529 plan quiz

What is a 529 Plan?

• A retirement savings account

• A tax-advantaged college savings plan

• A health insurance plan

• A high-interest savings account

When should you open a 529 Plan?

• When you plan on having kids

• When your child starts talking about college

• As soon as possible after your child is born

• When your child turns 16 years old

What are the main types of expenses covered by a 529 plan?

• Tuition, room and board, books, and supplies

• Entertainment expenses

• Car payments

• Clothing and personal care items

Who can contribute to a 529 plan

• Only the parents of the beneficiary

• Only the beneficiary

• Anyone

• Only the grandparents of the beneficiary

In the scenario that you were offered 1 million dollars on the spot or a penny that double everyday over 30 days which should you chose

• 1 million dollars

• A penny that doubled everyday over 30 days because of compound interest