Match the term to its definition
Ch 11 - Retirement and Savings Plan

Quiz
•
Life Skills
•
University
•
Easy

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18 questions
Show all answers
1.
MATCH QUESTION
1 min • 1 pt
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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