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Ch. 24 - Retirement

Quiz by Timothy Jenson

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30 questions
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  • Q1
    An assisted-living facility provides personal and medical services for the elderly.
    True
    False
    30s
  • Q2
    No matter how much money you earned during your lifetime, your Social Security benefits will be the same.
    False
    True
    30s
  • Q3
    Saving a small amount of money each month will not help you in retirement planning.
    True
    False
    30s
  • Q4
    Vesting is an employee’s right to keep the company’s contributions from company-sponsored plans even if the employee no longer works there.
    True
    False
    30s
  • Q5
    Annual contributions to a Roth IRA are fully tax-deductible and earnings are tax-deferred.
    True
    False
    30s
  • Q6
    If you die while on vacation, you die intestate.
    False
    True
    30s
  • Q7
    Probate is the legal process of proving whether a will is valid.
    True
    False
    30s
  • Q8
    You can avoid probate by setting up a living trust.
    False
    True
    30s
  • Q9
    If you and your spouse own property as tenants in common, your share automatically goes to your partner when you die.
    True
    False
    30s
  • Q10
    A traditional marital share will leaves everything to the spouse.
    True
    False
    30s
  • Q11
    All the following assets usually have an important effect on people’s retirement income EXCEPT their ____.
    Vehicle
    Social Security benefits
    Stocks and bonds
    House
    30s
  • Q12
    The Social Security program ____.
    Is raising the retirement age at which individuals can receive full benefits
    Covers 50 percent of American workers
    Is funded entirely by employers
    Is enough to cover all retirement expenses
    30s
  • Q13
    Retirees often spend less money on ____.
    Recreation
    Transportation
    Medical care
    Health insurance
    30s
  • Q14
    The salary reduction plan for an employee at a tax-exempt institution is called a ____.
    Keogh plan
    401(k) plan
    SEP-IRA
    403(b) plan
    30s
  • Q15
    A person can transfer all or a portion of the taxable distribution from his or her retirement plan to a(n) ____.
    Rollover IRA
    Spousal IRA
    Roth IRA
    Education IRA
    30s

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