
Ch. 24 - Retirement
Quiz by Timothy Jenson
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30 questions
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- Q1An assisted-living facility provides personal and medical services for the elderly.TrueFalse30s
- Q2No matter how much money you earned during your lifetime, your Social Security benefits will be the same.FalseTrue30s
- Q3Saving a small amount of money each month will not help you in retirement planning.TrueFalse30s
- Q4Vesting is an employee’s right to keep the company’s contributions from company-sponsored plans even if the employee no longer works there.TrueFalse30s
- Q5Annual contributions to a Roth IRA are fully tax-deductible and earnings are tax-deferred.TrueFalse30s
- Q6If you die while on vacation, you die intestate.FalseTrue30s
- Q7Probate is the legal process of proving whether a will is valid.TrueFalse30s
- Q8You can avoid probate by setting up a living trust.FalseTrue30s
- Q9If you and your spouse own property as tenants in common, your share automatically goes to your partner when you die.TrueFalse30s
- Q10A traditional marital share will leaves everything to the spouse.TrueFalse30s
- Q11All the following assets usually have an important effect on people’s retirement income EXCEPT their ____.VehicleSocial Security benefitsStocks and bondsHouse30s
- Q12The Social Security program ____.Is raising the retirement age at which individuals can receive full benefitsCovers 50 percent of American workersIs funded entirely by employersIs enough to cover all retirement expenses30s
- Q13Retirees often spend less money on ____.RecreationTransportationMedical careHealth insurance30s
- Q14The salary reduction plan for an employee at a tax-exempt institution is called a ____.Keogh plan401(k) planSEP-IRA403(b) plan30s
- Q15A person can transfer all or a portion of the taxable distribution from his or her retirement plan to a(n) ____.Rollover IRASpousal IRARoth IRAEducation IRA30s