Knowledge Check - Acronyms + Definitions

Quiz
•
Business
•
Professional Development
•
Easy
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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