Personal Finance Final
A diversified portfolio of securities is characterized by: a. dissimilar risk-return characteristics of the financial instruments. b. concentration on a single industry that has the highest growth rate. c. erratic loss potential due to investment in the latest financial vehicles. d. unstable earnings for the entire investment horizon. e. investing in a single security that has the lowest risk and the highest returns.
a. dissimilar risk-return characteristics of the financial instruments.
The person setting up a trust is called the: a. grantor. b. trustee. c. attorney. d. executor. e. administrator.
a. grantor
A stock generally issued by companies expected to provide an uninterrupted stream of dividends and good long-term growth prospects is called a(n): a. blue-chip stock. b. growth stock. c. income stock. d. defensive stock. e. cyclical stock.
a. blue-chip stock
Discount brokers will: a. charge low commissions. b. give a commission to the investment bankers. c. issue a prospectus of the new issue in the primary market. d. provide finances to underwrite the shares issued for the first time. e. maintain a minimum balance of unsold shares of loss-making corporations.
a. charge low commissions.
A document that legally modifies a will without revoking it is called a(n): a. codicil. b. letter of last instructions. c. living will. d. ethical will. e. memorandum.
a. codicil.
An investor receives a return from an investment due to: a. recurring deposits. b. capital gains on the sale of an investment. c. asset allocation among different asset classes. d. rebalancing by buying more equities. e. diversification among or within asset classes.
b. capital gains on the sale of an investment.
An insurance company usually assigns more complex loss cases to a: a. captive insurance agent. b. claims adjustor. c. Chartered Property and Casualty Underwriter (CPCU). d. Certified Insurance Counselor (CIC). e. court investigator.
b. claims adjustor.
From an investor's point of view, the most important feature of a convertible bond is its: a. coupon rate. b. conversion ratio. c. conversion value. d. bond rating. e. dirty price.
b. conversion ratio.
Standard homeowner's policies will not include coverage for damage done by: a. fire. b. flood. c. lightning. d. wind. e. glass breakage.
b. flood
Conversion privileges allow investors to switch from one mutual fund to another within a: a. management group. b. fund family. c. brokerage group. d. switched fund. e. convenience group.
b. fund family.
The first step when buying property and liability insurance is to develop a(n): a. list of insurance agents offering insurance. b. inventory of exposures to loss. c. statement of premiums of five different insurance companies. d. list of floater policies. e. replacement cost for your property.
b. inventory of exposure to loss
Investing in real estate is attractive to investors because: a. it is a highly liquid investment. b. it permits a high degree of financial leverage. c. it is exempted from taxation. d. it requires very low investment. e. it is highly correlated with the stock markets.
b. it permits a high degree of financial leverage
Which of the following is a public assistance program that provides health insurance benefits only to those who are unable to pay for health care? a. Medicare b. Medicaid c. Blue Cross/Blue Shield plan d. Point-of-service (POS) plan e. Workers' compensation insurance
b. medicaid
If you are laid off, your group health insurance: a. can be continued if the employer chooses to. b. must be continued if you pay the premiums. c. must be continued and your ex-employer pays the premiums. d. is continued and is paid by Social Security. e. is immediately terminated.
b. must be continued if you pay the premiums.
Disability income policies usually have a(n) _____, which is a time delay from the date of the issuance of the policy until benefit privileges are activated. a. waiting period b. probationary period c. elimination period d. internal limit period e. outer limit period
b. probationary period
Aside from the initial distribution of common stock when the corporation is formed, subsequent sales of additional shares may be made through a procedure known as a: a. trade-off. b. public offering. c. dividend reinvestment plan (DRP). d. proxy. e. call.
b. public offering
When you buy 300 shares of a company, you have purchased a(n): a. odd lot. b. round lot. c. combined lot. d. even lot. e. prime lot.
b. round lot
You could give an unlimited amount of property to your _____ without incurring any gift taxes. a. children b. spouse c. friends d. charity trust e. relatives
b. spouse
You have a spouse, two children, three brothers, one grandchild, and a living father. If you died without a valid will, the person(s) most likely to receive the proceeds of your estate would be your: a. grandchild. b. spouse. c. father. d. brothers. e. children.
b. spouse.
