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AAMS Practice 2 WITH COMPLETE answers

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AAMS Practice 2 WITH COMPLETE answers

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  • November 8, 2024
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  • 2024/2025
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mbitheeunice2015
11/8/24, 3:18 PM




AAMS Practice 2WITH COMPLETE SOLUTIONS GRADED
A+.




Terms in this set (80)




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, 11/8/24, 3:18 PM

Which of the following is a false statement regarding a good business plan? The plan


A) is in writing.
c
B) includes actionable steps.
C) should only contain business goals.
D) is shared with a mentor.

Jim Hanson's financial situation is as follows:


Savings account$5,000
Life insurance cash value$20,000
Short-term debts$3,000
Mortgage loan$100,000
Auto loan$10,000
Tuition payments$17,000
Auto loan payments$3,000
c Mortgage loan payments$9,600
Invested assets$40,000
Use assets$220,000


A) $127,000
B) $132,000
C) $172,000
D) $182,000


What is his net worth?

As of December 31, 20X1, Bill Simpson has the following financial data:


Salaries$90,000
Investment income$4,000
Mortgage payments$16,000
Insurance$3,000
Auto notes$20,000
Income taxes$25,000
Auto payments$6,000
Medical/dental$4,000
Misc.expenses$15,000
b
Utilities$3,000
CD$5,000
Education$10,000
Food$8,000


What is Bill's surplus or deficit?


A)$14,000
B)$4,000
C)$1,000
D)$7,000

Which one of the following is the most correctly formulated goal for a client?


A) invest $500 monthly using a dollar cost averaging strategy to increase net worth
b
B) accumulate $50,000 in seven years for a son's education
C) accumulate $50,000 for a second home
D) build enough net worth to retire in 15 years



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