FINA 1904

What is the payment amount necessary to accumulate $12,000 in 5 years at 10% interest rates?

$1,965.60

You need $12,000 at the end of 5 years to use as a down payment on a beachfront lot in Hatteras, NC. You found a Vanguard Money Market account that pays 10% compounded annually. How much do you need to deposit each year to reach your goal?

$1,965.60

If I deposit $200 in an account that pays 5% interest, compounded annually, what will be the balance in the account at the end of ten years if I make no withdrawals?

$325.78

Let's look at the second tax bracket of 15 percent. Any income below $9,325 (the first tax bracket) is taxed at 10 percent, and anything over $9,325 is taxed at 15 percent. So if your taxable income is $30,000, how much do you owe in income tax?

$4,033.75

Your best friend has written you an IOU for last nights bar tab agreeing to pay you $800 at the end of 6 years at the same interest rate you now earn on your savings account. You currently are earning 7% interest compounded annually. What was your friends bar tab?

$533.07

You're moving to a new location and decide to save money by renting. However, you also ran up your credit card balance by purchasing new living room furniture totaling $2,000. You financed through the furniture company at the exorbitant rate of 23% APR for 5 years. What is your monthly payment?

$56.38

Your mom needs to borrow grocery money from you to feed you and your eight brothers and sisters. You agree to lend her the money at 12% interest compounded annually. She agrees and tells you she can pay you $300 in one year, $400 in two years, and $200 in three years. How much are you going to lend her?

$729.10

What is the FV of $100 deposited each month at 12% interest for 5 years?

$8,200

How much must you deposit in an account today so that you have a balance of $1,000 at the end of five years if interest on the account is 4%, compounded quarterly?

$819.54

Your 25-year old younger sister started smoking. She is currently paying $24.00 per carton per week. You explain to her that this is $1,248 per year ($24 x 52). She says big deal. You then tell her that if she were to save that same amount and invest it in the stock market, she would have a significant amount of money to retire when she turns 65. Your sister wants to know how much she would have. You know that over the long-term, the stock market has returned 12% interest compounded annually. You tell your sister that if she stops smoking she will have_________ when she retires.

$957,328

When evaluating your credit score, what percentage weight does new credit represent?

0.1

Although you may not buy new clothes every month, you will spend money on clothes sometime during the year. At the very least, include an entry for clothing a few times on your ________ budget.

12 month

After all the negotiations are complete, an accepted agreement between the buyer and the seller is just one early step in a long process. How long do most real estate transactions approximately last?

3-6 weeks

A person in the 25% marginal tax bracket has to work _______ harder for their money.

33%

By understanding taxes, we can begin to understand how much money we have to earn to purchases what we want after taxes have been applied. For example, if we know we are going to earn $100, and our tax rate is 37%, how much do we have left over to purchase what we want?

63

There is no real advantage to raising a credit score above what number? Most lenders provide the best loan rates and terms to anyone with this score or above.

760

While standards can adjust at any time, what credit score has historically been considered the best for most people.?

760

What should you consider when deciding to buy a new or used car, or to buy or to lease a car to determined which option is best for you?

Advantages and Disadvantage

What is the term for the net interest rate cost, after adjusting for the marginal tax rate, assuming the expense is tax deductible?

After-Tax Interest Rates

What is the term for a partially refundable tax credit for qualified education expenses with a maximum of $2,500 during the first four years of postsecondary education for an eligible student?

American Opportunity Credit

This term describes a partially refundable tax credit for qualified education expenses with a maximum of $2,500 during the first four years of postsecondary education for an eligible student.

American Opportunity Tax Credit (AOTC)

Taxes on property are what?

Can be a recurring tax, paid year after year on property someone owns

What is a short-term loan where borrowers use their car title as collateral? If they do not repay, the lender can take possession of the car and sell it to meet the debt obligation.

Car Title Loan

What is the term for a life insurance policy that builds a value that can be returned to the insured upon surrendering or canceling the policy?

Cash Value Life Insurance

All lenders require you to have this type of insurance if you have an outstanding loan on your car.

Collision and Comprehensive Insurance

This term is the transfer of money from one bank account to another, without the use of cash or the need for a bank employee.

Electronic Funds Transfer (EFT)

Although other companies now have their own proprietary credit scores, what is still the most commonly used credit reporting service?