The purchasing power of income from a long-term disability policy is protected by: a. the Patient Protection and Affordable Care Act (ACA). b. the cost-of-living adjustment (COLA) provision. c. Medicare benefits. d. Social Security income. e. the health reimbursement account (HRA).
b. the cost-of-living adjustment (COLA) provision
The maximum limit on most dental policies is often in the range of _____ per patient. a. $1,500 to $2,500 b. $2,000 to $2,500 c. $1,000 to $2,500 d. $1,500 to $2,000 e. $3,000 to $5,000
c. $1,000 to $2,500
Suppose the earnings per share (EPS) of a stock is $2, and the current price/earnings (P/E) ratio is 10. What is the current price of the stock? a. $5 b. $8 c. $20 d. $40 e. $35
c. $20
Jenny's modified adjusted gross income (MAGI) is $120,000 a year, and she owns real estate property that generates a rental income of $10,000 annually. If she pays mortgage interest of $4,000 on her property per year, she might be able to write off up to _____ in depreciation. a. $4,000 b. $10,000 c. $6,000 d. $14,000 e. $8,000
c. $6,000
A bond is quoted as a 6.5% coupon. The par value of the bond is $1,000, and the market value is $1,200. The bondholder would receive _____ in interest per year. a. $78 b. $780 c. $65 d. $500 e. $650
c. $65
The current net profit of Sigma Inc. is $8 million, the market price of the stock is $65, and sales is $50 million. The net profit margin of Sigma Inc. is: a. 10%. b. 28%. c. 16%. d. 8%. e. 22%.
c. 16%.
The Smith family owns 200 shares of Elta stock. The company declared a 5% stock dividend. The Smiths now own: a. 200 shares. b. 205 shares. c. 210 shares. d. 420 shares. e. 410 shares.
c. 210 shares
A Puppy Pet Services $1,000 bond has a 7.5% coupon rate, matures in 2020, and is currently quoted at $820. What is the current yield? (Round the answer to two decimal places.) a. 6.15% b. 7.50% c. 9.15% d. 10.27% e. 11.43%
c. 9.15%
John Smith is in the 28% tax bracket. If he were to purchase a $1,000 municipal bond that has a stated interest rate of 6.9%, what would the fully taxable equivalent yield be? (Round the answer to two decimal places.) a. 6.90% b. 8.26% c. 9.58% d. 12.11% e. 14.63%
c. 9.58%
The return on a _____ is an appropriate measure of the risk-free rate of return. a. long-term Treasury note b. certificate of deposit (CD) c. 90-day Treasury bill (T-bill) d. long-term corporate bond e. common stock
c. 90-day Treasury bill (T-bill)
Which of the following statements regarding American Depositary Receipts (ADRs) is true? a. ADRs are traded only in foreign exchanges. b. ADRs are denominated in foreign currencies. c. ADRs represent a stated number of shares in a specific foreign company. d. The investors in ADRs receive annual interest amounts in dollars. e. The investors in ADRs receive dividends in foreign currencies.
c. ADRs represent a stated number of shares in a specific foreign company.
Which of the following securities laws regulates the sale of mutual fund shares? a. The Securities Act of 1933 b. The Securities and Exchange Act of 1934 c. The Investment Company Act of 1940 d. The Sarbanes-Oxley Act of 2002 e. The Securities Investor Protection Act of 1970
c. The Investment Company Act of 1940
Which of the following is a reason to invest in mutual funds? a. Mutual funds are free of any hidden costs. b. Mutual funds earn tax-free returns. c. Mutual funds provide a guaranteed return in spite of market risks. d. Mutual funds provide diversification of invested funds. e. Mutual funds do not charge any fees.
d. Mutual funds provide diversification of invested funds.
_____ covers the cost of visits to a doctor's office or for a doctor's hospital visits, including consultation with a specialist. a. Surgical expense insurance b. Hospitalization insurance policy c. Elective surgery insurance d. Physicians expense insurance e. A hospital income policy
d. Physicians expense insurance
A stop-loss order: a. is the quickest way to have an order filled. b. allows buy orders to be filled at the lowest price. c. allows stocks to be purchased at the current market price. d. sells a stock when the market price drops below a specified price. e. is used to buy stocks at a 10% margin.
d. sells a stock when the market price drops below a specified price.
