Retirement Plans Quiz

Retirement Plans Quiz

Assessment

Interactive Video

Business

9th - 12th Grade

Hard

Created by

Jennifer Brown

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary benefit of a traditional 401K?

Tax-free withdrawals

Immediate access to funds

Lower taxable income

Unlimited contributions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At what age can you withdraw from a 401K without penalty?

55

59 and a half

62

65

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key difference between a traditional IRA and a 401K?

IRA has higher contribution limits

IRA does not require an employer

IRA offers tax-free growth

IRA requires an employer

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the contribution limit for a traditional IRA in 2023 for those under 50?

$5,500

$6,500

$7,500

$8,500

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are Roth accounts funded?

With tax-free dollars

With employer contributions

With after-tax dollars

With pre-tax dollars

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a major advantage of a Roth 401K?

No income limits

Employer matching

Higher contribution limits

Tax-free growth and withdrawals

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the SEP IRA primarily designed for?

Employees of large corporations

Self-employed individuals

Government employees

Non-profit workers

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