Question 1

Individually owned banking accounts can be easily set up to avoid probate by creating

Accepted Answer

A) a payable-on-death designation. 
B) a will. 
C) a revocable trust. 
D) guardianship. 
A) a payable-on-death designation. 
B) a will. 
C) a revocable trust. 
D) guardianship.

Question 2

If a Roth IRA has been in place for more than five years and you have reached age 591/2,or the earnings have been used for qualified educational expenses or first-time homebuyer expenses,earnings are not taxed or penalized at withdrawal.

Accepted Answer

A) True 
 B)False

Question 3

You can set up an IRA by

Accepted Answer

A) making annual contributions. 
B) rolling over a distribution received from a qualified employer-sponsored plan. 
C) rolling over from another IRA. 
D) Any of these. 
A) making annual contributions. 
B) rolling over a distribution received from a qualified employer-sponsored plan. 
C) rolling over from another IRA. 
D) Any of these.

Question 4

Tax-sheltered retirement accounts allow investment earnings to grow more quickly than traditional accounts because taxes do not have to be paid on earnings until the money is withdrawn.

Accepted Answer

A) True 
 B)False

Question 5

Putting money into tax-sheltered retirement plans is the single smartest idea in personal financial planning.

Accepted Answer

A) True 
 B)False

Question 6

The dollar amount of Social Security benefits received depends on the level of earnings during the working years.

Accepted Answer

A) True 
 B)False

Question 7

____ is not a community property state.

Accepted Answer

A) Arizona 
B) Texas 
C) California 
D) New York 
A) Arizona 
B) Texas 
C) California 
D) New York

Question 8

When is the best time to consider purchasing an annuity with all or part of your retirement funds?

Accepted Answer

A) when you first sign up for a plan 
B) at age 30 
C) at age 50 
D) when you retire 
A) when you first sign up for a plan 
B) at age 30 
C) at age 50 
D) when you retire

Question 9

If you have a nonworking spouse,that person may contribute to a spousal IRA.

Accepted Answer

A) True 
 B)False

Question 10

Retirement plans with named beneficiaries are examples of nonprobate property.

Accepted Answer

A) True 
 B)False

Question 11

The maximum permissible employer-sponsored retirement plan contribution for most people is about $25,000.

Accepted Answer

A) True 
 B)False

Question 12

Because the laws of most states do not recognize partners in unmarried cohabiting couples,estate planning is especially important if you are in such a relationship.

Accepted Answer

A) True 
 B)False

Question 13

Every type of employer-sponsored plan is open to any group of workers.

Accepted Answer

A) True 
 B)False

Question 14

The legal heirs to an estate for which there is no will are defined by the federal government.

Accepted Answer

A) True 
 B)False

Question 15

When an employer-sponsored retirement plan is not offered,you should contribute to an IRA.

Accepted Answer

A) True 
 B)False

Question 16

Federal estate tax would be paid by the beneficiary of the estate.

Accepted Answer

A) True 
 B)False

Question 17

One can collect Social Security retirement benefits based on an ex-spouse's earnings if the marriage lasted at least ten years and both ex-spouses are at least 60 years old.

Accepted Answer

A) True 
 B)False

Question 18

By using Monte Carlo simulations,investors can get a more realistic view of how much their current investments may yield in retirement.

Accepted Answer

A) True 
 B)False

Question 19

It is very difficult to estimate your likely future Social Security retirement benefit.

Accepted Answer

A) True 
 B)False

Question 20

A retirement savings goal is the total amount of accumulated savings and investments needed to meet your living expenses after retirement.

Accepted Answer

A) True 
 B)False

Individually owned banking accounts can be easily set up to avoid probate by creating

If a Roth IRA has been in place for more than five years and you have reached age 591/2,or the earnings have been used for qualified educational expenses or first-time homebuyer expenses,earnings are not taxed or penalized at withdrawal.

You can set up an IRA by

Tax-sheltered retirement accounts allow investment earnings to grow more quickly than traditional accounts because taxes do not have to be paid on earnings until the money is withdrawn.

Putting money into tax-sheltered retirement plans is the single smartest idea in personal financial planning.

The dollar amount of Social Security benefits received depends on the level of earnings during the working years.

____ is not a community property state.

When is the best time to consider purchasing an annuity with all or part of your retirement funds?

If you have a nonworking spouse,that person may contribute to a spousal IRA.

Retirement plans with named beneficiaries are examples of nonprobate property.

The maximum permissible employer-sponsored retirement plan contribution for most people is about $25,000.

Because the laws of most states do not recognize partners in unmarried cohabiting couples,estate planning is especially important if you are in such a relationship.

Every type of employer-sponsored plan is open to any group of workers.

The legal heirs to an estate for which there is no will are defined by the federal government.

When an employer-sponsored retirement plan is not offered,you should contribute to an IRA.

Federal estate tax would be paid by the beneficiary of the estate.

One can collect Social Security retirement benefits based on an ex-spouse's earnings if the marriage lasted at least ten years and both ex-spouses are at least 60 years old.

By using Monte Carlo simulations,investors can get a more realistic view of how much their current investments may yield in retirement.

It is very difficult to estimate your likely future Social Security retirement benefit.

A retirement savings goal is the total amount of accumulated savings and investments needed to meet your living expenses after retirement.

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Managing Checking and Savings Accounts

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Mutual Funds and Exchange Traded Funds

Real Estate and High-Risk Investments

Filters

Exam 17: Retirement and Estate Planning

Individually owned banking accounts can be easily set up to avoid probate by creating

If a Roth IRA has been in place for more than five years and you have reached age 591/2,or the earnings have been used for qualified educational expenses or first-time homebuyer expenses,earnings are not taxed or penalized at withdrawal.

You can set up an IRA by

Tax-sheltered retirement accounts allow investment earnings to grow more quickly than traditional accounts because taxes do not have to be paid on earnings until the money is withdrawn.

Putting money into tax-sheltered retirement plans is the single smartest idea in personal financial planning.

The dollar amount of Social Security benefits received depends on the level of earnings during the working years.

____ is not a community property state.

When is the best time to consider purchasing an annuity with all or part of your retirement funds?

If you have a nonworking spouse,that person may contribute to a spousal IRA.

Retirement plans with named beneficiaries are examples of nonprobate property.

The maximum permissible employer-sponsored retirement plan contribution for most people is about $25,000.

Because the laws of most states do not recognize partners in unmarried cohabiting couples,estate planning is especially important if you are in such a relationship.

Every type of employer-sponsored plan is open to any group of workers.

The legal heirs to an estate for which there is no will are defined by the federal government.

When an employer-sponsored retirement plan is not offered,you should contribute to an IRA.

Federal estate tax would be paid by the beneficiary of the estate.

One can collect Social Security retirement benefits based on an ex-spouse's earnings if the marriage lasted at least ten years and both ex-spouses are at least 60 years old.

By using Monte Carlo simulations,investors can get a more realistic view of how much their current investments may yield in retirement.

It is very difficult to estimate your likely future Social Security retirement benefit.

A retirement savings goal is the total amount of accumulated savings and investments needed to meet your living expenses after retirement.

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Managing Checking and Savings Accounts

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Mutual Funds and Exchange Traded Funds

Real Estate and High-Risk Investments

Filters