
Benefits and Pay (Personal Finance)
Quiz
•
Financial Education
•
12th Grade
•
Medium
JULIO ARANA
Used 2+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine Benjamin, Maya, and Nora are planning for their golden years of retirement. They're in a lively debate over which retirement account offers the joy of tax-free withdrawals in retirement. Can you help them settle this?
401(k)
Traditional IRA
Roth IRA
403(b)
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine William and Maya are discussing retirement plans over coffee. William, who works in the private sector, is all about the 401(k), while Maya, who's making a difference at a non-profit, is a fan of the 403(b). Elijah, curious, asks: What's the primary difference between a 401(k) and a 403(b) retirement plan?
401(k) plans are only for public sector employees, while 403(b) plans are for private sector employees.
403(b) plans are only for non-profit and public education employees, while 401(k) plans are for private sector employees.
There is no difference; they are the same.
401(k) plans offer higher contribution limits than 403(b) plans.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine Abigail, Aiden, and Anika are having a lively debate about retirement savings. Suddenly, Aiden asks, 'Which of the following is NOT a characteristic of a Traditional IRA?'
Contributions are tax-deductible.
Withdrawals in retirement are tax-free.
Taxes on earnings are deferred until withdrawal.
There are age limits for contributions.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine Ava, Arjun, and Kai are planning their future retirements. They're curious at what age they can start making penalty-free withdrawals from a 401(k) or Traditional IRA, under normal circumstances. Can you help them figure it out?
55
59 1/2
62
65
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine Anika, William, and Charlotte are discussing their dream jobs at a cozy cafe. Anika dreams of a job that offers great health perks, while William is all about saving for the future. Charlotte, always the planner, mentions various benefits employers offer. Which of the following benefits, brought up by Charlotte, is typically offered by employers and is NOT a retirement plan?
Health insurance
401(k)
Roth IRA
403(b)
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine Nora and Lily are discussing retirement plans over coffee. Nora, who's just started her first job, is curious about the benefits of a Roth IRA. Lily, a bit of a finance whiz, explains the main advantage of a Roth IRA over a Traditional IRA for young workers like them. What does she say?
Roth IRA contributions are tax-deductible.
Roth IRA allows for earlier withdrawals without penalties.
Roth IRA offers tax-free growth and withdrawals in retirement.
Roth IRA has higher contribution limits.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine Michael, David, and James are discussing their future financial plans over coffee. Michael mentions 401(k) plans and sparks a lively debate. Which of the following statements about 401(k) plans did Michael correctly identify as FALSE?
Employers can match a portion of your contributions.
Your contributions are taxed at the time of withdrawal.
You can borrow money from your 401(k) plan.
Contributions are always tax-deductible.
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