Series 24: Review Quiz

Review Quiz

1. 1. To be considered a “qualified plan,” a retirement plan must meet guidelines set by which of the following acts or agencies?
2. I. IRS
3. II. SEC
4. III. AARP
5. IV. ERISA
6. A. II only
7. B. I and IV
8. C. I, II, and IV
9. D. I, II, III, and IV
10. 2. A SIMPLE IRA can be used for businesses with a maximum of how many employees?
11. A. 1
12. B. 10
13. C. 100
14. D. 1,000
15. 3. A Roth IRA might be appropriate for someone who:
16. A. expects that his tax rate in retirement will be lower than it is today
17. B. earns a wage and wishes to deduct his contribution from his taxes
18. C. is single and near retirement
19. D. does not want to be required to take IRA distributions at any time
20. 4. The owner of a traditional IRA is required to begin taking distributions by what date?
21. A. December 31st of the year they turn 70 1/2
22. B. December 31st after the year they turn 59 1/2
23. C. April 1st of the year they turn 70 1/2
24. D. April 1st of the year after they turn 70 1/2
25. 5. With her recent job change, Virginia needs to transfer her IRA to another