FICO

In order to pay less in taxes, you need to either earn less or maximize the use of credits and deductions. Follow these steps to reduce the amount of taxes you owe: maximize your contributions to your 401(k), contribute funds to a traditional IRA, maximize contributions to a qualified health savings account, deduct moving expense, review all possible credits for which you may apply, deduct student loan interest, and what final step?

Deduct tuition or claim an eligible education tax credit

What is the key to saving?

Learn to live on less

Fixed expenses, variable expenses, and what is vital to building a simple budget?

Discretionary Income (spending money)

What type of questions should you be asking yourself during a personal evaluation?

Fact-based

It is not substantially important to be prepared for the next job along the way in a good career path plan.

False

What agency regulates interstate and international communications by radio, television, wire, satellite, and cable in all 50 states, the District of Columbia, and U.S. territories?

Federal Communications Commission

What tax is the tax the government charges for your right to transfer your property upon your death?

Federal Estate Tax

It is a good idea to be the __________ person a boss thinks of when he or she has a critical assignment that must be done right and must be done on time.

First

When deciding if you should pay someone else to do something for you, you should consider the following: can I do this myself, how difficult would it be to learn to do this myself, can a friend or someone else assist me instead of a professional, and what?

How many hours would I have to work at my job to pay someone else

What is a loan for a house, where the house itself is collateral for the loan?

Mortgage

What is a tax credit that you may not receive as a refund and can only receive this credit up to the amount you owe in taxes?

Non-refundable Tax Credits

This term describes a medical facility that includes skilled health care, rehabilitation services, and person care 24 hours per day.

Nursing Home Facility

What is a tax levied on an individual's personal property by the county or state in which they reside?

Personal Property Tax

By solving for this we can determine how much the total amount of a loan is based on the regular payments.

Present Value of Annuity

The mission of the this agency is to protect investors, maintain fair, orderly, and efficient markets, and to facilitate capital formation.

Securities and Exchange Commission

When it comes to your spending you need to know two things: how to live within your means and what else?

The "true" cost of your purchases

What concept is the foundation of the financial system that allows us to borrow, lend, and invest, while expecting a fair return of our money (called principal), and a return on our money (called interest or growth).

Time Value of Money

Consider two investment opportunities, Tweedle Dee and Tweedle Dum. Tweedle Dee pays interest at the rate of 12% per year, compounded monthly. Tweedle Dum pays interest at the rate of 11.5% per year, compounded daily. Which investment is better?

Tweedle Dee

In order for the individual that you designate to advocate on your behalf, they need to be able to: handle the stress of making those decisions, keep in mind your wishes, and what final understanding?

Understand information about any treatment options for you

With credit cards:

Zero percent transfer offers usually have a transfer fee of 4% attached

Although not always the case, what do many utility companies, water cooperatives, and cable companies require from first-time renters or new customers?

a deposit

Discount warehouses such as Sam's Club or Costco can save you a lot of money if you're careful, but not all bulk items are what?

a good deal

When you're ready to make your offer for a new vehicle, where should your offer be in relation to the maximum amount you are prepared to pay?

a little below

The exciting part with long-term investing and their correlated tipping points, is every time you hit a tipping point what is happening to your regular monthly or annual growth?

accelerating

Any time a major life event occurs, a review of your tax situation is in order to avoid the "April 15th surprise." A major life event includes: graduation, marriage, divorce, having a baby, significantly reducing or increasing your income, receiving an inheritance, changing jobs, and what other major life event?

adopting a child

Electronic Funds Transfers (EFT) is when a company automatically __________ payment from a checking or savings account.

all of the above

Money that is needed next week, next month, or next year should be kept in accounts that are safe from large swings in __________.

all of the above

Most complicated investment choices and investment strategies do not make better investments than quality __________ investment choices.

all of the above

Some good tips for individuals who are talking about money with their spouse or partner include what?

all of the above

To shop around for the best price on insurance:

all of the above

Unfortunately, most Americans do not plan __________ for retirement.

all of the above

Which of the following will help someone avoid getting scammed or ripped off?

all of the above

The underwriting process of loans means to what?

all of the answers are correct

Renter's insurance is or does what?

all the above

To get the best mortgage that is right for just about anyone, potential home buyers should:

all the above

Some young couples who come from relatively affluent or even middle class homes expect to buy their first home with the same level of ___________ as their parents' current home.

