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WorksheetsPersonal Finance- 4-2 Review: Retirement
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Baby Step 4
a)
$1,000 Emergency
b)
Debt Snowball
c)
College
d)
15% Into Reirement
2.
What percent should you aim to retire on?
a)
10%
b)
15%
c)
12%
d)
6%
3.
Tax-Favored Plan
a)
Qualified Plan
b)
Special Tax Treatment
c)
"Coat"
d)
All of the Above
4.
Which is the BEST type of retirement plan to invest?
a)
Pre-tax
b)
After-tax
c)
Doesn't matter
5.
What is NOT a type of retirement plan?
a)
401(k)
b)
Individual Retirement Account
c)
SEPP
d)
403(b)
6.
IRA stands for Individual Retirement Account
a)
True
b)
False
7.
The max contribution for an IRA/Roth IRA
a)
$6000
b)
$19,000
c)
15%
d)
$55,000
8.
Which is better: Roth IRA or IRA?
a)
Roth
b)
IRA
9.
The main difference between Roth and Traditional IRA
a)
Roth is after-tax / grows tax free
b)
Traditional is pre-tax / grows tax free
c)
Traditional makes you invest more
d)
Roth has penalities
10.
Which is a retirement plan for the Government?
a)
401 (k)
b)
403 (b)
c)
457
d)
SEPP
11.
Which is a retirement plan for a business?
a)
401 (k)
b)
403 (b)
c)
457
d)
SEPP
12.
Which is a retirement plan for a hospital/school?
a)
401 (k)
b)
403 (b)
c)
457
d)
SEPP
13.
Which is a retirement plan for a person who owns their own business?
a)
401 (k)
b)
403 (b)
c)
457
d)
SEPP
14.
If I don't put money into a 401(k), my company will still put money into my 401(k)
a)
True
b)
False
15.
401(k) and 403(b) can be matched by companies
a)
True
b)
False
16.
The max for a SEPP
a)
15%
b)
$19,000
c)
25% up to $56,000
d)
$6,000
17.
Take your retirement out when you leave a job
a)
True
b)
False
18.
Rollover =
a)
Direct Transfer
b)
Debt Snowball
c)
Tax Favored
d)
Qualified Plan
19.
A company match is "free money"
a)
True
b)
False
20.
Retirement is what type of wealth building?
a)
Long-Term
b)
Short-Term
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