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Managing Your Personal Finances: Ch 15 - Family Decisions quiz

True/False
Indicate whether the statement is true or false.
 
 
Ch 15 Family Decisions
 

 1. 

Studies reveal that Americans are marrying at a much younger age today than they did 50 years ago.
 

 2. 

Planning for a wedding ceremony should begin at least six weeks in advance.
 

 3. 

A semiformal wedding may be held during the afternoon or early evening.
 

 4. 

A financial goal of "saving 10 percent of earnings each month" meets the "SMART" criteria for setting goals.
 

 5. 

A family budget can be prepared following the same steps used in creating a personal budget. 
 

 6. 

Married couples should always have a joint checking account.
 

 7. 

Many online travel sites offer packaged discounts if you book multiple services together, such as your flight and hotel.
 

 8. 

Most airlines allow you to print your boarding pass within 24 hours of the scheduled flight departure time.
 

 9. 

When you go on vacation, you should typically pack enough clothing to last the entire trip without laundering.
 

 10. 

Passengers who are “bumped” from flights are rarely reimbursed by the airline.
 

 11. 

Divorces are very expensive.
 

 12. 

There is no jury in divorce cases.
 

 13. 

Private or group health insurance will not cover any expenses incurred for adult foster care.
 

 14. 

When any American citizen dies, the Social Security Administration pays a one-time death benefit of $2,500 to the surviving spouse and each of the deceased person’s minor children.
 

 15. 

The cost of a funeral can range from $5,000 to $10,000 or more.
 

Multiple Choice
Identify the choice that best completes the statement or answers the question.
 
 
Ch 15 Family Decisions
 

 16. 

Which of the following wedding expenses would most likely be paid by the groom?
a.
the bride’s ring
c.
cleric’s or judge’s fee
b.
the marriage license
d.
all of the above
 

 17. 

Guests as well as the wedding party would be expected to wear long gowns and tuxedos at a(n)
a.
informal wedding
c.
formal wedding
b.
destination wedding
d.
semiformal wedding
 

 18. 

Which of the following would be classified as an intermediate goal for a newly married couple?
a.
where to live
b.
what kind of car to purchase
c.
whether or not to have children
d.
how to invest for retirement
 

 19. 

Using the "SMART" acronym, you should set goals that are
a.
specific, manageable, accurate, realistic, and thorough.
b.
specific, measurable, attainable, realistic, and timely.
c.
specific, measurable, attainable, reasonable, and thorough.
d.
specific, manageable, accurate, reasonable, and timely.
 

 20. 

An advance commitment to receive a service at a specified later date is a(n)
a.
agenda
c.
itinerary
b.
contract
d.
reservation
 

 21. 

Dustin is flying from San Francisco to Sydney, Australia. His flight is scheduled to depart at 6:00 p.m. Dustin should arrive at the airport no later than
a.
12 noon
c.
4:00 p.m.
b.
3:00 p.m.
d.
5:30 p.m.
 

 22. 

Money paid by one former spouse to support the other is called
a.
child support
c.
property settlement
b.
alimony
d.
the dissolution fee
 

 23. 

The final statement of a dissolution decision is called a
a.
support statement
c.
divorce decree
b.
property settlement
d.
Petition for Dissolution of Marriage
 

 24. 

Which government agency provides long-term disability coverage to some workers?
a.
Social Security Administration
b.
Occupational Safety and Health Administration
c.
Department of Health and Human Services
d.
Department of Homeland Security
 

 25. 

With this type of mental health program, people needing counseling or other services attend regular meetings and complete self-directed plans.
a.
inpatient program
c.
residential services
b.
group home program
d.
outpatient services
 

Numeric Response
 
 
Ch 15 Family Decisions
 

 26. 

Traditionally, jewelers advise men to spend two months’ salary on an engagement ring for their fiancée. Arnie is shopping for a ring for Sasha, his bride-to-be. If Arnie’s annual salary is $30,000 and he follows the tradition, how much will he spend on Sasha’s engagement ring?
(Annual Salary / 12 months) x 2= money amount for ring

 

 27. 

A hotel at your vacation destination quotes you a rate of $200/night. You find a similar hotel in town for 25 percent less. If you select the less expensive hotel, how much will you pay for a three-night stay?

200-(200x.25)=Similar Hotel discounted rate

Similar Hotel discounted rate x 3 nights = amount your will pay

 

 28. 

David is ordered to make monthly alimony payments of $1,500 to his ex-wife for three years. How much will David have paid her when the three years are up?

($1500 x 12months)x 3yrs = total alimony

 

 29. 

Becca’s employer provided her with 75 percent of her salary while she was on short-term disability leave. Her usual monthly wage is $5,000. If Becca was on disability leave for two months, what amount did her employer pay her?

($5,000x.75)x 2 months = disability amount

 

 30. 

The costs of Walter’s funeral were as follows:

Basic services of funeral director: $2,195
Casket: $2,000
Embalming and other preparations: $725
Use of funeral home for visitation: $275
Funeral service: $200
Graveside service: $175
Funeral coach: $200
Limousine for family: $100
Transfer from place of death to mortuary: $125

What were the total costs of the funeral?

 

Matching
 
 
Ch 15 Family Descisions
a.
cremation
f.
dissolution
b.
informal
g.
Hospice
c.
overbook
h.
engaged
d.
child support
i.
itinerary
e.
wedding party
j.
civil ceremony
 

 31. 

When a couple decides to commit to a life together, they become __________, or formally pledged to each other.
 

 32. 

The __________ consists of all the people who are active participants in a wedding ceremony.
 

 33. 

A(n) __________ wedding may be held outside, in a church, or almost anywhere, and no special attire is required for participants or guests.
 

 34. 

A wedding performed by a public official such as a judge rather than a member of the clergy is called a(n) __________.
 

 35. 

A(n) __________ is a detailed schedule of events, times, and places.
 

 36. 

Airlines often __________ flights, meaning that they sell more reservations than they can fulfill.
 

 37. 

A divorce, or __________ of marriage, is a legal process in which a judge dissolves the bonds of matrimony between two people.
 

 38. 

Monthly payments made by one parent to the custodial parent to help provide care for the children is called __________.
 

 39. 

__________ is a nonprofit agency that has trained, compassionate people who assist those who are dying and their families.
 

 40. 

The process of reducing a body to ashes in a high-temperature oven is called __________.
 



 
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