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Retirement Plans/Funds

Authored by karen gray

Business

9th - 12th Grade

Used 17+ times

Retirement Plans/Funds
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You can begin withdrawing IRA funds at anytime without incurring additional taxes or penalties.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Traditional IRA's give you tax benefits now while Roth IRA's give you benefits in retirement.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

John's company will match his pre-tax contributions to the company's retirement plan, known as:

A 401(k)

A Roth IRA

A defined benefit plan

A traditional IRA

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

After five years of owning a Roth Individual Retirement Account (IRA), a person wants to buy his first home, the person can withdraw money from the Roth IRA

A. tax and penalty free

B. must pay a set penalty at the time of withdrawal

C. have penalties deferred until retirement

owed taxed are deferred until retirement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company offers a defined-contribution pension plan which means that upon retirement the employee will receive

A: one-half of the employee's last year's salary.

B: the total amount of money contributed plus investment earnings.

C: an amount of money based only on the length of time the employee worked for the company.

D: a specified amount of money based totally on the profit earned by the company while the employee worked there.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a Defined Benefit Plan would be

A Roth IRA

A Traditional IRA

A pension plan

A 401-K Plan

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An 401-K plan is an example of a Defined Contribution Plan.

True

False

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