QUIZ: Ch. 10.1 - 10.3 (Math for Finance)

Match the following

• 401(k)

• A person nearing the end of their working life and holds a part-time job

• Semi-Retired

• Money being used to invest and has already been taxed

• Retirement

• A retirement savings plan that is sponsored and set up by an employer for its employees; max. contributions are $23,500 annually

• Pre-Tax Dollars

• The time when a person stops working for an employer

• After-Tax Investments

• A deposit made into a retirement account that is deducted from wages before taxes, and therefore not taxed

Match the following

• Traditional IRA

• A retirement plan in which the income generated by the account is tax deferred until it's withdrawn from the account

• Individual Retirement Account (IRA)

• A retirement plan where the deposits are taxable, but when the money is withdrawn after having been there for at least 5 years & the saver is at least 59.5 years old, the income earned is tax-free

• Roth IRA

• Taxes you pay when you go to withdraw money from your retirement account because you didn't pay them yet

• Tax-Deferred

• A retirement account that's opened by an individual, rather than a company

• Tax-Exempt

• Money that is not taxed whatsoever

[Ch. 10.1 Notes, Question #3] In 2026, what is the maximum amount of money you can invest in a 401(k) if you're under 50 years old? (Just you alone, not your job)

[Ch. 10.1 Notes, Question #6] What two types of jobs are only eligible to open a 403(b) plan? Select all that apply:

• Education Jobs

• Construction Jobs

• Healthcare Jobs

• Non-Profit Organizations (Some)

Tags

CCSS.HSA.REI.A.1

[Ch. 10.1 Notes, Question #9] Which type of retirement account lets you keep ALL of your money when you retire and go to withdraw it:

• 401(k)

• Roth IRA

• About $2,680

• About $3,480

• About $3,890

• About $2,990

Match the following

• Social Security Credits

• This provides monthly benefits to qualified retired and disabled workers, often referred to as Medicare

• Full Retirement Age

• This document shows you how much you've paid in social security and Medicare taxes

• Social Security Statement

• You must accumulate enough of these to qualify for social security benefits

• Old-Age, Survivors, & Disability Insur.

• This is the stage of life when you're finally able to receive social security benefits

• Social Security Benefit

• This is a monthly check that replaces part of the retired person's income when they reduce their work hours, or stop working altogether

[Ch. 10.2 Notes, Question #1] What major event led to the Social Security Act of 1935 being passed by the government?

• The Great Depression of 1929

• The Stock Market Crash of 1929

• The Emu War of 1932

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