Sean and Lisa (Age 25 and 28,respectively)are Purchasing Their First

question 23

Multiple Choice

Sean and Lisa (age 25 and 28,respectively) are purchasing their first home for $200,000 with a 5% down payment.They will withdraw the down payment from Lisa's IRA.They will have to pay ____ on the IRA withdrawal.

• A)federal income taxes
• B)an early withdrawal penalty
• C)social security taxes
• D)a and b
• E)a, b, and c

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Definitions:

Utilitarian View

An ethical philosophy that posits the best action is the one that maximizes utility, typically defined as that which produces the greatest well-being of the greatest number of people.

Greatest Good

A principle often associated with utilitarianism, focusing on actions that aim to maximize happiness or benefit for the greatest number of people.

Terminal Values

Deeply held beliefs or goals that individuals consider as their ultimate life objectives.

Instrumental Values

These are values that are seen as a means to an end, guiding individuals on how to reach their goals or desired outcomes.