EPF Retirement and Estate Planning
Quiz by Pa'Trice Day Owens
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30 questions
Show answers
- Q1A traditional marital share Will leaves everything to the spouseFalseTrue45s
- Q2All of the following assets usually have an important effect on people's retirement EXCEPT theirSocial Security Benefitshousestocks and bondsvehicle45s
- Q3The Social Security programcovers 50% of American workersis entirely covered by employersis raising the age at which individuals can receive full benefitsis enough to cover all retirement45s
- Q4Retirees oftern spend less onHealth InsuranceMedical CareMedicineclothes and transporation45s
- Q5You can avoid probate by setting up a living trustTrueFalse45s
- Q6Probate is a legal process of proving a will is validTrueFalse45s
- Q7If you die on vacation , you die intestateFalseTrue45s
- Q8Tax collected by the state on the property left by a person in his or her will is often calledincome taxgift taxsales taxinheritance tax45s
- Q9In a living will, a person expresses whether he or she wants toprovide income for a surviving spouse other beneficiarytransfer assets to a trustee in his or her lifetimegive power of attorney to a relativebe kept alive by artificial means if terminally ill and other health decisions45s
- Q10Vesting is an employee's right to keep the company's contributions from the company-sponsored retirement plans even if the emplyee no longer works there.FalseTrue45s
- Q11The salary reduction plan for an employee at a tax-exempt institiution is called aKeogh Plan401 k plan403(b) planSEP_IRA45s
- Q12A person can transfer all or a portion of the taxable distribution from his or her retirement plan to a(n)education IRAspousal IRAROTH IRArollover IRA45s
- Q13An arragement in which a designated person manages assets for the benefit of someone else is called aheirwillcodociltrust45s
- Q14Someone designated to perform the tasks involved in carrying out a willheirexecutortrustretiree45s
- Q15The legal document that specifies how a person wants his or her property distributed after he or she dies401Kwillliving willdefined benefit plan45s