Knowledge Check - Acronyms + Definitions

Knowledge Check - Acronyms + Definitions

Professional Development

30 Qs

quiz-placeholder

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Knowledge Check - Acronyms + Definitions

Knowledge Check - Acronyms + Definitions

Assessment

Quiz

Business

Professional Development

Easy

Created by

Cherish Montney

Used 3+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does ACATS stand for?

Automated Customer Account Transfer Service

Account Customer Automated Transfer System

Automated Customer Account Transfer System

Automated Client Account Transfer Service

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a 401K?

a retirement plan for certain employees of public schools, certain tax-exempt organizations, and certain ministers

a profit sharing retirement plan that allows employees to make elective salary deferrals while avoiding current taxes on that portion of their incomes

an employer funded retirement plan that allows employers to make pre-tax contributions into a participant’s (eligible employee’s) IRA. Distributions from the IRAs can occur at any time at the participants request and are considered taxable income when distributed. 

a defined contribution plan featuring a fixed employer contribution. This pre-tax contribution from the employee is mandatory and established by the plan sponsor each year.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following define an account type?

The primary identifier for ownership of an account.

The owner information of an account.

A periodic summary of account activity with a beginning date and an ending date

Indicates the account’s purpose, such as an individual, joint, corporation, or retirement.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owner information of an account is known as the?

Account Registration

Account Number

Account Type

Account Statement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt


Select the abbreviation for annuity

AN

ANT

ANN

ANNY

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which party is entitled to receive benefits from an annuity?

Shareholder

Annuitant

Beneficiary

Custodian

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person designated as the recipient of assets under a will, trust, insurance policy, etc. after an individual passes away is known as the... ?

Annuitant

Custodian

Advisor

Beneficiary

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