
Chapter 10 - Retirement
Quiz
•
Mathematics
•
11th - 12th Grade
•
Hard
Melissa Likamwa
Used 2+ times
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27 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
10-1. A savings account opened by an individual that is contributed to monthly not provided by an employer.
Tax-deferred.
Individual Retirement Plan (IRA)
401k Plan
Social Security
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
10-1. A retirement savings plan that is sponsored by an employer for its employees.
401k Plan
Individual Retirement Account (IRA)
Retirement
Social Security
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Tax-deferred means...
You do not have to pay income tax on the money until you begin to withdraw it at retirement
You pay income tax on the retirement contributions when you deposit them
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
10-1. Jay just graduated from college and he has decided to open a retirement account that pays 1.75% interest compounded monthly. If he has direct deposits of $100 per month taken out of his paycheck, how much will he have in the account after 42 years?
$74356.50
$121,986.24
$186,578.65
$96,548.73
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
10-1. Fiona opened a retirement account that has an annual yield of 6%. She is planning on retiring in 20 years. How much must she deposit into that account each month so that she can have a total of $600,000 by the time she retires?
$1,298
$795
$842
$955
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
10-1. Reece opens a retirement account with an APR of 4.1%, compounded monthly. He is planning to retire in 15 years. About how much will he have in the account when he retires if he deposits $750 a month? (FUTURE VALUE)
186084.60
405595.80
1000000
2.07
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
10-1. Mitch opened a retirement account that has an annual yield of 2.2% compounded monthly. He is planning on retiring in 13 years. How much must he deposit into that account each year so that he can have a total of $1,000,000 by the time he retires? Round to the nearest $10,000 dollars. (PRESENT VALUE)
50000
5000
6000
70000
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