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1.
Which of the following is not a tax benefit of having children?
Household employer status. As a household employer, you are responsible for paying withholding, Social Security, and unemployment taxes on caregivers who work in your home.
2.
In order for your personal financial plan to succeed, your life goals need to stay the same.
False. A good lifestyle financial plan allows your goals to change and keeps up with them.
3.
A lifestyle financial plan is based on making money.
False. A lifestyle financial plan is based on maximizing happiness, not money. Money is part of how the happiness is attained.
4.
What's the first thing to do when planning your lifestyle?
Figure out your dreams, desires, and goals. These should be the basis for adding in the financial component to your lifestyle.
5.
It is _______ more financially advantageous to buy a home than to rent one.
Often. It is normally only more financially advantageous if you are able to build equity. In some cases, it makes more financial sense to rent.