WorksheetsPlanning Quiz Porzio (Retirement etc)
Total questions: 11
Worksheet time: 6mins
Name
Class
Date
1.
$100,000 in savings
$25,000 in checking
$15,000 in gold / silver
-
$12,000 owed to Visa
$112,000 owed to BancOne Mortgage
$26,000 in Student Loans
=______?
$25,000 in checking
$15,000 in gold / silver
-
$12,000 owed to Visa
$112,000 owed to BancOne Mortgage
$26,000 in Student Loans
=______?
a)
Gross Worth
Gross Worth
Gross Worth
b)
Net Worth
c)
Positive Net Worth
d)
Negative Net Worth
2.
IRA
a)
Investment Retirement Account
b)
Individual Retirement Application
c)
Individual Retirement Account
d)
Individual Retirement Association
3.
I am 56 years old and want to contribute as much as I can to my IRA this year. How much can I contribute to my IRA for 2015?
a)
$5,500
b)
$5,000
c)
$6,000
d)
$6,500
4.
I am a 34 year old teacher. I have already contributed $2,500 to my IRA for 2015. How much can I still contribute to my Roth IRA for 2015?
a)
$3,000
b)
$2,500
c)
$5,500
d)
Nothing
5.
This is the most common form of retirement plan found in the private sector. It (for the most part) took the place of pension plans.
a)
SEP IRA
b)
IRA
c)
401k
d)
UTMA
6.
A Roth IRA is an account into which _____________________ contributions are made.
a)
Tax Deferred
b)
Post Tax
7.
If I make $38,000 in income for 2015 and contribute $5,000 to my IRA (aka Traditional IRA), my taxable income for 2015 will be:
a)
$38,000
b)
$43,000
c)
$34,000
d)
$33,000
8.
The Roth IRA is named for Senator Daniel V. Roth from __________________
a)
New York
b)
Michigan
c)
Deleware
d)
New Jersey
9.
Blanca owns her own bakery in Richmond, Virginia. Everyone LOVES her products and she makes a fantastic living! Her best option for retirement planning would probably be________________
a)
401k
b)
Roth IRA
c)
IRA
d)
SEP IRA
10.
This is your best option for saving for your children (for college) if you want to permanently transfer assets/wealth at any dollar level and invest in almost anything you want to.
a)
Coverdell account
b)
UTMA & UGMA
c)
529 Plan
11.
Which of the following is not a form of financial aid for college?
a)
grants and scholarships
b)
loans
c)
gifts
d)
Federal Work-Study Program
100 %