A grantor is also called the: a. heir. b. beneficiary. c. joint owner. d. settlor. e. attorney.
d. settlor
A homeowner's policy does not provide protection for: a. the personal property of family members at home. b. the personal property of family members who are in college. c. a business unit's property valued below $2,500 while it is on the insured premises. d. the personal property of tenants. e. the personal property of family members who are traveling.
d. the personal property of tenants.
The Social Security tax rate for an employee remains in effect: a. until the employee's expenses change. b. until the cost of living increases. c. permanently. d. until the employee reaches a maximum wage base. e. until the employee changes jobs.
d. until the employee reaches a maximum wage base.
You could gift any number of people _____ per year without having to pay any gift taxes. a. $36,000 b. $12,000 c. $25,000 d. $5,000 e. $15,000
e. $15,000
Maria has invested $200,000 in mutual funds and $20,000 in bonds. The total value of her portfolio is: a. $220,000. b. $130,000. c. $250,000. d. $400,000. e. $310,000.
a. $220,000
Which of the following bond ratings would be for junk bonds? a. BB b. AaA c. C d. Aaa e. BBB
a. BB
____ gives the property owner an allowance for the decline in the physical condition of real estate over time. a. Depreciation b. A capital gain c. A dividend d. Interest e. Leverage
a. Depreciation
Which of the following would be a first-level death-related cost? a. Funeral expenses b. Federal estate taxes c. Probate expenses d. Inheritance taxes e. Administrative costs
a. Funeral expenses
When a bond is sold between coupon payment dates, the buyer pays the seller for the _____, which is the prorated share of the upcoming coupon payment. a. accrued interest b. prepaid interest c. bond premium d. bond discount e. discount
a. accrued interest
The objective of estate planning is to: a. avoid the disposition of assets to the possible beneficiaries. b. maximize the taxes involved in the transfer of assets. c. create a situation of intestacy. d. determine how to invest the estate's assets after your death. e. maximize the usefulness of people's assets during their lives.
a. avoid the disposition of assets to the possible beneficiaries.
With a traditional indemnity (fee-for-service) plan, the: a. health care provider and the insurer are separate. b. insurer always pays the health care provider directly. c. lower the deductible, the lower the premium. d. insured receives comprehensive health care services from a designated group of doctors only. e. health care provider contracts with the insured's employee union to provide health insurance benefits.
a. health care provider and the insurer are separate
One drawback of long-term-care insurance is its: a. high annual premiums. b. overlap with Medicare. c. inability to cover custodial care. d. short duration. e. nonrenewability clause.
a. high annual premiums.
The best way to buy automobile insurance is through a(n): a. insurance agent. b. state insurance commission. c. auto dealer. d. finance company. e. bank.
a. insurance agent
An insured does not get the right to arbitration when the: a. insurance company denies responsibility for the loss. b. loss is of a relatively small value. c. claim is assigned to a claims adjustor. d. insured leaves the scene of the accident. e. insured has made several claims from the insurance company.
a. insurance company denies responsibility for the loss.
A bull market is characterized by: a. investor optimism. b. low returns. c. economic slowdown. d. falling stock prices. e. lack of growth.
a. investor optimism
The main advantages of common stock ownership are: a. potential substantial returns and high liquidity. b. potential substantial returns and voting rights. c. a high interest payment and availability of market information. d. no direct management and guaranteed dividends. e. low risk and guaranteed dividends.
a. potential substantial returns and high liquidity.
A decedent's unused unified transfer tax (UTT) credit can be used by his or her: a. spouse. b. siblings. c. children. d. parents. e. grantor.
a. spouse.
Which of the following statements about risk is true? a. The higher the risk, the higher the expected return. b. The higher the risk, the lower the expected return. c. The lower the risk, the greater the maturity value of the investment. d. The higher the risk, the lower the maturity value of the investment. e. The higher the risk, the lower the risk-free rate.
a. the higher the risk, the higher the expected return
Harry starts receiving reduced retirement benefits at age 62. These benefits: a. will increase when he reaches the "full retirement age." b. are not subject to federal income taxes. c. are deducted from the future benefits he will receive after age 67. d. increase the tax deductions available to him. e. will remain the same when he reaches the "full retirement age."
a. will increase when he reaches the "full retirement age."