amenities

Although numerous commercials advertise access to free credit reports or free credit scores, where is the only place to get the reports online for free each year?

annualcreditreport.com

The present value of what kind of time value of money problem or question allows easy calculation of what a series of regular payments to be received in the future is worth today?

annuity

What is more important than aptitude or appearance? It can make or break a marriage, a family, or a career.

attitude

What is the key to debt and debt levels so you do not put your personal finances at too much risk?

balance

One pitfall to financial planning is there are 1.2 million of these every year and they have huge financial consequences for a long time.

bankruptcies

This written plan itemizes income and expenses for a designated time period. Use this to identify your financial goals and determine how to distribute those resources to achieve those goals.

budget

This is one of the five C's of credit and is the ability to pay back a loan.

capacity

Being prepared to take advantage of a new job opportunity is important for good __________ management.

career

What is term defined as a borrower's willingness to pay their bills on time?

character

When you receive one of these, you must endorse it by signing your name on the back so that you can deposit it into your account.

check

Almost everyone needs to borrow at some time to accomplish their goals and to better their lives. What does debt take away by obligating future income?

choices

Small amendments to your original will can be made by adding a what, which must meet the same legal requirements as your original will?

codicil

This is one of the five C's of credit and is a specific asset of some value that is pledged to the lender.

collateral

As you start the car buying process, where is it recommend you begin in order to get an unbiased review of the vehicle you are interested in purchasing?

consumer reports

A defined __________ retirement plan is one where the employee and employer contribute a defined amount of money to a retirement fund.

contribution

This term is often used by various industries to determine the amount of risk an individual presents, an industry indicator of how an individual handles their finances.

credit

_____ is simply an external indicator of how we handle our financial life. It is an attribute or a characteristic about us.

credit

_______ cards provide more protection from fraud and poor business practices than cash.

credit

Including banks and other lending institutions, who will take a broad look at your financial situation to make sure you are someone to whom they want to lend money?

credit card companies

_________ is/are not evil by itself/themselves.

credit cards

Other than a __________ , lenders do not know a lot about the borrower and, more importantly, their money personality.

credit report

What is the term for a purchased protection process applied to your credit report you may use to help avoid identity theft?

credit report freeze

It is important for taxpayers to understand the difference between tax ________ and tax deductions if they want to pay minimum income taxes.

credits

A cover letter should be what for each individual job application.

customized

What is the term for owing something to someone else? You could owe someone money, time, or a service.

debt

What should you pay off sooner rather than later, giving you more money at the end of the month to focus on the things that are important to you?

debt

Each type of insurance has its own type of __________.

deductible

While some IRAs and other retirement accounts can be insured through the FDIC and NCUSIF, they only insure these types of accounts and not those invested in the stock market.

deposit accounts

You will find that you do not possess all the necessary skills and experiences required for your future what? Do not panic. Discovery is all part of the process. Remember, you are still in college and now is the time to acquire those skills.

dream job

Also called out-the-door price, what is the total price you pay the dealer that includes the negotiated price of the car, plus any taxes, mandatory fees, and overhead fees (fees that dealer charges its customers)?

drive off price

Renters do not build __________ in their home since they do not own it.

equity

What is a tax levied on the net value of the estate of a deceased person before distribution to the heirs?

estate tax

Once you graduate, you will have a lot more money to manage. What will you also have a lot more of that will eat up that money?

expenses

What is offered with almost every appliance or electronic item that provides "protection" that research indicates is of very little real value?

extended warranty

A bounced check (not having enough money in one's account to cover the check) may be illegal, but it is not costly.

false

A good way for someone with homeowner's insurance and car insurance with the same company to save money is to change company for one of the policies.

false

A very easy goal to achieve is to balance the use of credit and debt level so oneÕs personal finances are not put at too much risk.

false

Almost everyone thinks about their professional development and works towards achieving their goals.

false

Annuity is a just a financial term that means unequal payments at unequal time intervals.

false

Because of the credit report, lenders know a lot about a borrower and, more importantly, their money personality.

false

Cars cannot be sold 'as-is.' There must always be a warranty.

false

Completing a degree in the field of a dream job has no impact on the chances of getting the next job on that dream career path.

false

Even when a budget is seen on paper (or computer), it is difficult to spot specific changes in spending that can be taken to reach any financial goal.

