Ethics, preneed, and acts

Question 1

plan made or established by a person to pre-arrange funeral or disposition services for their own passing

Answer 1

pre-planned funeral arrangements

Question 2

plan or arrangement to lock final disposition costs, funeral, cremation or burial with a pre-need life insurance policy or annuity

Answer 2

pre-funded funeral arrangements

Question 3

type of pre-funded arrangement contract which can be cancelled, or terminated

Answer 3

revocable contract

Question 4

type of trust in which the settler reserves the right to terminate the trust and recover trust property and any undistributed income (can fund a preneed arrangement and if pre need contract is terminated after 30 day deadline, all money will be refunded to a certain percentage and interest or income on that amount

Answer 4

revocable trust

Question 5

type of pre-funded arrangement contract which will not terminate

Answer 5

irrevocable contract

Question 6

type of trust in which it cannot be revoked by the settler upon its creation

Answer 6

irrevocable trust

Question 7

type of pre-funded arrangement contract in which the costs of certain items or the cost of the total package will never be more to your family or estate

Answer 7

guaranteed contract

Question 8

type of pre-funded arrangement contract in which the costs of certain items or the cost of the total package will not be guaranteed to your family or estate.

Answer 8

non-guaranteed contract

Question 9

legal arrangement through which funds or assets are held by a third party for the benefit of another party, which may be an individual or a group.

Answer 9

Trust accounts

Question 10

the creator of the trust

Answer 10

grantor or settlor

Question 11

agreements that involve a person who isn’t a party to a contract but is involved with the transaction. This person may be a buyer representing one of the parties.

Answer 11

Third party contracts

Question 12

a fixed sum of money paid to someone each year, typically for the rest of their life

Answer 12

annuity

Question 13

account that has a beneficiary, who the person who opens the account selects. It is also called a payable on death account

Answer 13

Totten trust bank account

Question 14

a person placing money in a bank account in the depositor’s name as the trustee for another

Answer 14

Totten trust bank account

Question 15

type of life insurance used to pay for funeral services and merchandise costs after a death

Answer 15

burial insruance

Question 16

an account in which a competitive rate of interest is paid on your entire balance and provides a passbook for easy record keeping. to make deposits/withdrawals, the account owner must visit the bank with the physical passbook

Answer 16

savings/passbook account

Question 17

Branch of philosophy dealing with values

Answer 17

ethics

Question 18

declaration or statement of the professional standards of right and wrong:

Answer 18

code of ethics

Question 19

beliefs that are held to high esteem

Answer 19

values

Question 20

a moral principal; followed consistently regardless of the situation

Answer 20

absolute moral standard

Question 21

having a senses of honor, upright and fair dealings

Answer 21

honesty

Question 22

Moral principles that vary with circumstances:

Answer 22

situational ethics

Question 23

involves formulating moral standards of conduct

Answer 23

normative ethics

Question 24

the morally right action produces the greatest good for the larger number of people:

Answer 24

utilitarianism

Question 25

an action is right or wrong because a higher authority says it is

Answer 25

absolutism

Question 26

there is no correct moral standard for all times and all people:

Answer 26

relativism

Question 27

maintains that the morality of an action is determined solely by its consequences:

Answer 27

teleological theory

Question 28

maintains that the morality of an action is determined solely by its motives

Answer 28

deontological

Question 29

Which of the following is a rule of ethical conduct that found in most major religions?

Answer 29

the golden rule

Question 30

Rules that govern society

Answer 30

laws

Question 31

What is good and moral in a business transaction

Answer 31

business ethics

Question 32

Fidelity to moral principles is the definition of –

Answer 32

integrity

Question 33

the stage of moral development in which the individual considers universal moral principles which supersede the authority of the group is called

Answer 33

post-conventional stage

Question 34

Which of the following best explain what laws are?

Answer 34

laws are external and concerned with the interest of socity

Question 35

stage of moral development in which moral reasoning is based on reward and punishment for those in authority is the –

Answer 35

Pre-conventional stage

Question 36

a common law doctrine used in the law of wills to determine what happens when property bequeathed under a will is no longer in the testator's estate at the time of the testator's death:

Answer 36

ademption

Question 37

a written instrument authorizing an agent to do anything for the principal:

Answer 37

general power of attorney

Question 38

exists when a person benefits from the preservation of the health or life of the insured or the property to be insured:

Answer 38

insurable interest

Question 39

a person or company that determines if a risk exist before a person or property is insured

Answer 39

underwriter

Question 40

ownership rights include the right to sell or give away the property without restriction, as well as the right to commit waste

Answer 40

fee simple

Question 41

The party who acquires possession, but not the title, of personal property by one party to another, under agreement:

Answer 41

bailee

Question 42

A man who has been appointed by the court to settle an estate:

Answer 42

administrator

Question 43

Federal legislation which established in 1938, is a labor law that creates the right to a minimum wage, and time and a half overtime pay when people work over 40 hours

Answer 43

Fair labor standards act (FLSA)

Question 44

Under the FLSA there are 3 exemptions that govern wage and hour issues for those workers who fall under the category of executive, professional, and administrative.

