401K and IRA Flashcard

401K and IRA Flashcard

Assessment

Flashcard

Social Studies

10th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is one of the main benefits of a traditional 401K?

Back

It lowers your taxable income.

2.

FLASHCARD QUESTION

Front

At what age can you withdraw from a 401K without incurring a penalty?

Back

59 and a half.

3.

FLASHCARD QUESTION

Front

What is the maximum contribution limit for a traditional 401K for individuals under 50 in 2023?

Back

$22,500

4.

FLASHCARD QUESTION

Front

Which type of fund is recommended for investment within a 401K due to its diversification? Options: Sector-specific funds, Bond funds, Index funds, Money market funds

Back

Index funds

5.

FLASHCARD QUESTION

Front

What is a key difference between a traditional IRA and a 401K?

Back

A traditional IRA does not require an employer.

6.

FLASHCARD QUESTION

Front

What is the contribution limit for a traditional IRA in 2024 for individuals under the age of 50?

Back

$7,000

7.

FLASHCARD QUESTION

Front

When were Roth accounts created?

Back

1997

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