Quiz-summary
0 of 10 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Information
Free Practice Questions
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 10 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- Answered
- Review
-
Question 1 of 10
1. Question
Which of the following is a subcommittee of the National Adjudicatory Council that makes a recommended decision to grant or deny an application for relief from FINRA eligibility requirements?
Correct
Statutory Disqualification Committee — a subcommittee of the National Adjudicatory Council that makes a recommended decision to grant or deny an application for relief from FINRA eligibility requirements. ions.
Incorrect
Statutory Disqualification Committee — a subcommittee of the National Adjudicatory Council that makes a recommended decision to grant or deny an application for relief from FINRA eligibility requirements. ions.
-
Question 2 of 10
2. Question
Under the following plan, employees contribute a portion of their wages or salary, which are not counted as part of their gross income.
Correct
With a 401(k), employees contribute a portion of their wages or salary, which are not counted as part of their gross income. Their contributions and the earnings on the contributions are tax deferred until withdrawal.
Incorrect
With a 401(k), employees contribute a portion of their wages or salary, which are not counted as part of their gross income. Their contributions and the earnings on the contributions are tax deferred until withdrawal.
-
Question 3 of 10
3. Question
Which of the following plans are also called tax-sheltered annuity (TSA) plans that are only available to people who work in educational institutions, and institutions with an educational purpose:
Correct
403(b) plans are also called tax-sheltered annuity (TSA) plans. They are only available to people who work in educational institutions, including college, universities, elementary schools, middle schools, high schools, religious institutions, private hospitals, and institutions with an educational purpose, such as zoos and museums.
Incorrect
403(b) plans are also called tax-sheltered annuity (TSA) plans. They are only available to people who work in educational institutions, including college, universities, elementary schools, middle schools, high schools, religious institutions, private hospitals, and institutions with an educational purpose, such as zoos and museums.
-
Question 4 of 10
4. Question
457 plans are ________ plans available to government employers (as well as certain non-government employers), similar in structure to 401(k)s and 403(b)s:
Correct
457 plans are nonqualified plans available to government employers (as well as certain non-government employers), similar in structure to 401(k)s and 403(b)s. They are deferred-compensation plans, and unlike 401(k)s and 403(b)s, they have no penalty on early distributions, even though distributions are taxed as income.
Incorrect
457 plans are nonqualified plans available to government employers (as well as certain non-government employers), similar in structure to 401(k)s and 403(b)s. They are deferred-compensation plans, and unlike 401(k)s and 403(b)s, they have no penalty on early distributions, even though distributions are taxed as income.
-
Question 5 of 10
5. Question
Which of the following account governs fiduciary accounts set up for minors (that is, accounts handled by a custodian for the sake of the minor):
Correct
UGMA stands for the Uniform Gift to Minors Act, which governs fiduciary accounts set up for minors (that is, accounts handled by a custodian for the sake of the minor). Anyone may donate either cash or securities to a UGMA account. Once they have, the gift may not be revoked or returned.
Incorrect
UGMA stands for the Uniform Gift to Minors Act, which governs fiduciary accounts set up for minors (that is, accounts handled by a custodian for the sake of the minor). Anyone may donate either cash or securities to a UGMA account. Once they have, the gift may not be revoked or returned.
-
Question 6 of 10
6. Question
Which of the following accounts are very similar to UGMA accounts, the main difference being that they permit gifts besides cash and securities, e.g. land, intangible assets (like patents), art, etc?
Correct
UTMA stands for the Uniform Transfer to Minors Act. UTMA accounts are very similar to UGMA accounts, the main difference being that they permit gifts besides cash and securities, e.g. land, intangible assets (like patents), art, etc.
Incorrect
UTMA stands for the Uniform Transfer to Minors Act. UTMA accounts are very similar to UGMA accounts, the main difference being that they permit gifts besides cash and securities, e.g. land, intangible assets (like patents), art, etc.
-
Question 7 of 10
7. Question
Which of the following plans were created by Congress to enable parents to help fund their children’s future college education:
Correct
Coverdell Education Savings Accounts (CESAs), formerly known as Coverdell IRAs, were created by Congress to enable parents to help fund their children’s future college education.
Incorrect
Coverdell Education Savings Accounts (CESAs), formerly known as Coverdell IRAs, were created by Congress to enable parents to help fund their children’s future college education.
-
Question 8 of 10
8. Question
Taxes are deferred on the money invested in the______, the money is generally not taxed in most states, and it isn’t taxed by the federal government when withdrawn if applied directly to legitimate college educational expenses of the named beneficiary.
Correct
Taxes are deferred on the money invested in 529 plans, the money is generally not taxed in most states, and it isn’t taxed by the federal government when withdrawn if applied directly to legitimate college educational expenses of the named beneficiary.
Incorrect
Taxes are deferred on the money invested in 529 plans, the money is generally not taxed in most states, and it isn’t taxed by the federal government when withdrawn if applied directly to legitimate college educational expenses of the named beneficiary.
-
Question 9 of 10
9. Question
Which of the following type of 529 plans allows a parent to purchase a certain number of units of tuition, “locking in” the units, which will be used in the future, at today’s rates, thereby protecting against rises in tuition over the years?
Correct
There are two kinds of 529 plans. One is a pre-paid tuition plan, which allows a parent to purchase a certain number of units of tuition, “locking in” the units, which will be used in the future, at today’s rates, thereby protecting against rises in tuition over the years.
Incorrect
There are two kinds of 529 plans. One is a pre-paid tuition plan, which allows a parent to purchase a certain number of units of tuition, “locking in” the units, which will be used in the future, at today’s rates, thereby protecting against rises in tuition over the years.
-
Question 10 of 10
10. Question
________ are accounts designed for people with high-deductible health plans (HDHPs).
Correct
Health savings accounts (HSAs) are accounts designed for people with high-deductible health plans (HDHPs). These accounts allow tax-deductible contributions which are then used to pay for qualified medical expenses not covered by the health plans.
Incorrect
Health savings accounts (HSAs) are accounts designed for people with high-deductible health plans (HDHPs). These accounts allow tax-deductible contributions which are then used to pay for qualified medical expenses not covered by the health plans.