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Retirement Unit Quiz

Authored by Janet Lathrop

Mathematics

12th Grade

Used 7+ times

Retirement Unit Quiz
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20 questions

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1.

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

You are never required to pay taxes on your contributions.

Your employer pays the taxes on your contribution.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is considered to be "retirement" age, when it is acceptable to begin taking IRA distributions without penalty?

50

59 1/2

65

70 1/2

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum amount you are allowed to contribute to your IRA each year if you are 45 years old?

$4000

$6500

$7500

$8000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At what age are you required to begin taking distributions from your Roth IRA?

65

59 1/2

70 1/2

Never

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you leave a company before the required minimum of years to retain your pension, what happens to the money?

You receive 1/2 of it when you leave the company

You receive 1/3 of it when you leave the company

You receive all of the money and can roll it into your new retirement plan

You don't receive any of the money

6.

DRAG AND DROP QUESTION

1 min • 1 pt

What type of employers usually offer pension plans for employees? (a)  

Government Agencies
Fast Food Restaurants
Small Start-ups
Private Schools

7.

DROPDOWN QUESTION

1 min • 1 pt

Which of these accounts will NOT change if you switch jobs? (a)  

IRA
401K
Pension
Mutual Fund

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