Personal finance
Quiz by oliver
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10 questions
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- Q1What does CD stand for in CD accountclassified documentscertificate of endorsementcertificate of depositcertified dork30s
- Q2What is the concept of compound interest?Paying interest on a loanEarning interest only on the initial principalEarning interest on the accumulated interestEarning interest on both the initial principal and the accumulated interest30s
- Q3What advantage does a money market account have over a CD account?it is more liquidit is tax deductibleit has a higher interest rateit is less liquid30s
- Q4The disadvantage of a money market account isit has a lower interest rate than a CD accountit is not tax deferredyou pay high taxes on itit is not tax deductible30s
- Q5What is the maturity date on a CD account?the date that you can withdraw from the accountthe date that is halfway through its investment periodthe date you pay taxes on the accountthe date that you deposit the money30s
- Q6What does IRA stand for?individual retirement accountindividual records amountindividual records accountindividual retirement accent30s
- Q7What is the main benefit of an IRA?it is not tax deductibleyou don't pay taxes on the earningsit pays higher interest than most retirement accountsit offers tax saving benefits30s
- Q8What does tax deferred refer to?income from you job is taxed later ontaxable income is taxed on your 30th birthdayearned interest is not taxed until it is withdrawn from the accountyou pay a lower tax on your earned interest30s
- Q9What does tax deductible mean?taxable income that you pay no taxes onyou don't pay taxes on your extra incometaxable income is taxed later onyou don't pay taxes on earned interest30s
- Q10A roth IRA isboth tax deductible and tax deferredtax deferredneither tax deductible nor tax deferredtax deductible30s