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Test Description: Overview of Qualified and Non-Qualified Annuities
Instructions: Answer all questions to get your test result.
1) What is IRA stand for?
A
Individual Retirement Account
B
Income Retirement Account
C
I'm a Responsible American
D
Important Recession Alternative
2) What is the normal contribution limit in 2009 for a ROTH IRA?
A
$4,000
B
$6,000
C
$5,500
D
$5,000
3) What is the normal contribution limit in 2009 for a Traditional IRA?
A
$6,000
B
$5,500
C
$5,000
D
$6,500
4) What are the normal funding deadlines for IRA contributions?
A
April 15th
B
December 31st
C
January 1st
D
September 13th
5) 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
yes, 10% of the excess
C
yes, 6% of the excess and the gains associated with it, unless the excess is removed before the tax filing deadline
D
no
6) Why did Congress pass the Revenue Act of 1978 that created SEP plans?
A
To allow the government the ability to tax gains on retirement plans
B
It was just an additional plan the government wanted to offer to give investors a choice
C
To encourage enrollment in retirement plans by allow indivduals the right to let their accounts grow tax free.
D
sm businesses needed an alternative. They didn't offer plans to EE because they were too complex.
7) 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
8) 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 retires
C
When the client turns 70 1/2
D
If the client files for disability or unemployment
9) In a 401(k) plan are the employees deductions taken out on a pre-tax or post-tax basis?
A
Post-tax basis
B
Pre-tax basis
10) Who can establish a 403b?
A
An individual
B
A group of friends
C
A small business
D
Public school, college, university or charity
*select an answer for all questions
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