401

401

11th Grade

25 Qs

quiz-placeholder

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401

401

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Hard

Created by

John Robinson

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In this type of retirement account, some employers can match the percentage of your contributions to it.

Pension

401(k)

Traditional IRA

Roth IRA

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a 401(k) plan primarily used for?

Retirement savings

Health insurance

Education funding

Real estate investment

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a key feature of a 401(k) plan?

Employer matching contributions

Tax-free withdrawals

Government funding

Fixed interest rate

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

At what age can you typically start withdrawing from a 401(k) without penalty?

55

59 1/2

62

65

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the maximum contribution limit for a 401(k) in 2023?

$19,500

$20,500

$22,500

$25,000

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a benefit of contributing to a 401(k)?

Tax-deferred growth

Immediate liquidity

Guaranteed returns

No contribution limits

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the penalty for early withdrawal from a 401(k) before age 59 1/2?

5%

10%

15%

20%

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