker is unable to perform the
duties of any occupation and the worker is not expected to revocer from the disability.
John has a $4000 charge account balance is $5000 in installments loans, and a
monthly rent payment of $500. Johns debts repayment need is - Answers -$9000; Rent
isn't included in debt repayment
For prospects who own their home, the home assurance need is - Answers -The
mortgagee balance
An emergency fund is designed to meet all of the following types of expenses except -
Answers -college expenses
A center of influence is - Answers -an ongoing source of quality referrals
From the names and ages of the members of a prospects family, you can tell all of the
following except - Answers -the size of the emergency fund
Which of the following statements describes the role of accurate factual information in
needs analysis - Answers -Close estimates of figures are adequate
which of the following activities would not be included in the presentation of your
solution to the prospect? - Answers -Determination of the prospects financial objectives
A single parent does not have which of the following life insurance needs - Answers -
continuing income for the preretirement period
Lee pays $800 a month in rent. At an assumed interest rate of 5%, her home assurance
need is - Answers -$192,000/Rent of $800* 12 months=$9,600. To generate $9,600 per
year at 5% interest requires a fund of $192,000.
Your client has an annual income shortage during the retirement period of $12,000. To
calculate the amount of capital required today to offset this shortage using the capital
liquidation method, you should - Answers -multiply $12,000 by the appropriate capital
liquidation factor, then reduce the result by the appropriate present value factor.
