W04 Study & Quiz_ IRA_ Personal Finance
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Course
433
Subject
Finance
Date
May 30, 2024
Type
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8
Uploaded by ConstableAlpacaMaster973
W04 Study & Quiz: IRA
Due May 16 at 11:59pm
Points 20
Questions 20
Available after May 4 at 12am
Time Limit None
Instructions
Task:
Study these materials
about IRAs and then take a quiz
.
Purpose:
Understand the definition and power of IRAs.
Instructions
1. Complete the readings:
Traditional IRA
(http://www.investopedia.com/university/retirementplans/ira/) (Five sections)
ROTH IRA
(http://www.investopedia.com/university/retirementplans/rothira/) (Five sections)
Roth 401(k) Fact Sheet
(https://byui.instructure.com/courses/294268/pages/roth-401-k-fact-sheet)
SIMPLE IRA
(http://www.investopedia.com/university/retirementplans/simpleira/) (Five
sections)
SEP IRA
(http://www.investopedia.com/university/retirementplans/sepira/) (Five sections)
Coverdell ESA
(http://www.investopedia.com/university/retirementplans/esa/) (Four sections)
529 College Savings Plan
(http://www.investopedia.com/university/retirementplans/529plan/)
(Six sections)
IRA Fact Sheet
(https://byui.instructure.com/courses/294268/files/128080304?wrap=1) (https://byui.instructure.com/courses/294268/files/128080304/download?download_frd=1)
Millionaire Next Door: The Surprising Secrets of America's Wealthy
(https://ebookcentral.proquest.com/lib/byui/detail.action?docID=867833) NOTE
: Taking notes during
this reading assignment will help you as you create a summary of concepts at the end of the
semester.
2. View the video or PowerPoint:
IRA and other forms of tax-advantaged savings accounts
(https://video.byui.edu/media/B433_L04_IRA/0_lbbs2o23) (11:14 mins, "IRA and other forms of
Tax-Advantage Savings Accounts" Transcript
(https://docs.google.com/document/d/e/2PACX-1vTLHI-5L-
9vHDjuvwWLCeCZU8KKGWrB20HLE8orusCyPR2woihlUnt0j5fP4G3N33IkDN3JnLjj_LRN/pub) )
5/15/24, 6:45 PM
W04 Study & Quiz: IRA: Personal Finance
https://byui.instructure.com/courses/294268/quizzes/4591719
1/8
Attempt History
Attempt
Time
Score
LATEST
Attempt 1
22 minutes
14 out of 20
Correct answers will be available on May 17 at 12am.
Score for this quiz: 14 out of 20
Submitted May 15 at 6:45pm
This attempt took 22 minutes.
Question 1
1 / 1 pts
taxable income
tax-free income
tax-deferred income
earned income
0:00
/ 9:03
1x
1x
(09:03, "IRA and other forms of tax advantaged Savings Accounts (2)" Transcript
(https://docs.google.com/document/d/e/2PACX-1vQK1Zr0OfiRnCZxJdiHagYBg4f1hlUdjBbtZuftjFoh0-
gQk9x0OdEcPsR3Xl4FC9c_qEmYpT1QGI6w/pub) )
IRA and other forms of tax-advantaged savings accounts (ppt)
(https://byui.instructure.com/courses/294268/files/128080336?wrap=1) (https://byui.instructure.com/courses/294268/files/128080336/download?download_frd=1)
3. Complete the IRA quiz.
An individual who contributes to a Traditional IRA must demonstrate that he or she has at least the same
amount of as the amount contributed to the IRA.
5/15/24, 6:45 PM
W04 Study & Quiz: IRA: Personal Finance
https://byui.instructure.com/courses/294268/quizzes/4591719
2/8
IncorrectQuestion 2
0 / 1 pts
Dollar for dollar up to 3% of income.
A flat 2% no matter how much the employee contributes.
Both of the above.
None of the above.
IncorrectQuestion 3
0 / 1 pts
The individual making the contribution is convicted of a felony.
The individual (or household) making the contribution earns household AGI above a specific limit.
The individual (or household) making the contribution earns household AGI below a specific limit.
Contributions are always tax-deductible. No exceptions.