Stocks whose prices tend to increase when the economy is in an expansionary stage and decline during a contractionary stage are called: a. cyclical stocks. b. defensive stocks. c. speculative stocks. d. income stocks. e. tech stocks.
a.cyclical stocks
If you withdraw funds from a Keogh plan before age 59½, you will have to pay a _____ federal income tax penalty. a. 5% b. 10% c. 15% d. 20% e. 25%
b. 10%
The Dow Jones Industrial Average (DJIA) is based on: a. 50 stocks. b. 30 stocks. c. 500 stocks. d. 200 stocks. e. 100 stocks.
b. 30 stocks
Which of the following sections in an annual stockholders' report gives information on ongoing litigation? a. The chief executive's letter b. Management's discussion and analysis c. Income statement d. Auditor's report e. Notes about the financial statements
b. Management's discussion and analysis
Which of the following statements regarding private health insurance plans is true? a. With a fee-for-service plan, the health care provider is the same as the insurer. b. With a traditional indemnity plan, the premium cost is low if it is a high-deductible plan. c. With a managed care plan, the employer contracts with the health care provider. d. With a traditional indemnity plan, the insured pays 80% of the eligible health care expenses. e. Group health insurance is a contract between pharmaceutical companies and the health care provider.
b. With a traditional indemnity plan, the premium cost is low if it is a high-deductible plan.
The period during which premiums are paid for the purchase of an annuity is called the: a. installment period. b. accumulation period. c. survivor period. d. distribution period. e. contract period.
b. accumulation period
The principle of indemnity will prevent: a. the act of one person being assigned to another. b. an insured from collecting more than what he or she has lost. c. a negligent third party from being held liable for damages if the injured party is insured. d. a significant amount of loss control activity. e. an insurer from ever waiving its right to subrogation.
b. an insured from collecting more than what he or she has lost.
The decision on how to divide your portfolio among different types of securities is known as: a. arbitration b. asset allocation c. portfolio tracking d. estate planning e. investment planning
b. asset allocation
Which of the following statements regarding individual retirement accounts (IRAs) is true? a. Traditional IRAs can be opened by anyone with a modified adjusted gross income (MAGI) of more than $50,000. b. A 10% tax penalty applies to any funds withdrawn from a traditional IRA before 70½. c. Withdrawals from Roth IRAs are tax free, so long as the account has been open for 5 years and the individual is past the age of 59½. d. It is not possible to convert a traditional IRA to a Roth IRA. e. Contributions made to traditional IRAs are made with after-tax dollars.
c. Withdrawls from Roth IRAs are tax free, so long as the account has been open for 5 years and the individual is past the age of 59½.
Two investment prerequisites that are essential to developing a successful investment program are: a. ample income and debt. b. ample income and confidential information. c. ample insurance and liquidity. d. an investment plan and a nonmonetary goal. e. inconsistency and risk awareness.
c. ample insurance and liquidity
A stock's dividend yield is calculated as the: a. annual dividend received per share divided by the book value per share of stock. b. book value per share of stock divided by the annual dividend received per share. c. annual dividend received per share divided by the market price per share of stock. d. market price per share of stock divided by the annual dividend received per share. e. earnings remaining after paying preferred dividends divided by the number of common shares outstanding.
c. annual dividend received per share divided by the market price per share of stock.
A(n) _____ is a service offered by mutual funds that enables an investor to earn a fully compounded rate of return on their investments. a. retirement plan b. deferred withdrawal plan c. automatic reinvestment plan d. automatic investment plan e. systemic withdrawal plan
c. automatic reinvestment plan
If the amount of stock in the gross estate represents a substantial holding in a company, then the value subject to the tax will be reduced by the: a. marketability discount. b. minority discount. c. blockage discount. d. property discount. e. stock discount.
c. blockage discount.
Which of the following combines some of the operating characteristics of an open-end fund with some of the trading characteristics of a closed-end fund? a. Preferred fund b. Common fund c. Exchange-traded fund (ETF) d. Net asset fund e. Unit investment fund
c. exchange-traded fund (ETF)
The new securities sold in primary markets are handled by a(n): a. security exchange council. b. securities dealer. c. investment banker. d. credit bureau. e. insurance agent.
c. investment banker.
Government programs such as Medicare and Medicaid cover: a. more than half of the total cost of long-term care. b. all the costs related to long-term care. c. less than half of the total cost of long-term care. d. the average cost of long-term care. e. none of the costs related to long-term care.
c. less than half of the total cost of long-term care.