false

For almost everyone, it is easy to separate their financial life from their life.

false

Fortunately, money never escalates a conversation into a shouting and yelling match.

false

How to protect loved ones at retirement and death should never be addressed in wills and personal contracts.

false

If trying to build real wealth over a long period of time a long term certificate of deposit (CD) is a good option.

false

Investing regularly is the power behind the time value of money.

false

It is a good idea to fight to win when in a relationship.

false

It is a good idea to find ways to increase expenses to create the largest shortage surplus possible so more money can be allocated to achieving financial goals.

false

It is not substantially important to be prepared for the next job along the way in a good career path plan.

false

Leadership skills are important to only those few employees that employers want to advance in the company.

false

Many people that can do so will choose a bank because banks tend to be less expensive, pay higher interest rates on deposits, and charge lower interest rates on loans than do credit unions.

false

Money has very little impact on any of our relationships.

false

Money stuffed in a mattress (Cash) is not subject to the time value of money.

false

Most experts agree that 15% profit on the sale of a car is fair to both the automobile dealer and the buyer.

false

On average cars appreciate about twenty percent of their value each year.

false

Personal property includes all personal items, but excludes thing like electronics, computers, and other similar items.

false

So as not to be confused with money market accounts available through banks and credit unions, brokerage or investment firms do not offer money market funds or money market mutual funds.

false

State birth tax, for those states that have this tax, requires that parents to pay a certain percentage of all wealth that is to be transferred as part of an inheritance.

false

Talking about money is always the best area of communication in a relationship.

false

The 2009 Debit Card Accountability, Responsibility, and Disclosure Act (the Debit CARD Act) changed some of the rules of the debit card industry in an attempt to protect consumers.

false

The opportunity to earn interest is not lost by waiting to start investing.

false

The present value of an annuity calculates how much a regular series of payments will be worth at some point in the future.

false

The primary disadvantage of buying a new car is lower maintenance costs and peace of mind.

false

There are lots of advantages to raising a credit score above 720.

false

The Federal Trade Commission (FTC) is the ________ whose job it is to advocate on behalf of the consumer.

federal agency

We face many risks. Not fully inclusive, the list includes: disability, illness, death, identity theft, property, liability, and what other form of risk?

financial

What is an electronic calculator that specifically performs financial calculations such as time value of money?

financial calculater

This term refers to having the knowledge to make the most of whatever money you do earn; it's not about how much you make, it's about how much you spend.

financial competency

What should you include on your check as a restrictive endorsement to ensure not just anyone can cash your check?

for deposit only

When couples fight about money they should try to fight:

for the truth

When solving for how much some amount today is worth tomorrow in a time value of money problem, you are solving for what value?

future

This is the term for the time allowed to pay a credit card balance without incurring any finance or interest charges.

grace period

This term is the person designated by the testator to care for minor children or pets.

guardian

You can specifically designate a durable power of attorney for health care, which is also referred to as a what?

healthcare proxy

The key to credit cards is to understand the consumer protections laws governing credit cards, when you should and should not use them, the purpose they should serve, and what?

how they work

What is the term for the easiest portion to complete in your budget worksheet which typically stay the same from month to month?

income

This is currently the most visited job search site in the United States. It is an aggregate site that pulls job listings from thousands of company Web sites, job boards, and more. Some employers even post directly to this website.

indeed.com

The interest rate of a variable-rate mortgage varies over time and is tied to a specific what?

index

What is the term describing the rate of increase in the price for goods and services?

inflation

When purchasing a vehicle, at the very least, what should you have done by a trusted mechanic?

inspection

The primary way to shift the cost of risk is to purchase __________.

insurance

What is the fee charged by a lender of money to the borrower? It is also the rental fee to use someone else's money.

interest

Just as an emergency fund is a good first savings goal, retirement is a good first goal for what?

investing

_______ insurance should be used to protect someone who financially depends on the insured.

life

What is the first step a person should take when searching for a place to rent?

look at their budget

When you go grocery and clothes shopping, what should you do to ensure you leave with only what you intended to purchase and nothing else?

make a list and check it twice

During this type of warranty coverage, the owner can take the vehicle to any authorized dealer service center and have repairs made without cost.

manufacturer warranty

The biggest advantage of using an employer retirement program is that many plans offer some sort of what based on your contributions?

