Federal Reserve Quiz Bowl Round 1

A 403(b) plan is a type of retirement plan offered to employees of government and taxexempt groups, such as schools, hospitals and churches.

• True

• False

Individuals who believe that the assessed value of their property is too high can appeal to their local tax assessor for a tax abatement, or reduction.

• True

• False

An absentee owner is an individual who owns a piece of real estate but does not live in it.

• True

• False

______ are used to reduce the overall tax obligation from an individual’s gross income on a tax return.

A bond rating is a grade given to bonds that indicates their:

• Credit quality

• Maturation date

• Comparison to other types of investments

A “529 plan” provides tax advantages when saving and paying for future health care costs.

• True

• False