If an annuity plan is designed so that the monthly payment is adjusted by the actual investment experience of the insurer, it is a(n): a. guaranteed-minimum annuity. b. equity annuity. c. variable annuity. d. uncertain annuity. e. temporary annuity.
c. variable annuity
It pays to comparison shop for insurance policies because of the: a. subsidized deductible options. b. different educational qualifications of captive agents. c. large variations in premiums and services. d. different legal liabilities of insurance agents. e. high cost of insurance.
c.large variations in premiums and services.
A person who is not gainfully employed must start withdrawing funds from his or her Keogh retirement account by age: a. 50. b. 59½. c. 65. d. 70½. e. 75.
d. 70½.
Which of the following statements regarding a refund annuity is true? a. The monthly income provided by the policy varies as a function of the insurer's actual investment experience. b. The insurance company agrees to pay a guaranteed rate of interest on the insured's money. c. A specified monthly income is provided for a stated number of years without consideration of any life contingency. d. If the annuitant dies, the designated beneficiary receives monthly payments until the total purchase price of the annuity is paid back. e. The insurance company guarantees the annuitant a stated amount of monthly income for life.
d. If the annuitant dies, the designated beneficiary receives monthly payments until the total purchase price of the annuity is paid back.
Which of the following types of risk has the most effect on owners of fixed-income securities? a. Business risk b. Event risk c. Market risk d. Interest rate risk e. Purchasing power risk
d. Interest rate risk
Which of the following individuals would a portfolio containing 80 to 90% in common stocks be appropriate for? a. John and Vanessa, a retired couple in their mid-60s b. Michelle, a divorced middle-aged mother who has custody of her children, ages 2 and 6, and earns $60,000 a year in salary c. Meredith and Joe, a blue-collar, two-income family with 2 children, both of whom will be starting college within the next 3 years d. Ryan and Ramona, newlyweds who are in their mid-20s, have steady jobs, and are putting money aside for retirement e. Antonio and Lora, a couple in their mid-50s who earn a combined $150,000 in salary and are planning to retire in 10 years
d. Ryan and Ramona, newlyweds who are in their mid-20s, have steady jobs, and are putting money aside for retirement
Which of the following is the principal source of income for the average retiree? a. Earnings from income-producing assets (such as stocks and bonds) b. Earnings from full- or part-time jobs c. Pension plans d. Social Security e. Annuities
d. Social Security
Funds for Medicare benefits come from: a. monthly payments by users directly to the health care provider. b. the co-payment for health care services by the insured. c. the premiums paid by the employers for the employees. d. Social Security taxes paid by covered workers and their employers. e. the health care provider.
d. Social Security taxes paid by covered workers and their employers.
Which of the following statements regarding workers' compensation insurance is true? a. The federal government is responsible for setting workers' compensation legislation and regulating the program. b. Workers' compensation insurance includes only rehabilitation expenses. c. Employees are required to bear half of the entire cost of workers' compensation insurance. d. Workers' compensation insurance compensates workers who are injured on the job or become ill through work-related causes. e. Employers who file the most claims pay the lowest premiums on the insurance coverage.
d. Workers' compensation insurance compensates workers who are injured on the job or become ill through work-related causes.
The average level of Social Security benefits for retirees aged 67 and above is adjusted upward each year with subsequent increases in the: a. retirees' income. b. number of dependents. c. quality of life. d. cost of living. e. preretirement cost of living
d. cost of living.
A(n) _____ sells fund shares, either directly to the public or through authorized dealers. a. investment advisor b. custodian c. transfer agent d. distributor e. money manager
d. distributor
Activities of daily living (ADLs) are important in determining _____ for long-term-care insurance. a. type of care b. services covered c. the waiting period d. eligibility e. benefit duration
d. eligibility
Your gross estate is reduced by _____ to determine the adjusted gross estate. a. the state death tax credit b. the orphan's deduction c. the marital deduction d. funeral and administrative expenses e. the previous year's income tax
d. funeral and administrative expenses
A letter of last instructions is a(n): a. legal document that authorizes another person to take over someone's financial affairs and act on his or her behalf. b. document that precisely states the treatments a person wants if he or she becomes terminally ill. c. written power of attorney authorizing an individual to make health care decisions on behalf of the principal when the principal is unable to make such decisions. d. informal memorandum that is separate from a will and contains suggestions or recommendations for carrying out a decedent's wishes. e. personal statement left for family, friends, and community that shares your values, blessings, life's lessons, and hopes and dreams for the future.
