Question 1

Besides Social Security,the federal government administers several other retirement plans for federal government and railroad employees.

Accepted Answer

A) True 
 B)False

Question 2

Describe some of the most common retirement misconceptions,and explain what you should do if you hold to any of those misconceptions.

Accepted Answer

Some of the most common retirement misco

Question 3

The exact amount of money you will need in retirement can be predicted accurately.

Accepted Answer

A) True 
 B)False

Question 4

Social Security benefits do not increase even if the cost of living increased during the preceding year.

Accepted Answer

A) True 
 B)False

Question 5

You can borrow from your Roth IRA.

Accepted Answer

A) True 
 B)False

Question 6

At a 3 percent rate of inflation approximately how many years will it take for prices to double?

Accepted Answer

A) 9 years 
B) 15 years 
C) 21 years 
D) 24 years 
E) 30 years 
A) 9 years 
B) 15 years 
C) 21 years 
D) 24 years 
E) 30 years

Question 7

The time to begin saving is when you are young.

Accepted Answer

A) True 
 B)False

Question 8

Generally,the current value of your jewelry is not included in your assets.

Accepted Answer

A) True 
 B)False

Question 9

If you think you want to live in another city during retirement,it's a good idea to plan vacations now in areas you might enjoy later.

Accepted Answer

A) True 
 B)False

Question 10

You can convert your traditional IRA to a Roth IRA.

Accepted Answer

A) True 
 B)False

Question 11

A joint-and-survivor annuity pays its installments until the death of the last designated survivor.

Accepted Answer

A) True 
 B)False

Question 12

Which statement is correct regarding retirement living expenses?

Accepted Answer

A) It is impossible to estimate your spending needs. 
B) Your spending patterns will probably not change. 
C) You'll use a smaller amount of money for food,housing,and medical care. 
D) The exact amount of money you'll need is impossible to predict. 
E) Work-related expenses,such as driving back and forth to work,tend to be higher during retirement. 
A) It is impossible to estimate your spending needs. 
B) Your spending patterns will probably not change. 
C) You'll use a smaller amount of money for food,housing,and medical care. 
D) The exact amount of money you'll need is impossible to predict. 
E) Work-related expenses,such as driving back and forth to work,tend to be higher during retirement.

Question 13

What are the two most popular personal retirement plans?

Accepted Answer

A) Keogh account and Social Security 
B) Social Security and Roth IRA Plus 
C) Keogh accounts and individual retirement accounts 
D) 401(k)and Social Security 
E) 403(b)and 401(k) 
A) Keogh account and Social Security 
B) Social Security and Roth IRA Plus 
C) Keogh accounts and individual retirement accounts 
D) 401(k)and Social Security 
E) 403(b)and 401(k)

Question 14

All earnings in a tax-sheltered annuity grow without current federal taxation.

Accepted Answer

A) True 
 B)False

Question 15

As people reach retirement age,what is the most likely housing choice they would make? Assume they are moving to a new geographic area.

Accepted Answer

A) split-level house with two sets of stairs 
B) 100-year old house that needs lots of renovations 
C) house that is close to the city bus line 
D) house with 10 acres far out in the country 
E) rental apartment 
A) split-level house with two sets of stairs 
B) 100-year old house that needs lots of renovations 
C) house that is close to the city bus line 
D) house with 10 acres far out in the country 
E) rental apartment

Question 16

The shift to defined-contribution plans has forced employees to take more responsibility for their retirement.

Accepted Answer

A) True 
 B)False

Question 17

Bruce Willis has been making contributions into an individual retirement account on behalf of his nonworking wife.What type of individual retirement account is this?

Accepted Answer

A) traditional IRA 
B) Roth IRA 
C) spousal IRA 
D) Education IRA 
E) SEP-IRA 
A) traditional IRA 
B) Roth IRA 
C) spousal IRA 
D) Education IRA 
E) SEP-IRA

Question 18

You can get a reverse mortgage annuity if:

Accepted Answer

A) you are willing to sell your house immediately. 
B) you buy a new home and pay only a minimal down payment. 
C) your mortgage is largely or completely paid off. 
D) you owe more in monthly mortgage interest than the annuity amount. 
E) you are willing to allow your principal mortgage balance to increase monthly. 
A) you are willing to sell your house immediately. 
B) you buy a new home and pay only a minimal down payment. 
C) your mortgage is largely or completely paid off. 
D) you owe more in monthly mortgage interest than the annuity amount. 
E) you are willing to allow your principal mortgage balance to increase monthly.

Question 19

The Social Security office will require you to provide proof of your age.

Accepted Answer

A) True 
 B)False

Question 20

Profit-sharing plans or 401(k)plans are examples of defined-contribution plans.

Accepted Answer

A) True 
 B)False

Besides Social Security,the federal government administers several other retirement plans for federal government and railroad employees.

Describe some of the most common retirement misconceptions,and explain what you should do if you hold to any of those misconceptions.

The exact amount of money you will need in retirement can be predicted accurately.

Social Security benefits do not increase even if the cost of living increased during the preceding year.

You can borrow from your Roth IRA.

At a 3 percent rate of inflation approximately how many years will it take for prices to double?

The time to begin saving is when you are young.

Generally,the current value of your jewelry is not included in your assets.

If you think you want to live in another city during retirement,it's a good idea to plan vacations now in areas you might enjoy later.

You can convert your traditional IRA to a Roth IRA.

A joint-and-survivor annuity pays its installments until the death of the last designated survivor.

Which statement is correct regarding retirement living expenses?

What are the two most popular personal retirement plans?

All earnings in a tax-sheltered annuity grow without current federal taxation.

As people reach retirement age,what is the most likely housing choice they would make? Assume they are moving to a new geographic area.

The shift to defined-contribution plans has forced employees to take more responsibility for their retirement.

Bruce Willis has been making contributions into an individual retirement account on behalf of his nonworking wife.What type of individual retirement account is this?

You can get a reverse mortgage annuity if:

The Social Security office will require you to provide proof of your age.

Profit-sharing plans or 401(k)plans are examples of defined-contribution plans.

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Estate Planning

Filters

Exam 18: Starting Early: Retirement Planning

Besides Social Security,the federal government administers several other retirement plans for federal government and railroad employees.

Describe some of the most common retirement misconceptions,and explain what you should do if you hold to any of those misconceptions.

The exact amount of money you will need in retirement can be predicted accurately.

Social Security benefits do not increase even if the cost of living increased during the preceding year.

You can borrow from your Roth IRA.

At a 3 percent rate of inflation approximately how many years will it take for prices to double?

The time to begin saving is when you are young.

Generally,the current value of your jewelry is not included in your assets.

If you think you want to live in another city during retirement,it's a good idea to plan vacations now in areas you might enjoy later.

You can convert your traditional IRA to a Roth IRA.

A joint-and-survivor annuity pays its installments until the death of the last designated survivor.

Which statement is correct regarding retirement living expenses?

What are the two most popular personal retirement plans?

All earnings in a tax-sheltered annuity grow without current federal taxation.

As people reach retirement age,what is the most likely housing choice they would make? Assume they are moving to a new geographic area.

The shift to defined-contribution plans has forced employees to take more responsibility for their retirement.

Bruce Willis has been making contributions into an individual retirement account on behalf of his nonworking wife.What type of individual retirement account is this?

You can get a reverse mortgage annuity if:

The Social Security office will require you to provide proof of your age.

Profit-sharing plans or 401(k)plans are examples of defined-contribution plans.

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Estate Planning

Filters