Umm

Question 1

Salaries wages commissions but no income from investments unemployment benefits and similar sources of income

Answer 1

Earned income
Ei

Question 2

Principl assumed that funds paid into policy first will be paid out first

Answer 2

FIFO
First in first out

Question 3

Income before taxes or other deductions

Answer 3

Gross income

Question 4

Applied to asset management in life asset management in life insurance products

Assumed that funds paid in will be paid out first

Answer 4

LIFO last in first out

Question 5

Uses surplus to fulfill its purpose instead of distributing the surplus to owners or members

Answer 5

Nonprofit organization
Npo

Question 6

Policy endowment

Answer 6

Maturity date

Question 7

Made before federal or state taxes deducted from earnings

Answer 7

Pretax contribution

Question 8

Withdrawal from one qualified plan and placing it into another plan

Answer 8

Rollover
Ro

Question 9

Early termination of policy by policyowner

Answer 9

Surrender

Question 10

Right to retain part or all benefits in retirement plan

Answer 10

Vesting
Vg

Question 11

Taxable income reduced
Lower tax liability

Answer 11

Tax deductible

Question 12

Payable to state and federal government
Taxation

Answer 12

Taxable

Question 13

Taxes in investments or gains like interest or dividends paid at future date instead of period incurred tax

Answer 13

Tax deferred