d. informal memorandum that is separate from a will and contains suggestions or recommendations for carrying out a decedent's wishes
In addition to financing medical expenses, lost income, and replacement services, a good health insurance plan incorporates: a. Social Security benefits. b. flexibility in insurance premium payment on the lapse of the insurance policy. c. lifetime limited dollar insurance coverage on pre-existing conditions. d. other means of risk reduction, such as risk avoidance and risk assumption. e. life insurance.
d. other means of risk reduction, such as risk avoidance and risk assumption.
The _____ of a stock reflects investors' confidence. a. par value b. book value c. earnings per share (EPS) d. price/earnings (P/E) ratio e. dividend yield
d. price/earning ratio
At the scene of an accident, the police are only responsible for assessing the: a. amount of loss. b. amount of the claim. c. liability of the insurance company. d. probability of a law violation. e. extent of any injuries.
d. probability of a law violation.
Marcia works for Telephonic Industries and participates in its supplemental retirement plan. Last year, the firm did not earn a profit. Therefore, it did not contribute to the supplemental retirement plan. This plan is a(n): a. defined benefit plan. b. noncontributory pension plan. c. thrift and savings plan. d. profit-sharing plan. e. Keogh plan.
d. profit-sharing plan.
The Employee Retirement Income Security Act (ERISA) was established to provide: a. funding for retirement plans. b. the ability to retain the same retirement insurance when employees change employers. c. mandatory retirement plans for self-employed individuals. d. protection to employees participating in private employer retirement plans. e. individual trust funds for employees retiring from jobs in the federal government.
d. protection to employees participating in private employer retirement plans.
Which of the following statements regarding long-term-care insurance is true? a. Long-term-care policies do not reimburse the insured for the cost of services incurred on a day-to-day basis. b. The maximum duration of benefits is only 1 year. c. There is no waiting period to receive the benefits. d. Most long-term-care insurance policies are non-renewable in nature. e. Many policies offer inflation protection riders for an additional premium.
e. Many policies offer inflation protection riders for an additional premium.
The _____ is often used as a benchmark in assessing the price behavior of high-tech stocks. a. Standard & Poor's (S&P) composite index b. Dow Jones Industrial Average (DJIA) c. New York Stock Exchange (NYSE) index d. Dow Jones Wilshire 5000 index e. National Association of Securities Dealers Automated Quotation System (Nasdaq) Composite index
e. National Association of Securities Dealers Automated Quotation System (Nasdaq) Composite index
Which of the following statements about a stock's beta is true? a. Stocks with betas of less than 2.0 have low price volatility. b. High-beta stocks are relatively conservative investments. c. The higher the beta, the more confidences that investors are presumed to have in a given security. d. Most stock betas are positive. e. Stocks with positive betas are considered to be highly volatile.
e. Stocks with positive betas are considered to be highly volatile.
Which of the following best describes portfolio management? a. The management of a marketplace in which stocks, bonds, and other financial instruments are traded b. A plan for dividing a portfolio among different classes of securities in order to preserve capital by protecting the portfolio against negative market development c. The management of an agency of the federal government that regulates the disclosure of information about securities and generally oversees the operation of the securities exchanges and markets d. The process of creation of a document that is made available to prospective security buyers that describes the firm and a new security issue e. The buying, selling, and holding of various securities in order to meet a set of predetermined investment needs and objectives
e. The buying, selling, and holding of various securities in order to meet a set of predetermined investment needs and objectives
A policy provision ensuring continued insurance coverage for the insured's lifetime as long as the premiums continue to be paid is known as: a. a policy exclusion. b. co-insurance. c. a co-payment. d. benefits duration. e. guaranteed renewability.
e. guaranteed renewability.
The insurance designed to help with nursing home, assisted-living community, or in-home care due to chronic illness is called: a. Medicare. b. a major medical plan. c. a comprehensive major medical plan. d. nursing home care. e. long-term care.
e. long-term care
Retirement planning starts with: a. determining the size of the required nest egg. b. considering the longevity of the retiree. c. defining the investment program. d. determining the interest on income-earning assets. e. setting retirement goal
e. setting retirement goal