matching amount

What is the term for the combined state and federal program that provides health coverage for low income individuals?

medical

The disadvantages of renting property stem mostly from the premise that you are throwing what away?

money

When creating an expected budget, what should you list first?

monthly income

There are three types of __________: fixed-rate, adjustable-rate, and hybrid.

mortgages

The best way to find a job is by using your what? You should start building one before you even become a professional.

network

What is the term for a state with laws that require a minimum level of no-fault automobile insurance?

no fault state

_________ a new or used car is just one of many decisions faced in the car buying process.

none of the answers

You can never tell from where lucrative job offers might come. What should you take full advantage of during your college career?

opportunities

Even if you do not realize it, as you begin to implement a savings plan, what good habit are you beginning to develop?

paying yourself first

What is the key difference between the lump sum and the annuity in a time value of money problem or question?

payment

What of an annuity time value of money question is the key difference between the annuity and the lump sum? This implies a regular amount of money that is paid or invested at regular time intervals.

payment

As you know more about your ________ and employ more tools like a budget to control them, you will make fewer and fewer unnecessary purchases. Think about famous actors, actresses, and athletes who have made millions of dollars but still end up bankrupt. It's not about having more money. It is about managing what you earn and using your money to reach your goals.

personal finance

Also called unsecured loans, what are loans that are based only on the promise to repay and do not require any collateral (collateral is an asset that can be seized in the event of failure to pay back the loan)?

personal loan

The term for the authorization for one person to legally act on half of another person.

power of attorney

Once you have completed the budget review and home requirements checklist, the first step in obtaining a mortgage is to get what?

pre approved

One advantage of employer retirement plans is that the contributions are made in __________ dollars.

pre-tax

This is a debit card that is not linked to a bank account and can only be used to spend the amount of money pre-loaded onto the card in advance. They are generally accepted the same as any major debit card if affiliated with a particular network such as Visa, Discover, MasterCard or Amex.

prepaid debit cards

Owning a car means that the car is yours. It comes with all the benefits and all the what?

problems

Although they are convenient, these digital cash transfer apps provide little or no ________ against fraud.

protection

In the long run, proving you can handle different types of credit will ultimately do what to your score and will establish you as a less risky consumer?

raise

There are many other "hidden" costs to home ownership of which you at least need to be aware, like school districts, zoning restrictions, and what final hidden cost?

resale value

Term for the estimated value of a car turned in at the end of the lease.

residual value

Savvy investors avoid unnecessary __________.

risk

This is the term for the likelihood or probability of loss or unexpected event.

risk

One big difference between saving and investing is that when __________, the money should remain liquid.

saving

Although there is no exact cutoff point, what kind of goals tend to be less than three years in length?

short term

When it comes to taxes, the five filing statuses identified by the IRS are qualifying widow(er) with dependent child, head household, married filing jointly, married filing separately, and what final filing status?

single

What is a court within a local jurisdiction where small-dollar cases can be tried quickly for a small fee and without legal representation?

small claims court

Developing what first while you are in college will help you with your personal finances after graduation?

smart spending habits

This type of will provide your wishes for each of your social media profiles, as well as login access.

social media will

If the company that has your dream job is expanding into the South American market, what should you become fluent in to make you a very attractive applicant?

spanish

Charles does this with his money when he uses his debit card.

spends

The term for the amount the dealer lists as the price of the vehicle.

sticker price

There are no __________ deductions for contributions made to a Roth individual retirement account (IRA).

tax

The goal of estate planning is to practice what by utilizing the available tax laws to minimize your estate tax liability?

tax avoidance

This term is the person who is writing the will and who is leaving their items, or their wishes, to survivors.

testator

To answer any time value of money question, at least __________ of the five pieces of information must be known.

three

When it comes to savings and investing, risk and return are tied together by __________.

time

This is a simple concept with complex results. It illustrates why investments grow over time. It illustrates why credit card debt keeps you poor for such a long time, and it illustrates why your car payment is different based on the amount of interest the lender charges or how long you borrow the money.

time value of money

The only money you have available is your discretionary income, so think about expenses in terms of percentage of monthly discretionary income, not the percentage of what?

total income

What is the last step in the budget process?

track and adjust

A big plus of home ownership is equity ownership.

