Question 1

Elaborate on the basics of annuities and payouts.

Accepted Answer

A single life annuity allows you to rece

Question 2

Contributions to a traditional IRA are always tax deductible.

Accepted Answer

A) True 
 B)False

Question 3

Social Security is a mandatory insurance program that provides a base level of protection for all of the following occurrences except one.Choose that one.

Accepted Answer

A)  Death 
B)  Disability 
C)  Health problems 
D)  Retirement 
E)  Job loss 
A)  Death 
B)  Disability 
C)  Health problems 
D)  Retirement 
E)  Job loss

Question 4

Frances McClurg favors the Roth IRA over the traditional IRA.What advantage does the Roth provide over the traditional IRA?

Accepted Answer

A)  She can avoid income taxes when she withdraws. 
B)  The earnings are tax deferred, unlike a traditional IRA. 
C)  Contributions are tax deductible. 
D)  It saves tax money for education. 
A)  She can avoid income taxes when she withdraws. 
B)  The earnings are tax deferred, unlike a traditional IRA. 
C)  Contributions are tax deductible. 
D)  It saves tax money for education.

Question 5

Today,the typical American worker will receive a defined-benefit retirement plan from their employer.

Accepted Answer

A) True 
 B)False

Question 6

If all contributions to your IRA are tax deductible,then all withdrawals from your IRA will be taxed,unless you're just moving your money into another IRA.

Accepted Answer

A) True 
 B)False

Question 7

Like many Americans you know that you must plan your retirement funds carefully because there may be a discrepancy between the funds that you will need to survive on during retirement and the income that you will have available during retirement.What will likely be the relationship between fund needs and income available during retirement for MOST Americans?

Accepted Answer

A)  They will match. 
B)  They will be close. 
C)  They will not be close - income will be greater than needs. 
D)  They will not be close - needs will be greater than income. 
A)  They will match. 
B)  They will be close. 
C)  They will not be close - income will be greater than needs. 
D)  They will not be close - needs will be greater than income.

Question 8

With a ________,you,and usually your employer,pay funds into your retirement plan.

Accepted Answer

A)  deducted-benefit plan 
B)  noncontributory retirement plan 
C)  contributory retirement plan 
D)  none of the above 
A)  deducted-benefit plan 
B)  noncontributory retirement plan 
C)  contributory retirement plan 
D)  none of the above

Question 9

What are the advantages to a SIMPLE plan for retirement for the small business owners?

Accepted Answer

A)  The plan is very easy to set up. 
B)  The plan works well for small business owners with 100 employees or less. 
C)  The small business owner has some flexibility in determining how much to contribute to the plan. 
D)  All of the above are correct. 
E)  Only A and B are correct. 
A)  The plan is very easy to set up. 
B)  The plan works well for small business owners with 100 employees or less. 
C)  The small business owner has some flexibility in determining how much to contribute to the plan. 
D)  All of the above are correct. 
E)  Only A and B are correct.

Question 10

To avoid paying income taxes on your lump-sum distribution,you could roll it over into a qualified IRA.

Accepted Answer

A) True 
 B)False

Question 11

The main advantage of the Roth IRA over the traditional IRA is the employer matching funds.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following retirement plans is designed for small businesses?

Accepted Answer

A)  SIMPLE plans 
B)  SEP-IRA plans 
C)  ESOP 
D)  All of the above 
E)  Only A and B 
A)  SIMPLE plans 
B)  SEP-IRA plans 
C)  ESOP 
D)  All of the above 
E)  Only A and B

Question 13

The Roth IRA does not require that distributions begin by age 70 1/2.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following statements is true regarding Social Security retirement benefits?

Accepted Answer

A)  It attempts to replace 42% of your average earnings. 
B)  Not all occupations are covered. 
C)  Some people's benefits may be taxed. 
D)  You may retire beginning at age 62 with reduced benefits. 
E)  All of the above 
A)  It attempts to replace 42% of your average earnings. 
B)  Not all occupations are covered. 
C)  Some people's benefits may be taxed. 
D)  You may retire beginning at age 62 with reduced benefits. 
E)  All of the above

Question 15

As of 2014,the average monthly Social Security benefit for retired workers was

Accepted Answer

A)  $959. 
B)  $1,150. 
C)  $1,294. 
D)  $1,677. 
A)  $959. 
B)  $1,150. 
C)  $1,294. 
D)  $1,677.

Question 16

One of the first steps in planning for your retirement is figuring out just what you want to do when you retire.

