Financial Accounts Quiz Flashcards
1
Q
Explain what is meant when it is a non-qualified plan
A
Not qualified for tax advantages
2
Q
Explain penalties
A
Punishment for breaking a law, rule, or contract
3
Q
Explain what is meant when it is a qualified plan
A
Qualified for tax advantages
4
Q
Which plans are both qualified and non-qualified
A
Annuity
TSP/thrift savings plan
Deferred Compensation Plan
A Tiny Dick
A.T.D
5
Q
Name the qualified type of financial accounts
A
(Numbers)
401(k) $ 403(b)
A.T.D
All Roths and IRAs:
- rollover IRA
- roth 401(k)
- Roth IRA
- SEP IRA
- SIMPLE IRA
- Traditional IRA
PSP (profit sharing plan)
TSA (tax sheltered annuity)
6
Q
Name the Non-Qualified financial accounts
A
A.T.D
Both brokerage accounts:
- individual brokerage account
- joint brokerage account
2 C’s:
- CDs
- Checking
Money market
Savings
