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7. Money Matters Chapter 3 Semester Review

1. If your company does not provide any type of 401(k) match, what is the best investment option
Contribute nothing into your 401(k), if there is no match., Max out Roth IRA first, then put the rest in 401k, Fully fund the 401(k) up to 15%25 of your income, Find another job with a company that offers a retirement plan.
2. Tom%27s company offers a 4%25 match on a 401(k). If he makes $44,000 annually, what should his investment plan look like?
$6600 total investment: $1760 in 401k; $4840 in Roth IRA, $6600 total investment; $1600 in 401k; $5000 in Roth IRA active teaching , $6600 total investment; $5000 in 401k; $1660 in Roth IRA, $6000 total investment; $6600 in 401k; nothing in Roth IRA
3. Mark and Kylie want to open a Roth IRA for their 10-year-old son. What is the current contribution allowed?
5,000 , $10,000, $0, $2,000
4. What is the best option for your retirement plan when you leave a company?
Have the money sent to you and deposit it into an IRA , Do a direct transfer into an IRA., Leave the plan where it is so it can continue to grow, Cash out the plan and invest in good mutual funds.
5. create online quizzes If you have $4500 invested in a Roth IRA, what is true about your contribution?
You have already paid taxes on the money, so it will grow tax free., You will pay taxes only on the growth of $4500., You maxed out your contribution., You will pay taxes on the entire investment when you retire.
6. class web page Which of the following are good ideas to save for college?
Savings bonds, ESA, Pre-paid college tuition, Life Insurance
7. Using the Rule of 72, how long it will take your money to double at 6%25 interest.
6 years, 8 years, 9 years, 12 years
8. Baby Step 4
Invest 15%25 of your income into a retirement plan, College Savings, Debt Snowball, 3-6 months in an Emergency Fund
9. A typical retirement plan found in most companies
Pension Plan, Roth IRA, 401k, SEPP
10. Retirement plans where 100%25 is funded by the company.
401k, Roth IRA, SEPP, Pension Plan
11. class web page A retirement plan for self-employed people.
403B, SEPP, UTMA, ESA
12. Save for college by first using this type of account
Federal Thrift Plan, UTMA, 457, Educational Savings Account
13. Movement of tax-deferred retirement money from one plan to another
Rollover, Roth IRA, Pension Plan, Federal Thrift Planning
14. What definition best explains a Roth IRA?
A type of investment at a bank, A type of investment that has good tax benefits., The tax treatment on virtually any type of investment, Investment that uses pre-tax dollars
15. The primary difference between the Roth IRA and a traditional IRA is:
The IRA allows a contribution amount of $5,000, 401k doesn%27t, The Roth IRA grows tax free; the traditional IRA doesn’t, Contributions to your Roth are pre-tax, 401k are not, traditional IRA grows tax free; the Roth IRA doesn’t