true

A lot of different financial calculators are available to use in time value of money calculations.

true

By casually adjusting spending levels slightly, debt can gradually be eliminated.

true

Collision insurance coverage pays for damages to a car when it is involved in an accident.

true

Debt allows an economy to appear very large but debt also creates more risk in an economy.

true

Dining out can easily eat up a person's paycheck.

true

Excise taxes are similar to sales taxes.

true

For most people, how they manage their career is one of the biggest personal financial decisions they will ever make.

true

For most people, living on less sounds painful but done the right way it does not have to be.

true

If the price break on buying a larger size of any item is a savings of 40% in the price per quantity, then effectively 40% of the item could be thrown out if it went bad and the purchaser would be no worse off financially.

true

If trying to build real wealth over a long period of time it is better to consider other investment options than a certificate of deposit (CD).

true

It is important for taxpayers to understand the difference between tax credits and tax deductions if they want to minimize their tax liability.

true

Just as it is a good idea to receive the best value for large infrequently purchased items, it is a good idea to receive the best value for everyday purchases.

true

Leadership skills are very important to almost every employer in almost every field.

true

Make sure to include a reasonable amount of money for car maintenance on the budget sheet when determining how much monthly car payment is affordable.

true

Many first time renters with a roommate(s) assume they are only responsible for their portion of the rent.

true

Most experts agree that a home buyer should employ a buyer's real estate agent.

true

Most people are surprised by how much money they spend in certain budget categories, especially dining out.

true

On average, most people easily spend between $200,000 and $250,000 on car purchases before retirement.

true

Other than a credit report, lenders do not know a lot about the borrower and, more importantly, their money personality.

true

Personal property tax is paid on the value of the things one owns.

true

Regardless of the debt elimination approach selected, it is usually wise to pay off any federal student loans or any mortgage last.

true

Some experts advocate to avoid credit cards at all cost.

true

Spending is what many people do when they are feeling down or depressed.

true

State inheritance tax, for those states that have this tax, requires that an estate pay a certain percentage of all wealth that is transferred as part of an inheritance.

true

Talking about money can be difficult.

true

The 2009 Credit Card Accountability, Responsibility, and Disclosure Act (the Credit CARD Act) changed some of the rules of the credit card industry in an attempt to protect consumers.

true

The cost of a wedding cake can be cut by reducing the cost of the labor needed to make it.

true

The future value of an annuity calculates how much a regular series of payments will be worth at some point in the future.

true

The three important things to consider when buying term insurance is a renewability option, restrictions on pay out, and if it is a level term policy.

true

There are three types of mortgages: fixed-rate, adjustable-rate, and hybrid.

true

There is almost always more pressure from insurance salespeople to buy cash value life insurance rather than term life insurance.

true

To avoid any last-minute surprises, it is a good idea to drive to the place where a job interview will be held at least one day in advance and at the same time as the interview.

true

To determine a comfortable car payment, the two pieces of information needed are monthly principal plus finance costs and insurance costs.

true

When applying for jobs it is important for people to a have a good idea of what they want to do, because they can look for places that have large concentrations of the kinds of jobs they want to do.

true

When buying a car it typically is better to make a financial decision rather than an emotional one.

true

With such a large investment in a home and all the cash outlays to make the purchase, it only makes sense to protect it with a good homeowner's insurance policy.

true

College will take a lot of your time and add up to a lot of money. The average _________ and board for a public four-year college is more than $80,000 over four years.

tuition

A personal loan is generally what? This means unlike a mortgage or a car loan there is not an asset attached directly to the loan as security.

unsecured

A business will not hire anyone and pay them a salary unless the business believes the employee can help the business make money. Because of this, what must every employee add to their organization or their job will cease to exist?

value

The __________ period on a disability insurance policy is the amount of time from when a disability is first incurred to the time when the first benefit payment begins.

waiting

What should you determine first before deciding what kind and make of car you wish to buy?

what can you afford

Begin by asking yourself What kind of work do I want to do? Do you prefer inside sales or outside sales? Do you want to be a manager? Do you want customer interaction? Would you like to work in manufacturing? Would you like to work in retail? Do you want to work in the healthcare industry? How about for a software company? These are all questions you should ask when addressing which "W"?

what do you want to do?

What is a legal document that lets everyone know to whom you want to give all the things that you own upon your death?

will