Question 4
1 / 1 pts
$6,000
$2,750
$6,000 X her marginal tax rate
$0.00 (zero)
Question 5
1 / 1 pts
tax-deferred
tax-free immediately
SIMPLE IRAs allow employers to match what percent of employees contribution?
Contributions to a traditional IRA may not be tax-deductible in the year the contribution was made under
what condition(s)?
Susanne makes $400,000 per year in earned income. She contributes $6,000 to a traditional IRA in
2020. What amount of the $6,000 contribution can she deduct from her taxable income in 2020?
Withdrawals from a Roth IRA are classified as .
5/15/24, 6:45 PM
W04 Study & Quiz: IRA: Personal Finance
https://byui.instructure.com/courses/294268/quizzes/4591719
3/8
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Assignment - 1. Credit Scores and Loans
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You get a personal loan of $5,000 with 12% simple interest too be paid over 30 months. What is your monthly payment?
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transcribed image text: Luna's savings account had the following balances.
Date
04/01/2019 04/17/2019 05/28/2019 06/22/2019
Balance 726,000
782,000
800,000
How much is Luna's ADB for the 2nd quarter of 2019?
535,000
O P752,670.33
O P752,380.43
O P760,648.35
O P761,033.33
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WEEK 7: 25 OCTOBER - 31 OCTOBER
Case study 2
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Title Start Date Due Date Post Date Marks Available
Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100
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On Chapters 9, 10, and 11:
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Format your document to only print the summary information without the amortization schedule (print on 1 page)
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YourName Loan Amount
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Term (months):
36
Interest Rate (APR):
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Assignment - 1. Credit Scores and Loans
Attempt 1 of 1
ASSIGNMENTS
COURSES
SECTION 3 OF 4
QUESTION 6 OF 8
1
2
4
5
>>
Match the option with the lowest monthly payment to highest monthly payment.
$12,000 loan with 1% simple
1.
lowest payment
interest over 7 years
$7,500 loan with 4% simple interest
2. second highest payment
over 5 years
$8,500 loan with 2% simple
3. third highest payment
interest over 6 years
$10,000 loan with 3% simple
4. fourth highest payment
interest over 4 years
9:19 PM
后 ENG
2/4/2021
P Type here to search
R
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Calculate the table factor, the finance charge, and the monthly payment (in
$) for the loan by using the APR table, Table 13-1. (Round your answers to
the nearest cent.)
Monthly
Payment
Amount
Number of
Table
Finance
APR
Financed
Payments
Factor
Charge
$9,300
36
13%
$
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- transcribed image text: Luna's savings account had the following balances. Date 04/01/2019 04/17/2019 05/28/2019 06/22/2019 Balance 726,000 782,000 800,000 How much is Luna's ADB for the 2nd quarter of 2019? 535,000 O P752,670.33 O P752,380.43 O P760,648.35 O P761,033.33arrow_forwardAuditing || fall20 Dashboard My courses ACCT4141_iram_fall20 WEEK 7: 25 OCTOBER - 31 OCTOBER Case study 2 Separate groups: 5 My Submissions Case 2 Title Start Date Due Date Post Date Marks Available Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100 Summary: On Chapters 9, 10, and 11: The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football. YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year. The charity’s income is derived wholly from voluntary donations. Sources of donations include: (i) Cash collected by volunteers asking the public for donations in shopping areas, (ii) Cheques sent to the charity’s head office, (iii) Donations…arrow_forward1 Start with a Blank Excel Workbook 2 Your data will consist of the information provided below 3 Determine the Monthly Payment using the "PMT" formula 4 Create a detailed amortization schedule for the number of months below 5 Amortization schedule must include Interest calculation and a running balance 6 Create a Payment Dates Balance Lookup that uses the VLOOKUP formula to return the Balance for a given date 7 Extra credit (Use a Drop-Down list to select the Look up Date using "Payment Date" from your amortization scheduled 8 Format your document to only print the summary information without the amortization schedule (print on 1 page) Purchase Amount: $ 29,000.00 Down Payment Amount $ 1,000.00 YourName Loan Amount $ 28,000.00 (Summary Information) Term (months): 36 Interest Rate (APR): 3.50% Starting Date 12/7/2021…arrow_forward
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