Question 1

For Medicare Part A, how many days in the hospital is paid in full?

Accepted Answer

A) 10 days 
B) 15 days 
C) 45 days 
D) 60 days 
A) 10 days 
B) 15 days 
C) 45 days 
D) 60 days D

Question 2

What type of qualified plan insists employer contributions to be "substantial and recurring", have non-discriminatory allocation of contributions, and is highly recommend for upstart companies?

Accepted Answer

A) Section 402 (k) 
B) Profit Sharing 
C) Money Purchase 
D) SIMPLE 401 (k) 
A) Section 402 (k) 
B) Profit Sharing 
C) Money Purchase 
D) SIMPLE 401 (k) B

Question 3

When determining what plan is best for Jeff's business some tax considerations should be considered. When selecting asset class of different investments, what should be compared?

Accepted Answer

A) After-tax 
B) Before-tax 
C) Earned-tax 
D) Tax-deferred 
A) After-tax 
B) Before-tax 
C) Earned-tax 
D) Tax-deferred B

Question 4

What is the process by which the party with more knowledge actively conveys information to the party with less knowledge?

Accepted Answer

A) Mind meld 
B) Signaling 
C) Disclosing 
D) Training 
A) Mind meld 
B) Signaling 
C) Disclosing 
D) Training

Question 5

Eleanor is about to retire. She is trying to determine how her Social Security benefits will be taxed. What item is not included in benefit determination?

Accepted Answer

A) Eleanor's Salary. 
B) Number of children married 
C) Unemployment Compensation 
D) Spouses Salary 
A) Eleanor's Salary. 
B) Number of children married 
C) Unemployment Compensation 
D) Spouses Salary

Question 6

How does retirement planning rank among client goals addressed by financial planners?

Accepted Answer

A) Last 
B) Among the least common 
C) In the middle 
D) Among the most common 
A) Last 
B) Among the least common 
C) In the middle 
D) Among the most common

Question 7

What types of account are protected by anti-alienation clause?

Accepted Answer

A) Savings Accounts 
B) Employee Benefit Accounts 
C) Corporate Accounts 
D) Retirement Accounts 
A) Savings Accounts 
B) Employee Benefit Accounts 
C) Corporate Accounts 
D) Retirement Accounts

Question 8

What is information asymmetry?

Accepted Answer

A) The transfer of knowledge from one party to another 
B) The difference in knowledge of one party and another 
C) The difference in quality assessed by the buyer and quality assessed by the seller 
D) The price of goods and services in a contract 
A) The transfer of knowledge from one party to another 
B) The difference in knowledge of one party and another 
C) The difference in quality assessed by the buyer and quality assessed by the seller 
D) The price of goods and services in a contract

Question 9

The Employee Retirement Income Security Act demands there is a fiduciary to retirement plans. Who would not be considered a fiduciary?

Accepted Answer

A) Trustee 
B) Employer 
C) Investment advisor 
D) None of the above. 
A) Trustee 
B) Employer 
C) Investment advisor 
D) None of the above.

Question 10

Marla wants to start a qualified money purchase plan, but she doesn't know much about them beyond what her friend informed her of. What is true about these plans?

Accepted Answer

A) Employers are not required to make contribution based on contribution formulas. 
B) The plan is not subject to minimum funding standards. 
C) The investment risk rests on the employer. 
D) The plan can be integrated with Social Security. 
A) Employers are not required to make contribution based on contribution formulas. 
B) The plan is not subject to minimum funding standards. 
C) The investment risk rests on the employer. 
D) The plan can be integrated with Social Security.

Question 11

Which of the following includes immediate and deferred annuities?

Accepted Answer

A) Risk management and insurance planning 
B) Investment planning 
C) Tax planning 
D) Estate planning 
A) Risk management and insurance planning 
B) Investment planning 
C) Tax planning 
D) Estate planning

Question 12

What percentage of all North American business enterprises are estimated to be family-owned?

Accepted Answer

A) 10-20% 
B) 40-50% 
C) 60-70% 
D) 80-90% 
A) 10-20% 
B) 40-50% 
C) 60-70% 
D) 80-90%

Question 13

Who would be a part of a control group in a company?

Accepted Answer

A) Owners 
B) Wives 
C) Employees 
D) All of the above 
A) Owners 
B) Wives 
C) Employees 
D) All of the above

Question 14

What are Section 457 plans also known as?

Accepted Answer

A) Executive Plans 
B) Money Purchase Plans 
C) Government Plans 
D) 401 (k) Plans 
A) Executive Plans 
B) Money Purchase Plans 
C) Government Plans 
D) 401 (k) Plans

Question 15

Tara wants to convert her traditional IRA into a Roth IRA, but she is not sure she can do it. What should you check to confirm that Tara can do the conversion?

Accepted Answer

A) See if she has a modified AGI that exceeds $100,000 
B) Determine if she is married but filing a separate tax return 
C) Nothing, there are no conversion rules 
D) Both A and B 
A) See if she has a modified AGI that exceeds $100,000 
B) Determine if she is married but filing a separate tax return 
C) Nothing, there are no conversion rules 
D) Both A and B

Question 16

On a Federal level, what department oversees Medicaid?

Accepted Answer

A) CMS 
B) DFCS 
C) ACA 
D) SSA 
A) CMS 
B) DFCS 
C) ACA 
D) SSA

Question 17

Marcus has 20 employees and wishes to start a qualified plan. Who can he exclude from plan participation?

