Deck 12: Making It Happen

Question 1

Plans that require the support of family members are vulnerable to ______.

A) the number of people involved
B) the income of the family
C) the power structure of the family
D) attitudes and behaviors of the member

Answer 1

attitudes and behaviors of the member

Question 2

According to Gresham's law of planning, established plans are shifted by ______.

A) immediate needs
B) complexity of decision-making
C) will of the leader
D) education

Answer 2

immediate needs

Question 3

When goals are blocked or threatened by family members' emotional reactions such as anxiety or anger, it is known as ______.

A) accountability
B) affect regulation
C) delegation
D) strategy

Answer 3

affect regulation

Question 4

Margaret recently found out that she is pregnant. Although she wasn't planning to have a child, her adjustment to this new transition will be easier if she ______.

A) gets married
B) has access to medical care
C) is optimistic
D) already has children

Question 5

Families who use interpersonal strategies to reach common goals require ______.

A) cooperation
B) dominance
C) self-expression
D) competition

Question 6

The ability to rebound from adversity, to overcome obstacles, and to achieve success even when one has experienced great losses in the past is known as ______.

A) task management
B) affect regulation
C) delegation
D) resilience

Question 7

The opportunity for leaders to help develop the skills of others involved in the implantation of a plan could be ______.

A) accountability
B) delegation
C) communication
D) cooperation

Question 8

The distribution of responsibility across family members for the success of any plan should follow general guidelines of ______.

A) communication
B) motivation
C) accountability
D) affect regulation

Question 9

Bethany's parents have a tendency to keep her from experiencing anything that is uncomfortable. After a recent move, they accompanied her to her new high school and did all the talking with her teachers and the guidance counselor. Bethany's ability to take responsibility may be hampered by her parents' ______.

A) enabling
B) intrinsic motivation
C) mixed-motive situation
D) delayed gratification

Question 10

Russell believes that his inability to be successful is a result of his parents' divorce, his problem with obesity, and the inability of the government to meet his needs. Russell's locus of control is ______.

A) internal
B) external
C) delayed
D) autonomous

Question 11

Estate planning involves being aware of the ______.

A) number of heirs you have
B) wishes of your relatives
C) first-born male
D) changes within the tax system

Question 12

A legal document that explains how an individual wants to distribute his/her assets upon death is known as ______.

A) intestate
B) probate
C) a will
D) joint ownership with rights of survivorship

Question 13

A living will is designed to ______.

A) distribute assets among heirs
B) allow a health care proxy to make life support decisions
C) be activated while the person is still alive but cannot make decisions for him- or herself
D) determine the executor of the estate

Question 14

A method of transferring property without tax implications is known as ______.

A) joint ownership with rights of survivorship
B) durable power of attorney
C) estate planning
D) probate process

Question 15

The important steps in assessing possible risk include all EXCEPT ______.

A) risk recognition
B) risk prioritization
C) risk succession
D) risk management

Question 16

Those purchasing insurance must pay insurance companies in the form of a ______.

A) deductible
B) premium
C) co-pay
D) risk pooling

Question 17

With life insurance, upon the death of the insured, a lump sum payment or installments are paid to the ______.

A) beneficiary
B) heirs
C) husband or wife
D) creditors

Question 18

Homeowner's insurance covers the replacement of the dwelling and also may cover all EXCEPT ______.

A) other structures on the property
B) personal property
C) loss of use of building during replacement
D) loss of life due to natural disaster

Question 19

Supplemental homeowner's insurance coverage available for specific situations such as jewelry and other valuable collectibles is known as a ______.

A) discount
B) premium
C) floater
D) rider

Question 20

Homeowner's can qualify for a reduced or discount premium if the house is ______.

A) an older structure
B) constructed with materials that exceed minimum standards
C) located in a city rather than an urban area
D) located in a flood plain but has never been flooded

Question 21

A common shared vision must exist for members to maintain their motivation toward goal completion.

Question 22

Goals are rarely threatened by the emotional reactions of family members during implementation.

Question 23

Optimism is useful if it includes a rational evaluation of each situation.

Question 24

Confidence has no effect on goal fulfillment.

Question 25

Delegation is the ability to rebound from adversity, overcome obstacles, and achieve success.

Question 26

Stress and competition for family resources can sap the energy out of any plan of action.

Question 27

When a family member faces a lifestyle change, the new change requires the willingness of everyone in the family to adapt.

Question 28

A mixed-motive situation involves a conflict between pursuing one's own interests and the group's interests.

Question 29

Intrinsic motivators are those such as financial success, power, and image.

Question 30

Extrinsic motivators are more effective in goal accomplishment.

Question 31

Estate planning is a process used to manage a family's future financial health and well-being.

Question 32

Individuals who die without legally qualified estate plans files will be considered as intestate.

Question 33

If an executor is appointed within the will, the estate will not be subject to the probate process.

Question 34

Under the laws of community property, when either a husband or wife dies, the survivor will receive all the property without paying inheritance taxes.

Question 35

Succession planning should be an integral part of any family business.

Question 36

Because the uninsured have access to public assistance for health care, their general health is no different than those with health insurance.

Question 37

Life insurance provides protection against loss of income due to death.

Question 38

Riders can be added to home insurance to provide extended coverage for personal property such as jewelry and other valuables.

Question 39

Many insurance companies require that homeowners carry 75% of their home's full replacement cost.

Question 40

Give an example of implementation of plans attributed to Gresham's law of planning.

Question 41

What affect will optimism and pessimism tendencies have on successful implementation of plans?

Question 42

What aspects of communication are important to successful plan implementation?

Question 43

How does the idea of resilience help in the implementation of plans?

Question 44

It is important to make the strategy for achieving goals a priority by engaging all involved before and during implementation. According to the text, how can a family accomplish this?

Question 45

What are the benefits of delegation for the leader and the group members?

Question 46

Because it is so important in the delegation process, present some ways to enhance communication.

Question 47

Explain the differences between the two competing definitions of empowerment.

Question 48

Why is delayed gratification important to a group's long-term goals?

Question 49

Explain how new worth is determined?

Question 50

Give a scenario where someone would need a durable power of attorney.

Question 51

Explain why it is important to have a will.

Question 52

Why is it difficult to transfer a family business to the next generation?

Question 53

What are the differences between intuition and past experience in managing risk?

Question 54

Explain the concept of risk pooling as it applies to insurance.

Question 55

Clarify the differences between insurance deductibles, co-pays, and stop-loss limits.

Question 56

What is the difference between a health maintenance organization (HMO) and a preferred provider organization (PPO) in managed health care?

Question 57

Describe at least three of the factors that determine the cost of automobile insurance.

Question 58

Why does geographic location of a home determine the cost of homeowner's insurance?

Question 59

Outline the four reasons why goals and plans are abandoned or postponed and give an example of each.

Question 60

Outline four of the eight basic principles that will enhance the delegation process. Create a scenario where these principles would apply.

Question 61

Summarize the need for a trust, some situations where a trust would be useful, and why it is important to use legal and financial expertise to establish a trust.

Question 62

Explain how risk management plays a role in the successful implementation of any plan. Include the three steps of risk management in your explanation.

Question 63

Review the types of life insurance. Identify which type of insurance would be best for you and why.