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03/25/20 - 401(k) and IRA

Quiz by Christopher Jones

High School
Financial Mathematics
Texas Essential Knowledge and Skills (TEKS) - Electives

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3 questions
Show answers
  • Q1
    What is an IRA?
    An employer-sponsored retirement agreement where the money you invest is matched by your employer.
    An individual retirement agreement where the money you personally invest grows over time.
    300s
    130.180.F.11.A
  • Q2
    Which of the following is NOT a way that an IRA is similar to a 401(k).
    Both have annual limits on the amount of money you can invest.
    There are both Traditional versions and Roth versions of both.
    Both are retirement agreements where you invest money.
    Both are only available through your employer.
    300s
    130.180.F.11.A
  • Q3
    If you open an IRA because your employer does not have a 401(k) plan, then move jobs to an employer that does offer a 401(k) plan, how does that affect your investments in your IRA?
    You can no longer invest in your IRA.
    You have to stop investing in your IRA and can't invest in the 401(k) either.
    You can't accept your employer's 401(k) or invest in it.
    You can now invest in both plans, up to the annual limits.
    300s
    130.180.F.11.A

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