BUSI 352 MIDTERM ACTUAL EXAM PAPER
LIBERTY UNIVERSITY SOLVED VERSIONS 2026
◉ The following features of an UTMA account set up in a child's name
by a parent to pay for the child's college education are true EXCEPT
Answer: If the child chooses not to go to college the parent can revoke
the account
◉ Bobby Ayala's sons are attending the local 4-year college. James is a
senior, and Todd is a freshman. Bobby paid $8,000 each for their tuition
this year. His AGI for 2015 is $80,000 and he is in the 25% tax bracket.
Which of the following options provides MAX tax benefits for the
educational expenses paid by Bobby? Answer: claim an American
Opportunity credit for both students
◉ All of the following factors need to be considered in assessing the
adequacy of funds needed to fund a client's income needs during
retirement EXCEPT Answer: living trust funds
◉ WHich of the following is true about ret planning Answer: ret
planning is really about cash flow planning
◉ which is true regarding inflation Answer: inflation impacts retirees
differently from those who are working
, ◉ Which is true regarding investing for retirement Answer: municipal
bonds are considered fixed investments
◉ which is true about the ret planning process Answer: information on
assets and liabilities is needed during this process
◉ The most important documents that a terminally ill person should
have are the following except Answer: charitable remainder trust
◉ which type of disability policy is the most expensive to purchase
Answer: own occupation
◉ the time period a person must wait after a disability before receiving
benefits is called what Answer: elimination period
◉ in 2018 approx. what was the national average daily rate for a private
room in a long-term care facility Answer: $275
◉ WHich is true regarding planning for a client with a terminal illness
Answer: even with a terminal illness there may be an extended period of
financial needs
◉ the probate process ensures the following except Answer: no
contesting of the will by any beneficiaries or potential beneficiaries
LIBERTY UNIVERSITY SOLVED VERSIONS 2026
◉ The following features of an UTMA account set up in a child's name
by a parent to pay for the child's college education are true EXCEPT
Answer: If the child chooses not to go to college the parent can revoke
the account
◉ Bobby Ayala's sons are attending the local 4-year college. James is a
senior, and Todd is a freshman. Bobby paid $8,000 each for their tuition
this year. His AGI for 2015 is $80,000 and he is in the 25% tax bracket.
Which of the following options provides MAX tax benefits for the
educational expenses paid by Bobby? Answer: claim an American
Opportunity credit for both students
◉ All of the following factors need to be considered in assessing the
adequacy of funds needed to fund a client's income needs during
retirement EXCEPT Answer: living trust funds
◉ WHich of the following is true about ret planning Answer: ret
planning is really about cash flow planning
◉ which is true regarding inflation Answer: inflation impacts retirees
differently from those who are working
, ◉ Which is true regarding investing for retirement Answer: municipal
bonds are considered fixed investments
◉ which is true about the ret planning process Answer: information on
assets and liabilities is needed during this process
◉ The most important documents that a terminally ill person should
have are the following except Answer: charitable remainder trust
◉ which type of disability policy is the most expensive to purchase
Answer: own occupation
◉ the time period a person must wait after a disability before receiving
benefits is called what Answer: elimination period
◉ in 2018 approx. what was the national average daily rate for a private
room in a long-term care facility Answer: $275
◉ WHich is true regarding planning for a client with a terminal illness
Answer: even with a terminal illness there may be an extended period of
financial needs
◉ the probate process ensures the following except Answer: no
contesting of the will by any beneficiaries or potential beneficiaries
