
Mastering Retirement Savings

Quiz
•
Business
•
University
•
Hard
Muhamaad Haziq
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the main types of retirement accounts?
Health Savings Account (HSA)
Brokerage Account
Flexible Spending Account (FSA)
401(k), IRA, Roth IRA, SEP IRA, SIMPLE IRA
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which retirement account allows for tax-free withdrawals in retirement?
Traditional IRA
401(k)
SEP IRA
Roth IRA
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary benefit of a 401(k) plan?
High fees for account management.
Tax advantages for retirement savings.
Immediate access to funds without penalties.
Limited investment choices.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a Traditional IRA differ from a Roth IRA?
A Traditional IRA requires contributions to be made with after-tax dollars, while a Roth IRA allows pre-tax contributions.
Both Traditional and Roth IRAs offer tax-free withdrawals regardless of contribution type.
A Traditional IRA allows tax-free withdrawals and taxes on contributions, while a Roth IRA has tax-deductible contributions.
A Traditional IRA offers tax-deductible contributions and taxes on withdrawals, while a Roth IRA offers tax-free withdrawals after contributing with after-tax dollars.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the recommended percentage of income to save for retirement?
10%
15%
25%
5%
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is dollar-cost averaging in retirement savings?
Investing all savings at once to maximize returns.
Only investing during market downturns to avoid losses.
Dollar-cost averaging is an investment strategy that involves regularly investing a fixed amount of money in retirement savings, regardless of market conditions.
Withdrawing funds regularly to take advantage of market fluctuations.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can diversification impact retirement savings?
Diversification guarantees higher returns in retirement savings.
Diversification eliminates all risks associated with retirement savings.
Diversification can stabilize returns and reduce risk in retirement savings.
Diversification is only beneficial for short-term investments.
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