Question 1

Annuities may provide survivor's benefits.

Accepted Answer

A) True 
 B)False

Question 2

Whether or not your social security benefits will be subject to income taxes depends on how much other income you received during the year.

Accepted Answer

A) True 
 B)False

Question 3

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-The major source of retirement income for current retirees is [Social Security | personal savings].

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 4

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-Under a defined benefit pension plan,an employee [is | is not] able to estimate what his pension payment would be upon retirement.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 5

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-Most people invest their retirement funds too [aggressively | conservatively].

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 6

The third step in retirement planning is to formulate an investment program.

Accepted Answer

A) True 
 B)False

Question 7

Single premium annuities result in single payment of proceeds.

Accepted Answer

A) True 
 B)False

Question 8

If you withdraw funds from a pension plan before age 59 ,you will have to pay a ____ federal income tax penalty.

Accepted Answer

A)  5%. 
B)  10% 
C)  15% 
D)  20% 
E)  25% 
A)  5%. 
B)  10% 
C)  15% 
D)  20% 
E)  25%

Question 9

Dr.Franklin is an Assistant Professor at Northern University.If his salary is $75,000,how much will he pay in Social Security taxes?

Accepted Answer

A)  $ 3,450 
B)  $ 4,475 
C)  $ 5,738 
D)  $ 9,450 
E)  $11,475 
A)  $ 3,450 
B)  $ 4,475 
C)  $ 5,738 
D)  $ 9,450 
E)  $11,475

Question 10

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-The initial estimates of retirement expenses and income should be done in [today's | future] dollars.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 11

Nearly 75% of current retirees receive some type of employer-provided retirement pension plan.

Accepted Answer

A) True 
 B)False

Question 12

Annuity premiums are paid to the company during the distribution period.

Accepted Answer

A) True 
 B)False

Question 13

The Employee Retirement Income Security Act (ERISA)provides

Accepted Answer

A)  funding of retirement plans. 
B)  insurance for retirement plans when employees change employers. 
C)  for mandatory retirement plans. 
D)  minimum standards for retirement plans. 
E)  trust funds for retirement. 
A)  funding of retirement plans. 
B)  insurance for retirement plans when employees change employers. 
C)  for mandatory retirement plans. 
D)  minimum standards for retirement plans. 
E)  trust funds for retirement.

Question 14

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-A Roth IRA will be funded with [pre | post] tax dollars.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 15

The portion of the principal and interest of an annuity that has not been paid to the annuitant prior to death is the ____ benefit.

Accepted Answer

A)  principal 
B)  distribution 
C)  survivorship 
D)  installment 
E)  accumulated 
A)  principal 
B)  distribution 
C)  survivorship 
D)  installment 
E)  accumulated

Question 16

Your social security withholdings are placed in an account with your name on it.

Accepted Answer

A) True 
 B)False

Question 17

When setting retirement goals you should consider

Accepted Answer

A)  what you want to do in retirement. 
B)  your expected standard of living. 
C)  your proposed level of income. 
D)  special retirement activities and projects. 
E)  all of these. 
A)  what you want to do in retirement. 
B)  your expected standard of living. 
C)  your proposed level of income. 
D)  special retirement activities and projects. 
E)  all of these.

Question 18

Funds to finance social security come from

Accepted Answer

A)  voluntary contributions from employee,employer,and self-employed. 
B)  compulsory contributions from employee,employer,and self-employed. 
C)  state and federal income tax. 
D)  compulsory contributions from government,employee,and employer. 
E)  Congressional appropriations. 
A)  voluntary contributions from employee,employer,and self-employed. 
B)  compulsory contributions from employee,employer,and self-employed. 
C)  state and federal income tax. 
D)  compulsory contributions from government,employee,and employer. 
E)  Congressional appropriations.

Question 19

An IRA is a type of an investment.

Accepted Answer

A) True 
 B)False

Question 20

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-The [Roth | traditional] IRA is typically recommended for people in their 30s or 40s.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Annuities may provide survivor's benefits.

Whether or not your social security benefits will be subject to income taxes depends on how much other income you received during the year.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -Most people invest their retirement funds too [aggressively | conservatively].

The third step in retirement planning is to formulate an investment program.

Single premium annuities result in single payment of proceeds.

If you withdraw funds from a pension plan before age 59 ,you will have to pay a ____ federal income tax penalty.

Dr.Franklin is an Assistant Professor at Northern University.If his salary is $75,000,how much will he pay in Social Security taxes?

Nearly 75% of current retirees receive some type of employer-provided retirement pension plan.

Annuity premiums are paid to the company during the distribution period.

The Employee Retirement Income Security Act (ERISA)provides

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -A Roth IRA will be funded with [pre | post] tax dollars.

The portion of the principal and interest of an annuity that has not been paid to the annuitant prior to death is the ____ benefit.

Your social security withholdings are placed in an account with your name on it.

When setting retirement goals you should consider

Funds to finance social security come from

An IRA is a type of an investment.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -The [Roth | traditional] IRA is typically recommended for people in their 30s or 40s.

Understanding the Financial Planning Process

Your Financial Statements and Plans

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Preserving Your Estate

Filters

Exam 14: Planning for Retirement

Annuities may provide survivor's benefits.

Whether or not your social security benefits will be subject to income taxes depends on how much other income you received during the year.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -Most people invest their retirement funds too [aggressively | conservatively].

The third step in retirement planning is to formulate an investment program.

Single premium annuities result in single payment of proceeds.

If you withdraw funds from a pension plan before age 59 ,you will have to pay a ____ federal income tax penalty.

Dr.Franklin is an Assistant Professor at Northern University.If his salary is $75,000,how much will he pay in Social Security taxes?

Nearly 75% of current retirees receive some type of employer-provided retirement pension plan.

Annuity premiums are paid to the company during the distribution period.

The Employee Retirement Income Security Act (ERISA)provides

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -A Roth IRA will be funded with [pre | post] tax dollars.

The portion of the principal and interest of an annuity that has not been paid to the annuitant prior to death is the ____ benefit.

Your social security withholdings are placed in an account with your name on it.

When setting retirement goals you should consider

Funds to finance social security come from

An IRA is a type of an investment.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -The [Roth | traditional] IRA is typically recommended for people in their 30s or 40s.

Understanding the Financial Planning Process

Your Financial Statements and Plans

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Preserving Your Estate

Filters