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A Formative Assessment for Use After Retirement Unit
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
The formula for calculating the future value of periodic investing includes a zero for
Interest Rate
Payment Amount
Principal
Compounding periods per year
2
Social Security benefits may be withdrawn without penalty at age
65
67
68
66
3
The 401K got its name from what?
Recommended amount you should save per month for retirement.
The section of the Internal Revenue Code it is described.
This is the 401st retirement plan developed in history.
The government committee that set up the 401K
4
A Roth IRA
allows owners early withdrawals without penalty
utilizes post-tax dollars but the withdrawals are not taxed
all of the above
has limited eligibility based on income
5
IRA stands for
Intelligence Related Activity
Individual Retirement Account
Important Risk Analysis
Imminent Relative Assisstance
6
It is a good idea to start saving for retirement when you are in your...
50s
20s
30s
40s
7
On my electronic spreadsheets, I know how to add
a formula
a picture
all of the above
a chart
8
A 403b plan is utilized by
self-employed individuals
small business owners
anyone who wants one
educational and non-profit companies
9
When calculating financial gains the amount you have at the end is the
Future Value
Principal
Grand total
Pot of Gold
10
What "rate" is used by insurance companies to make sure they do not lose money?
Employment
Mortality
Death
Birth
11
One reason people buy life insurance is
They could get rich quick
It is tax deductible
They have nothing better to spend their money on
Peace of mind knowing their loved ones will be cared for
12
Calculating Future Value of Periodic Investments involves defining
The payment amount of the periodic investment
The APR
The number of time periods the investing happens
All of the above
13
An Individual Retirement Account (IRA) is
limited to $5,500 annual contributions
all of the above
provides the owner with investment options
penalized for early withdrawl
14
Calculating Future Value of Periodic Investments involves
Parabolic growth
Linear growth
Exponential growth
Negative growth
15
Sometimes, contributions are proportionately matched by ....
the college you attend.
the government.
your parents.
your employer.
16
Showing the growth of investments over long periods is best seen in
a bar chart
a line graph
a circle graph
a histogram
17
During my last group project, I contributed
I did not even do one thing
the least of all my teammates
I did all the work
equally compared to my teammates
18
This chart demonstrates
Linear growth
No growth
Exponential growth
Negative growth
19
A good amount of income to save for retirement is at least
3%
1%
10%
6%
20
The problem with pensions are...
All of the above.
Many people work in three or more careers over their lives.
You never know how much you will get when you retire.
Companies can cut their pension benefits at any time.
21
Social Security may be tapped out by which generation?
Generation X
The millenials
The Baby Boomers
Silent Generation
22
I have learned that
it is never too soon to start saving for retirement
a little sacrifice today could go a long way later
it's fun to think about all I can do when I retire
it is a good idea to take advantage of company match
23
A term life insurance policy
has a lot of terms and conditions
throughout their lifetime
covers an individual for a specified time period
covers an individual and their family
24
A whole life policy includes
no cash value
monthly dividends
coverage for a specified term
an investment feature
25
One of the benefits of the 401K is...
You get to make decisions about how the money is invested.
It allows you to save $25,000 per year for retirement.
The contributions and earnings are tax- deferred.
Benefits begin immediately after you retire.