Accepted Answer

A) Employees who work full-time for the last year. 
B) Employees who work full-time for the past five years. 
C) Employees who work full-time for the past three years. 
D) Employees who are under the age of 21. 
A) Employees who work full-time for the last year. 
B) Employees who work full-time for the past five years. 
C) Employees who work full-time for the past three years. 
D) Employees who are under the age of 21.

Question 18

Employer contributions are based on compensation for employer sponsored money purchase plans. What is not included in the definition of compensation?

Accepted Answer

A) Salary 
B) Bonuses 
C) Both A and B. 
D) Neither A or B. 
A) Salary 
B) Bonuses 
C) Both A and B. 
D) Neither A or B.

Question 19

Your 18 year old client says he's not working pass the age of 30. A life of retirement is for him. You inform that the costs of goods and services that retirees use most often increase faster than the general rate of inflation measured by the ______?

Accepted Answer

A) Internal Revenue Service 
B) Standard and Poor 
C) Consumer Price Index 
D) Social Security Agency 
A) Internal Revenue Service 
B) Standard and Poor 
C) Consumer Price Index 
D) Social Security Agency

Question 20

What are the phases of planning for retirement called?

Accepted Answer

A) Earning phase, saving phase, spending phase 
B) Earning phase and saving phase 
C) Saving phase, spending phase, and distribution phase 
D) Saving phase and distribution phase 
A) Earning phase, saving phase, spending phase 
B) Earning phase and saving phase 
C) Saving phase, spending phase, and distribution phase 
D) Saving phase and distribution phase

For Medicare Part A, how many days in the hospital is paid in full?

What type of qualified plan insists employer contributions to be "substantial and recurring", have non-discriminatory allocation of contributions, and is highly recommend for upstart companies?

When determining what plan is best for Jeff's business some tax considerations should be considered. When selecting asset class of different investments, what should be compared?

What is the process by which the party with more knowledge actively conveys information to the party with less knowledge?

Eleanor is about to retire. She is trying to determine how her Social Security benefits will be taxed. What item is not included in benefit determination?

How does retirement planning rank among client goals addressed by financial planners?

What types of account are protected by anti-alienation clause?

What is information asymmetry?

The Employee Retirement Income Security Act demands there is a fiduciary to retirement plans. Who would not be considered a fiduciary?

Marla wants to start a qualified money purchase plan, but she doesn't know much about them beyond what her friend informed her of. What is true about these plans?

Which of the following includes immediate and deferred annuities?

What percentage of all North American business enterprises are estimated to be family-owned?

Who would be a part of a control group in a company?

What are Section 457 plans also known as?

Tara wants to convert her traditional IRA into a Roth IRA, but she is not sure she can do it. What should you check to confirm that Tara can do the conversion?

On a Federal level, what department oversees Medicaid?

Marcus has 20 employees and wishes to start a qualified plan. Who can he exclude from plan participation?

Employer contributions are based on compensation for employer sponsored money purchase plans. What is not included in the definition of compensation?

Your 18 year old client says he's not working pass the age of 30. A life of retirement is for him. You inform that the costs of goods and services that retirees use most often increase faster than the general rate of inflation measured by the ______?

What are the phases of planning for retirement called?

Education Planning

Education Planning

Estate Planning

Estate Planning

General Principles of Financial Planning

General Principles of Financial Planning

Investment Planning

Investment Planning

Professional Conduct and Regulation

Professional Conduct and Regulation

Retirement Savings and Income Planning

Risk Management and Insurance Planning

Risk Management and Insurance Planning

Tax Planning

Tax Planning

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Exam 6: Retirement Savings and Income Planning

For Medicare Part A, how many days in the hospital is paid in full?

What type of qualified plan insists employer contributions to be "substantial and recurring", have non-discriminatory allocation of contributions, and is highly recommend for upstart companies?

When determining what plan is best for Jeff's business some tax considerations should be considered. When selecting asset class of different investments, what should be compared?

What is the process by which the party with more knowledge actively conveys information to the party with less knowledge?

Eleanor is about to retire. She is trying to determine how her Social Security benefits will be taxed. What item is not included in benefit determination?

How does retirement planning rank among client goals addressed by financial planners?

What types of account are protected by anti-alienation clause?

What is information asymmetry?

The Employee Retirement Income Security Act demands there is a fiduciary to retirement plans. Who would not be considered a fiduciary?

Marla wants to start a qualified money purchase plan, but she doesn't know much about them beyond what her friend informed her of. What is true about these plans?

Which of the following includes immediate and deferred annuities?

What percentage of all North American business enterprises are estimated to be family-owned?

Who would be a part of a control group in a company?

What are Section 457 plans also known as?

Tara wants to convert her traditional IRA into a Roth IRA, but she is not sure she can do it. What should you check to confirm that Tara can do the conversion?

On a Federal level, what department oversees Medicaid?

Marcus has 20 employees and wishes to start a qualified plan. Who can he exclude from plan participation?

Employer contributions are based on compensation for employer sponsored money purchase plans. What is not included in the definition of compensation?

Your 18 year old client says he's not working pass the age of 30. A life of retirement is for him. You inform that the costs of goods and services that retirees use most often increase faster than the general rate of inflation measured by the ______?

What are the phases of planning for retirement called?

Education Planning

Education Planning

Estate Planning

Estate Planning

General Principles of Financial Planning

General Principles of Financial Planning

Investment Planning

Investment Planning

Professional Conduct and Regulation

Professional Conduct and Regulation

Retirement Savings and Income Planning

Risk Management and Insurance Planning

Risk Management and Insurance Planning

Tax Planning

Tax Planning

Filters