Chapter 10 Planning for Retirement
Authored by Brittany Keesecker
Life Skills
12th Grade
CCSS covered
Used 16+ times
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21 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is NOT a retirement plan option
Net income
401k
Pension
403b
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Using the future value of a periodic deposit investment formula on pg 609:
Ricky is 35 years old. He plans to retire when he is 63. He has opened a traditional retirement account that pays 1% interest compounded monthly. If he makes monthly deposits of $400, how much will he have in the account by the time he retires?
$115,234.33
$120,533.44
$155,028.26
$75,000
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is an IRA?
A retirement account opened by your employer
A retirement account that is opened by an individual
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the difference between a 401k and 403b plan? (read carefully)
401(k) are retirement savings plans sponsored by an employer that is a for a non profit company while a 403(b) are retirement savings plans for profit/educational companies
401(k) are retirement savings plans sponsored by an employer and 403(b) plans are set up by an individual
401(k) are retirement savings plans set up by the individual and 403(b) are savings plans set up by a company
401(k) are retirement savings plans sponsored by an employer that is a for profit company while a 403(b) are retirement savings plans for non-profit/educational companies
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Madison earns $1,050.33 each pay. How much will be deducted for Social Security taxes?
$65.12
$16.94
$62.12
$37.50
6.
MULTIPLE SELECT QUESTION
2 mins • 1 pt
Why was Social Security created? (choose all that apply)
To help provide a financial safety-net for retirees after the Stock Market crash of 1929.
To help provide financial assistance for people who are unable to work
To make Mrs. Keesecker RICH
To make sure that older people were happy
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
In 2016, the maximum taxable income for Social Security was $118,500 and the tax rate was 6.2%. What was the maximum amount one person could have paid into Social Security?
$5,000
$7,347
$6,200
$1,500
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