Question 1

How will you access in an accurate manner the amount of your retirement income?

Accepted Answer

Call Social Security at 800-772-1213 for

Question 2

If you are self-employed or work for a small business which of the following retirement plans would you be most likely to have?

Accepted Answer

A) 403(b) 
B) 401(k) 
C) Thrift and savings plan 
D) Keogh plan 
E) None of the above 
A) 403(b) 
B) 401(k) 
C) Thrift and savings plan 
D) Keogh plan 
E) None of the above

Question 3

According to the text,approximately what percent of Americans are covered by Social Security?

Accepted Answer

A) 50 
B) 95 
C) 75 
D) 100 
A) 50 
B) 95 
C) 75 
D) 100

Question 4

A 401(k)plan is a tax-deferred retirement savings plan in which employees of private corporations may contribute a portion of their wages up to a maximum amount set by law.

Accepted Answer

A) True 
 B)False

Question 5

Robin was born after 1960,therefore,the retirement age for her to receive full Social Security benefits is 65.

Accepted Answer

A) True 
 B)False

Question 6

Relative to insurance,when a payout arrangement is made in which one receives all benefits in a single payment,this is called a

Accepted Answer

A) cash payout. 
B) lump-sum option. 
C) single distribution plan. 
D) point plan. 
E) none of the above. 
A) cash payout. 
B) lump-sum option. 
C) single distribution plan. 
D) point plan. 
E) none of the above.

Question 7

Social Security benefits are very nice to get and help many current retirees live above the poverty line.Why should someone who is 25 years old today not count on receiving the same type of Social Security benefits when they retire in 45 years from now?

Accepted Answer

The demographics of American society hav

Question 8

Richard Harris wants to elect the single life annuity option for retirement.His mother lived to age 92 and his dad lived to be 89.This annuity will pay Richard a set monthly payment for as long as he lives.What possible disadvantage might he face?

Accepted Answer

A) There will be no inflation protection. 
B) There will be no flexibility for withdrawals in case of emergencies. 
C) The balance of the money left over upon death will not be passed on to his heirs. 
D) All of the above are correct. 
E) Only A and C are correct. 
A) There will be no inflation protection. 
B) There will be no flexibility for withdrawals in case of emergencies. 
C) The balance of the money left over upon death will not be passed on to his heirs. 
D) All of the above are correct. 
E) Only A and C are correct.

Question 9

The size of your Social Security benefits are determined by your number of years of earnings,your average level of earnings,and an adjustment for inflation.

Accepted Answer

A) True 
 B)False

Question 10

When planning the retirement payout,there are several options from which to choose.With the ________ option the annuity provides payments over the life of both you and your spouse.

Accepted Answer

A) single life annuity 
B) lump sum annuity 
C) joint and survivor annuity 
D) annuity for life 
E) combination annuity 
A) single life annuity 
B) lump sum annuity 
C) joint and survivor annuity 
D) annuity for life 
E) combination annuity

Question 11

A ________ option provides payments over the life of both you and your spouse no matter how long you live.

Accepted Answer

A) single life annuity 
B) lump sum annuity 
C) joint and survivor annuity 
D) annuity for life 
E) combination annuity 
A) single life annuity 
B) lump sum annuity 
C) joint and survivor annuity 
D) annuity for life 
E) combination annuity

Question 12

To be eligible for Social Security benefits,you receive one credit for every $1,200 in wages that you earn,up to 4 credits per year.How many total credits do you need to qualify for benefits?

Accepted Answer

A) 4 
B) 20 
C) 30 
D) 40 
A) 4 
B) 20 
C) 30 
D) 40

Question 13

Through the single life annuity,once you reach the age of 100 the annuity payments cease.

Accepted Answer

A) True 
 B)False

Question 14

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 15

Why is it a wise idea to have 3 retirement plans in place?

Accepted Answer

The three-retirement-plan idea is worthy

Question 16

Today,there are roughly ________ publicly traded stock and bond funds,and for many workers,the prospect of choosing among them is paralyzing.

Accepted Answer

A) 5,000 
B) 8,000 
C) 18,000 
D) 23,000 
A) 5,000 
B) 8,000 
C) 18,000 
D) 23,000

Question 17

In the highest income quintiles,the majority of retirement income comes from

Accepted Answer

A) pensions. 
B) earnings. 
C) asset income. 
D) Social Security. 
A) pensions. 
B) earnings. 
C) asset income. 
D) Social Security.

Question 18

Reggie has two children.He is wanting to put money away for their college education.What type of plan can only be used for college and graduate school,and allows contributions of up to $250,000?

