Ch 11 - Retirement and Savings Plan

Ch 11 - Retirement and Savings Plan

University

18 Qs

quiz-placeholder

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Ch 11 - Retirement and Savings Plan

Ch 11 - Retirement and Savings Plan

Assessment

Quiz

Life Skills

University

Easy

Created by

shadow fire

Used 5+ times

FREE Resource

18 questions

Show all answers

1.

MATCH QUESTION

1 min • 1 pt

Match the term to its definition

used for college savings

401(k)

retirement plan for self-employed people

403(b)

grows tax-free

SEPP

the typical retirement plan found in nonprofit groups such as schools and hospitals

roth IRA

the typical retirement plan found in most corporations

ESA

2.

MATCH QUESTION

1 min • 1 pt

Match the terms to its definition

deferred or putting off compensation

UGMA

used to save for college

UTMA

paying for college ahead of time by accumulating units of tuition

pre-paid tuition

law that extends the definition of gifts to include real estate, paintings, royalties, and patents

529 plan

legislation that provides a tax effective manner of transferring property to minors

457 plan

3.

MATCH QUESTION

1 min • 1 pt

Match the term to its definition

movement of tax-deferred retirement plan money from one qualified plan to another

tax-favored dollars

one who is responsible for an account listed in someone else's name

custodian

movement of funds from a tax deferred retirement plan from one qualified plan to another

direct transfer

the government is letting you invest money before taxes have been taken out

rollover

money at the present time is worth more than the same amount in the future

pre-tax

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Pre-tax contribution are ones the government lets you invest money in before taxes have been taken out of your income

true

false

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Savings bonds are a good way to save for college

true

false

Answer explanation

Savings bonds are not a good way to save for college because the rate of return is very low

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Never borrow money from your retirement plan

true

false

Answer explanation

unless you are trying to avoid bankruptcy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you leave a company, don't move your money from that retirement account

true

false

Answer explanation

When you leave a company, you should always do a direct transfer of the money you have in y our retirement account to an IRA. You will have more options to invest in, plus you will not have to worry about the status of your old company

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