Business: Question Preview (ID: 2636)


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What is IRA stand for?
a) Individual Retirement Account b) Income Retirement Account c) Important Recession Alternative d) I'm a Responsible American
What is the normal contribution limit in 2009 for a ROTH IRA?
a) $5,500 b) $5,000 c) $6,000 d) $4,000
What is the normal contribution limit in 2009 for a Traditional IRA?
a) $5,500 b) $6,500 c) $5,000 d) $6,000
What are the normal funding deadlines for IRA contributions?
a) April 15th b) January 1st c) December 31st d) September 13th
Is there a penalty for excess contributions? If so, what is it?
a) yes, 6% of the excess and the gains associated with it. b) no c) yes, 10% of the excess d) yes, 6% of the excess and the gains associated with it, unless the excess is removed before the tax filing deadline
Why did Congress pass the Revenue Act of 1978 that created SEP plans?
a) sm businesses needed an alternative. They didn't offer plans to EE because they were too complex. b) It was just an additional plan the government wanted to offer to give investors a choice c) To allow the government the ability to tax gains on retirement plans d) To encourage enrollment in retirement plans by allow indivduals the right to let their accounts grow tax free.
What is the normal contribution limit in 2009 for a Non-Qualified Annuity?
a) there is no limit b) $5,500 c) $1,000,000 d) up to 100% of your annual salary
With a traditional IRA when are Required Minimum Distribution required to begin?
a) When the contract owner dies and the beneficiary takes over the contract. b) When the client turns 70 1/2 c) When the client retires d) If the client files for disability or unemployment
In a 401(k) plan are the employees deductions taken out on a pre-tax or post-tax basis?
a) Pre-tax basis b) Post-tax basis c) d)
Who can establish a 403b?
a) Public school, college, university or charity b) A small business c) An individual d) A group of friends
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