What is a 401(k) plan?
Financial Planning Questions

Quiz
•
Financial Education
•
9th Grade
•
Medium
Hunter Thomas
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A type of health insurance
A retirement savings plan sponsored by an employer
A government pension plan
A type of mortgage
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a benefit of a Roth IRA?
A) Tax-deductible contributions
B) Tax-free withdrawals in retirement
C) Employer matching contributions
D) Early withdrawal penalties
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At what age can you start withdrawing from a traditional IRA without penalty?
55
59 ½
62
65
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the maximum contribution limit for a 401(k) in 2025?
$18,000
$19,500
$22,500
$26,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of a defined benefit plan?
Contributions are made by the employee only
Benefits are based on a formula considering salary and years of service
Investment risk is borne by the employee
Contributions are tax-free
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of a SEP IRA?
It is only available to government employees
It allows for higher contribution limits than traditional IRAs
It requires mandatory employer contributions
It offers tax-free withdrawals
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true about Social Security benefits?
They are only available to those who have never worked
They are based on your highest 35 years of earnings
They are tax-free
They can be claimed at any age
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