Question 1

An annuity is an insurance product.

Accepted Answer

True

Answer

False

Question 2

An annuity pays a steady stream of income.

Accepted Answer

True

Answer

False

Question 3

An annuity with a guaranteed payout is a

Accepted Answer

Fixed Annuity

Answer

Guaranteed Annuity

Answer

Variable Annuity

Answer

Flexible Annuity

Question 4

Money invested in an annuity for a period of time and withdrawn later usually in retirement is a

Accepted Answer

Deferred annuity

Answer

Retirement Annuity

Answer

Immediate annuity

Answer

Withdrawn Annuity

Question 5

An annuity has an annual contribution limit of $17,500.

Accepted Answer

False

Answer

True

Question 6

To avoid penalty fees you should not withdraw from an annuity until at least age

Accepted Answer

59 1/2

Answer

65

Answer

70 1/2

Answer

50 1/2

Question 7

The amount you contribute to an annuity is not taxed.

Accepted Answer

True

Answer

False

Question 8

A con/disadvantage of an annuity is

Accepted Answer

high expenses/hidden fees

Answer

no annual contribution limit

Answer

steady stream of income

Answer

defers paying taxes

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