Answer 44

White Collar exemptions

Question 45

applies toward people who work in offices or other professional environments

Answer 45

white collar exemptions

Question 46

high level managerial employees. must manage the business or dept. within the business. Person has authority to hire and fire and must supervise at least 2 full time employees

Answer 46

executive

Question 47

perform work that keeps the business up and running and who are authorized to make relatively important decisions.

Answer 47

administrator

Question 48

applies to employees that require an advanced degree, period of special training, or a license from the state

Answer 48

Professional

Question 49

Test used to test whether an employee is in exempt or non-exempt status and subject to the pay guidelines of the act

Answer 49

duties test

Question 50

employee is paid on salary basis if they have a guaranteed minimum amount of money they can count on receiving for any work week in which they perform any work

Answer 50

salary basis test

Question 51

requires an employee to charge absences from work to leave accruals is not a reduction in pay, because employees paycheck remains the same

Answer 51

salary basis test

Question 52

FSLA standard which establishes the thresholds for non-exempt standard. (employees who are paid less than $23,600 per year are nonexempt typically)

Answer 52

Salary level test

Question 53

payment/compensation will be made at the sole discretion of the employer

Answer 53

discretionary

Question 54

where payment of salary is based on standards that have or have not been met to receive payment or compensation

Answer 54

non-discretionary

Question 55

the time that an employee is waiting for work to do as required by their specific function

Answer 55

waiting to be engaged

Question 56

an employee spends time waiting and this time is considered the time they are on duty and the time counts as hours worked

Answer 56

engaged to wait

Question 57

Under ADA, any physical or mental condition which limits a persons movements senses or activities

Answer 57

disability

Question 58

Under ADA reasonable accommodation standard and exception, where exception and accommodation cannot be met without undue hardship to employer

Answer 58

De minimis

Question 59

Federal law enacted in 1968, designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed

Answer 59

truth-in-lending act

Question 60

Credit advanced to a person for the purchase of goods and services

Answer 60

consumer credit

Question 61

any fee representing the cost of credit, or the cost of borrowing. it is interest accrued on and fees charged for, some forms of credit

Answer 61

finance charge

Question 62

Federal law that requires financial institutions to explain how they share and protect their customers private information

Answer 62

gramm-leach-Bliley act

Question 63

Gramm leach bliley act is also known as

Answer 63

Financial modernization act of 1999

Question 64

the primary goal of the law is to make it easier for people to keep healthy insurance, protect the confidentiality and security of healthcare info and help the healthcare industry control adminstrave costs

Answer 64

health insurance portability and accountability act (HIPPA)

Question 65

federal law that limits the behavior and actions of a third party debt collectors who are attempting to collect debts on behalf of another person or entity

Answer 65

fair debt collection practices act (FDCPA)

Question 66

under the EPA, the measure detection and indication of improper combustion and excessive particular emissions

Answer 66

opacity

Question 67

federal and civil rights which prohibits discrimination on thr basis of disability.

Answer 67

American with disability act (ADA)

Question 68

a person who meets legitimate skill, experience, education or other requirements of an employment position that he or she holds/seeks

Answer 68

qualified individual (ada)

Question 69

Federal law (1993) requiring covered employers to provide job protection and unpaid leave for qualified medical and family reasons

Answer 69

family and medical leave act (FMLA)

Question 70

landmark civil rights law which outlaws discriminations on the basis of ethnicity

Answer 70

civil rights act of 1964

Question 71

the agency which administers and enforces rights and laws that prohibit workplace discrimination

Answer 71

equal employment opportunity commission (EEOC)

Question 72

Federal act which addresses environmental pollution and natural resource conservation

Answer 72

environmental protection act (EPA)

Question 73

Under the EPA, emissions that are a mixture of solid particles and liquid droplets found in the air (considered pollution)

Answer 73

particulate matter emissions

Question 74

requires that men and women be given equal pay for equal work in same establishment. Job must be substantially equal.

Answer 74

Equal pay act

Question 75

Initial licensure or registration: license to practice funeral service or as a funeral director or embalmer

Answer 75

$325