Money Quiz

Retirement Quiz

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Question 1: What is the maximum 401k contribution allowed by the IRS in 2009 for employees over 50 years old?
$22,000
$16,000
$16,500
$21,500

Question 2: What is the maximum social security benefit for a worker retiring at full retirement age in 2009?
$2,023
$2,123
$2,223
$2,323

Question 3: What is the amount of earnings needed for one social security credit in 2009?
$990
$1,090
$1,190
$1,290

Question 4: A defined-benefit plan is an employer-sponsored retirement plan where employee benefits are sorted out based on a formula using factors such as:
return of investements
salary history and duration of employment
financial results of the employer
salary history and contributions to other retirement plans

Question 5: Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes) and: It is designed to help aged, blind, and disabled people, who have little or no income it provides cash to meet basic needs for food, clothing, and shelter.
It is designed to help aged, blind, and disabled people, who have little or no income it provides cash to meet basic needs for food, clothing, and shelter.
It is designed to help aged, blind, and disabled people family members or survivors
It is designed to help aged, blind, and disabled people.
None of the above.

Question 6: Roth 401k Contributions you make must remain in the plan for minimum of 'x' years in order for the lump-sum earnings to be tax-free at the time of withdrawal, where x is:
4 years
5 years
6 years
7 years

Question 7: A small business 401k is also known by this name:
Roth IRA
IRA
401k
Individual K

Question 8: IRA's have required withdrawals that must begin at:
67 1/2 years
68 1/2 years
69 1/2 years
70 1/2 years

Question 9: Roth IRAs are characterized by:
tax free growth potential
contributions are not tax-deductible
no mandatory distributions during the Roth IRA's holder lifetime
all of the above

Question 10: A Rollover IRA is available for individuals:
over 24 years
under 65 years
of any age
under 70 years

Press the Submit button to see the results.

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VALUE="It is designed to help aged, blind, and disabled people, who have little or no income it provides cash to meet basic needs for food, clothing, and shelter.">It is designed to help aged, blind, and disabled people, who have little or no income it provides cash to meet basic needs for food, clothing, and shelter.<br/> <input TYPE="radio" NAME="It is designed to help aged, blind, and disabled people, who have little or no income it provides cash to meet basic needs for food, clothing, and shelter." VALUE="It is designed to help aged, blind, and disabled people family members or survivors">It is designed to help aged, blind, and disabled people family members or survivors<br/> <input TYPE="radio" NAME="It is designed to help aged, blind, and disabled people, who have little or no income it provides cash to meet basic needs for food, clothing, and shelter." 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VALUE="" checked> Question 6: Roth 401k Contributions you make must remain in the plan for minimum of 'x' years in order for the lump-sum earnings to be tax-free at the time of withdrawal, where x is:<br/> <input TYPE="radio" NAME="5 years" VALUE="4 years">4 years<br/> <input TYPE="radio" NAME="5 years" VALUE="5 years">5 years<br/> <input TYPE="radio" NAME="5 years" VALUE="6 years">6 years<br/> <input TYPE="radio" NAME="5 years" VALUE="7 years">7 years<br/><br/> <input TYPE=hidden TYPE="radio" NAME="5 years" VALUE="" checked> Question 7: A small business 401k is also known by this name:<br/> <input TYPE="radio" NAME="Individual K" VALUE="Roth IRA">Roth IRA<br/> <input TYPE="radio" NAME="Individual K" VALUE="IRA">IRA<br/> <input TYPE="radio" NAME="Individual K" VALUE="401k">401k<br/> <input TYPE="radio" NAME="Individual K" VALUE="Individual K">Individual K<br/><br/> <input TYPE=hidden TYPE="radio" NAME="Individual K" VALUE="" checked> Question 8: IRA's have required withdrawals that must begin at:<br/> <input TYPE="radio" NAME="70 1/2 years" VALUE="67 1/2 years">67 1/2 years<br/> <input TYPE="radio" NAME="70 1/2 years" VALUE="68 1/2 years">68 1/2 years<br/> <input TYPE="radio" NAME="70 1/2 years" VALUE="69 1/2 years">69 1/2 years<br/> <input TYPE="radio" NAME="70 1/2 years" VALUE="70 1/2 years">70 1/2 years<br/><br/> <input TYPE=hidden TYPE="radio" NAME="70 1/2 years" VALUE="" checked> Question 9: Roth IRAs are characterized by:<br/> <input TYPE="radio" NAME="all of the above" VALUE="tax free growth potential">tax free growth potential<br/> <input TYPE="radio" NAME="all of the above" VALUE="contributions are not tax-deductible">contributions are not tax-deductible<br/> <input TYPE="radio" NAME="all of the above" VALUE="no mandatory distributions during the Roth IRA's holder lifetime">no mandatory distributions during the Roth IRA's holder lifetime<br/> <input TYPE="radio" NAME="all of the above" VALUE="all of the above">all of the above<br/><br/> <input TYPE=hidden TYPE="radio" NAME="all of the above" VALUE="" checked> Question 10: A Rollover IRA is available for individuals:<br/> <input TYPE="radio" NAME="of any age" VALUE="over 24 years">over 24 years<br/> <input TYPE="radio" NAME="of any age" VALUE="under 65 years">under 65 years<br/> <input TYPE="radio" NAME="of any age" VALUE="of any age">of any age<br/> <input TYPE="radio" NAME="of any age" VALUE="under 70 years">under 70 years<br/><br/> <input TYPE=hidden TYPE="radio" NAME="of any age" VALUE="" checked> <b><i>Press the Submit button to see the results.</i></b><br/> <input TYPE="submit" NAME="Submit" VALUE="Submit" submit><input TYPE="reset" VALUE="Reset"> </form> <p ALIGN="center"><font face="arial" size="-2">Free </font> <font face="arial, helvetica" size="-2"><a href="http://www.money-quiz.com"> personal finance</a> quizzes provided by Money Quiz.</font></p>

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External Retirement Resources

Prudential Retirement Education and Planning
Social Security Data