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Economics > Personal Finance Chp 3 > Flashcards

Personal Finance Chp 3 Flashcards

1
Q

Retirement plan for self employed

A

Sell

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2
Q

Gross tax free

A

Roth IRA

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3
Q

The typical retirement plan found in most corporation

A

401k

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4
Q

Used for college savings

A

Esa

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5
Q

The typical retirement plan found in non profit groups such as a schools and hospital

A

403b

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6
Q

Pre-tax means the government is letting you invest money for taxes have been taken out

A

True

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7
Q

Savings bonds are you good way to save for college

A

False

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8
Q

Never borrow money from your retirement plan unless you’re trying to avoid bankruptcy

A

True

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9
Q

When you leave a company don’t move your money is on the retirement accounts

A

False

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10
Q

And IRA is a specific type of investment

A

False

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11
Q

The Roth IRA grows

A

Tax free

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12
Q

In educational savings account ESA is for

A

College

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13
Q

Which of the following is not a retirement plan

A

529 (401k, 403b, 457]

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14
Q

Which is not a benefit of the Roth IRA

A

Unlimited contribution

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15
Q

What should you do with your retirement accounts when you leave a company

A

Direct transfer

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16
Q

Never save for college using

A

Pre-payed tuition, .. savings bonds

17
Q

Baby stepn5

A

College

18
Q

Once the emergency fund is in place you should………….which falls within a long-term investing for wealth building

A

Retirement plan and college funding

19
Q

Baby step one

A

1000

20
Q

Baby step 2

A

Debt snowball

21
Q

Baby step 3

A

3-6 months of expenses

22
Q

Baby steps to 4

A

Investing 15%of your household income

23
Q

Tax favored

A

The. Investment is in a qualified plan or has a special tax treatment

24
Q

SEPP

A

Simplified employee pension plan

25
Q

IRA

A

Individual retirement arrangement

26
Q

Why Roth IRA

A

Has more choices
Higher bracket
Tons of flexibility

27
Q

Flexibility of a Roth IRA

A

Tax-free and penalty free withdrawals

After 5 years

28
Q

401(k)

A

Asset of the company

29
Q

403B

A

Found in non profit organization churches hospitals schools

30
Q

457

A

Deferred compensation government employees

Economics (19 decks)

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