Accepted Answer

A) 403(b) 
B) ESOP 
C) 529 
D) 12b-4 
A) 403(b) 
B) ESOP 
C) 529 
D) 12b-4

Question 19

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 20

If your pension fund contained a provision that allowed employees who were leaving the company to retain and transfer any pension benefits earned to another pension plan,it would be said to have

Accepted Answer

A) transference. 
B) releasability. 
C) transportance. 
D) portability. 
E) none of the above. 
A) transference. 
B) releasability. 
C) transportance. 
D) portability. 
E) none of the above.

How will you access in an accurate manner the amount of your retirement income?

If you are self-employed or work for a small business which of the following retirement plans would you be most likely to have?

According to the text,approximately what percent of Americans are covered by Social Security?

A 401(k)plan is a tax-deferred retirement savings plan in which employees of private corporations may contribute a portion of their wages up to a maximum amount set by law.

Robin was born after 1960,therefore,the retirement age for her to receive full Social Security benefits is 65.

Relative to insurance,when a payout arrangement is made in which one receives all benefits in a single payment,this is called a

Social Security benefits are very nice to get and help many current retirees live above the poverty line.Why should someone who is 25 years old today not count on receiving the same type of Social Security benefits when they retire in 45 years from now?

Richard Harris wants to elect the single life annuity option for retirement.His mother lived to age 92 and his dad lived to be 89.This annuity will pay Richard a set monthly payment for as long as he lives.What possible disadvantage might he face?

The size of your Social Security benefits are determined by your number of years of earnings,your average level of earnings,and an adjustment for inflation.

When planning the retirement payout,there are several options from which to choose.With the ________ option the annuity provides payments over the life of both you and your spouse.

A ________ option provides payments over the life of both you and your spouse no matter how long you live.

To be eligible for Social Security benefits,you receive one credit for every $1,200 in wages that you earn,up to 4 credits per year.How many total credits do you need to qualify for benefits?

Through the single life annuity,once you reach the age of 100 the annuity payments cease.

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

Why is it a wise idea to have 3 retirement plans in place?

Today,there are roughly ________ publicly traded stock and bond funds,and for many workers,the prospect of choosing among them is paralyzing.

In the highest income quintiles,the majority of retirement income comes from

Reggie has two children.He is wanting to put money away for their college education.What type of plan can only be used for college and graduate school,and allows contributions of up to $250,000?

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

If your pension fund contained a provision that allowed employees who were leaving the company to retain and transfer any pension benefits earned to another pension plan,it would be said to have

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 Eventsfitting the Pieces Together

Filters

Exam 15: Retirement Planning

How will you access in an accurate manner the amount of your retirement income?

If you are self-employed or work for a small business which of the following retirement plans would you be most likely to have?

According to the text,approximately what percent of Americans are covered by Social Security?

A 401(k)plan is a tax-deferred retirement savings plan in which employees of private corporations may contribute a portion of their wages up to a maximum amount set by law.

Robin was born after 1960,therefore,the retirement age for her to receive full Social Security benefits is 65.

Relative to insurance,when a payout arrangement is made in which one receives all benefits in a single payment,this is called a

Social Security benefits are very nice to get and help many current retirees live above the poverty line.Why should someone who is 25 years old today not count on receiving the same type of Social Security benefits when they retire in 45 years from now?

Richard Harris wants to elect the single life annuity option for retirement.His mother lived to age 92 and his dad lived to be 89.This annuity will pay Richard a set monthly payment for as long as he lives.What possible disadvantage might he face?

The size of your Social Security benefits are determined by your number of years of earnings,your average level of earnings,and an adjustment for inflation.

When planning the retirement payout,there are several options from which to choose.With the ________ option the annuity provides payments over the life of both you and your spouse.

A ________ option provides payments over the life of both you and your spouse no matter how long you live.

To be eligible for Social Security benefits,you receive one credit for every $1,200 in wages that you earn,up to 4 credits per year.How many total credits do you need to qualify for benefits?

Through the single life annuity,once you reach the age of 100 the annuity payments cease.

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

Why is it a wise idea to have 3 retirement plans in place?

Today,there are roughly ________ publicly traded stock and bond funds,and for many workers,the prospect of choosing among them is paralyzing.

In the highest income quintiles,the majority of retirement income comes from

Reggie has two children.He is wanting to put money away for their college education.What type of plan can only be used for college and graduate school,and allows contributions of up to $250,000?

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

If your pension fund contained a provision that allowed employees who were leaving the company to retain and transfer any pension benefits earned to another pension plan,it would be said to have

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 Eventsfitting the Pieces Together

Filters