John Is 55 Years Old and Has $55,000 Outstanding on a Mortgage

question 48

Multiple Choice

John is 55 years old and has $55,000 outstanding on a mortgage and no other debt. John typically saves $5,000 in an IRA account and another $10,000 in a company pension. John is most likely in the

• A) discovery phase.
• B) accumulation phase.
• C) consolidation phase.
• D) spending phase.
• E) gifting phase.

---

Definitions:

Social Cognition

Development of children’s understanding of the relationship between the self and others.

Relationship

The way in which two or more individuals or groups regard and behave toward each other.

Self and Others

A concept referring to the understanding of one's own identity, characteristics, and behavior in relation to or in contrast with other people.

Middle Childhood

A developmental period ranging approximately from ages 6 to 12, during which children experience rapid growth in intellectual, social, and emotional domains.