Test Bank for Personal Finance, 6th Canadian Edition by Madura (All Chapters included)

TEST BANK




Personal Finance
6th Canadian Edition by Jeff Madura




Complete Chapters Test Bank
are included (Ch 1 to 16)




** Immediate Download
** Swift Response
** All Chapters included

,Table of Contents are given below




1.Overview of a Financial Plan
2.Applying Time Value Concepts
3.Planning with Personal Financial Statements
4.Using Tax Concepts for Planning
5.Banking Services and Managing Your Money
6.Assessing, Managing, and Securing Your Credit
7.Purchasing and Financing a Home
8.Auto and Homeowner's Insurance
9.Health and Life Insurance
10.Investing Fundamentals
11.Investing in Stocks
12.Investing in Bonds
13.Investing in Mutual Funds
14.Retirement Savings Planning
15.Retirement Income Planning
16.Estate Planning

,The test bank is organized in reverse order, with the last chapter displayed first, to
ensure that all chapters are included in this document.
(Complete Chapters included Ch16-1)
Personal Finance, Canadian Ed., 6ce (Madura)
Chapter 16 - Estate Planning

Background on Wills

1) Two key goals of estate planning are to ensure that your assets pass to your chosen
beneficiaries and to minimize taxes to be paid.
Answer: TRUE
Diff: 1 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Recall

2) If an administrator is appointed to settle an estate, this can cause delays, additional expenses
and decisions the testator would not have wished.
Answer: TRUE
Diff: 3 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Applied

3) If you die intestate, your surviving spouse, or if you do not have a spouse, then your child, if
over the age of 19, will become executor of your estate.
Answer: FALSE
Diff: 2 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Applied

4) If a spouse dies intestate all their assets will transfer to the surviving spouse.
Answer: FALSE
Diff: 1 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Recall

5) A will, while nice to have, isn't particularly important in estate planning because each
province has laws to determine the distribution of assets when a will was not created.
Answer: FALSE
Diff: 1 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Recall




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, 6) To create a will, a person must be of legal age, be mentally competent, and not be subject to
undue influence or threats by others.
Answer: FALSE
Diff: 1 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Recall

7) The individual who makes a will is commonly known as a testator.
Answer: TRUE
Diff: 1 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Recall

8) The inheritance for any beneficiary under the age of 19 is held in trust until the beneficiary
turns 19.
Answer: FALSE
Diff: 2 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Recall

9) A will created by a First Nations individual is governed by provincial legislation if they live
off reserve.
Answer: TRUE
Diff: 2 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Recall

10) Some provinces permit individuals younger than the age of majority to create a legal will.
Answer: TRUE
Diff: 1 Type: TF
Categories: Background on Wills
Financial Type: Qualitative
Skill Type: Recall




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