Accepted Answer

A) True 
 B)False

Question 17

How does one set up a qualified individual retirement account?

Accepted Answer

Because of the IRS regulations concernin

Question 18

Congratulations! You have just retired with $1.4 million dollars in your 401(k)plan.You will be receiving a fairly large Social Security check and you have adequate personal savings outside of your 401(k)to live on for several years.You don't want to lock up your retirement money into an annuity because you want to be flexible for the future.What would be your best option?

Accepted Answer

A)  Purchase an early withdrawal annuity. 
B)  Roll over the balance into a qualified IRA account. 
C)  Hire a Certified Financial Planner for investing advice. 
D)  All of the above are correct. 
E)  Only B and C are correct. 
A)  Purchase an early withdrawal annuity. 
B)  Roll over the balance into a qualified IRA account. 
C)  Hire a Certified Financial Planner for investing advice. 
D)  All of the above are correct. 
E)  Only B and C are correct.

Question 19

A 'self-directed' retirement plan is one in which a plan administrator determines how much your contributions will be and what investment options you will have available.

Accepted Answer

A) True 
 B)False

Question 20

With an IRA your investment choices include stocks,bonds,mutual funds,CDs and real estate.

Accepted Answer

A) True 
 B)False

Elaborate on the basics of annuities and payouts.

Contributions to a traditional IRA are always tax deductible.

Social Security is a mandatory insurance program that provides a base level of protection for all of the following occurrences except one.Choose that one.

Frances McClurg favors the Roth IRA over the traditional IRA.What advantage does the Roth provide over the traditional IRA?

Today,the typical American worker will receive a defined-benefit retirement plan from their employer.

If all contributions to your IRA are tax deductible,then all withdrawals from your IRA will be taxed,unless you're just moving your money into another IRA.

With a ________,you,and usually your employer,pay funds into your retirement plan.

What are the advantages to a SIMPLE plan for retirement for the small business owners?

To avoid paying income taxes on your lump-sum distribution,you could roll it over into a qualified IRA.

The main advantage of the Roth IRA over the traditional IRA is the employer matching funds.

Which of the following retirement plans is designed for small businesses?

The Roth IRA does not require that distributions begin by age 70 1/2.

Which of the following statements is true regarding Social Security retirement benefits?

As of 2014,the average monthly Social Security benefit for retired workers was

One of the first steps in planning for your retirement is figuring out just what you want to do when you retire.

How does one set up a qualified individual retirement account?

A 'self-directed' retirement plan is one in which a plan administrator determines how much your contributions will be and what investment options you will have available.

With an IRA your investment choices include stocks,bonds,mutual funds,CDs and real estate.

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: The Role of Open Credit

Student and Consumer Loans: The Role of Planned Borrowing

The Home and Automobile Decision

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: An Easy Way to Diversify

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Events Fitting the Pieces Together

Filters

Exam 15: Retirement Planning

Elaborate on the basics of annuities and payouts.

Contributions to a traditional IRA are always tax deductible.

Social Security is a mandatory insurance program that provides a base level of protection for all of the following occurrences except one.Choose that one.

Frances McClurg favors the Roth IRA over the traditional IRA.What advantage does the Roth provide over the traditional IRA?

Today,the typical American worker will receive a defined-benefit retirement plan from their employer.

If all contributions to your IRA are tax deductible,then all withdrawals from your IRA will be taxed,unless you're just moving your money into another IRA.

With a ________,you,and usually your employer,pay funds into your retirement plan.

What are the advantages to a SIMPLE plan for retirement for the small business owners?

To avoid paying income taxes on your lump-sum distribution,you could roll it over into a qualified IRA.

The main advantage of the Roth IRA over the traditional IRA is the employer matching funds.

Which of the following retirement plans is designed for small businesses?

The Roth IRA does not require that distributions begin by age 70 1/2.

Which of the following statements is true regarding Social Security retirement benefits?

As of 2014,the average monthly Social Security benefit for retired workers was

One of the first steps in planning for your retirement is figuring out just what you want to do when you retire.

How does one set up a qualified individual retirement account?

A 'self-directed' retirement plan is one in which a plan administrator determines how much your contributions will be and what investment options you will have available.

With an IRA your investment choices include stocks,bonds,mutual funds,CDs and real estate.

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: The Role of Open Credit

Student and Consumer Loans: The Role of Planned Borrowing

The Home and Automobile Decision

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: An Easy Way to Diversify

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Events Fitting the Pieces Together

Filters