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Personal finance

Quiz by oliver

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10 questions
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  • Q1
    What does CD stand for in CD account
    classified documents
    certificate of endorsement
    certificate of deposit
    certified dork
    30s
  • Q2
    What is the concept of compound interest?
    Paying interest on a loan
    Earning interest only on the initial principal
    Earning interest on the accumulated interest
    Earning interest on both the initial principal and the accumulated interest
    30s
  • Q3
    What advantage does a money market account have over a CD account?
    it is more liquid
    it is tax deductible
    it has a higher interest rate
    it is less liquid
    30s
  • Q4
    The disadvantage of a money market account is
    it has a lower interest rate than a CD account
    it is not tax deferred
    you pay high taxes on it
    it is not tax deductible
    30s
  • Q5
    What is the maturity date on a CD account?
    the date that you can withdraw from the account
    the date that is halfway through its investment period
    the date you pay taxes on the account
    the date that you deposit the money
    30s
  • Q6
    What does IRA stand for?
    individual retirement account
    individual records amount
    individual records account
    individual retirement accent
    30s
  • Q7
    What is the main benefit of an IRA?
    it is not tax deductible
    you don't pay taxes on the earnings
    it pays higher interest than most retirement accounts
    it offers tax saving benefits
    30s
  • Q8
    What does tax deferred refer to?
    income from you job is taxed later on
    taxable income is taxed on your 30th birthday
    earned interest is not taxed until it is withdrawn from the account
    you pay a lower tax on your earned interest
    30s
  • Q9
    What does tax deductible mean?
    taxable income that you pay no taxes on
    you don't pay taxes on your extra income
    taxable income is taxed later on
    you don't pay taxes on earned interest
    30s
  • Q10
    A roth IRA is
    both tax deductible and tax deferred
    tax deferred
    neither tax deductible nor tax deferred
    tax deductible
    30s

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