Search Header Logo

Understanding IRAs

Authored by Michelle Thomas

Social Studies

8th - 12th Grade

Used 3+ times

Understanding IRAs
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum annual contribution limit for a traditional IRA?

$8,000

$7,500

$6,500

$5,000

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key tax benefit of a traditional IRA?

Tax-free growth

Tax-deductible contributions

Tax-free withdrawals

No contribution limit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When do you have to pay taxes on the money withdrawn from a traditional IRA?

When you contribute

When the account grows

When you withdraw during retirement

Never

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key tax benefit of a Roth IRA?

Tax-deductible contributions

Tax-free growth and withdrawals

No contribution limit

Tax-free contributions

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At what age does the example suggest starting to max out contributions to a Roth IRA?

20

25

30

35

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much would you have by age 65 if you max out your Roth IRA contributions starting at age 25?

$1.5 million

$1.6 million

$1.7 million

$1.8 million

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of IRA allows tax-free withdrawals during retirement?

Neither

Both Traditional and Roth IRA

Roth IRA

Traditional IRA

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?