W04 Study & Quiz_ IRA_ Personal Finance
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Brigham Young University, Idaho *
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Finance
Date
May 30, 2024
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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
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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
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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
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tax-free after age 59 1/2, assuming the money was in the Roth IRA for a minimum of five years
tax-deferred after age 59 1/2, assuming the money was in the Roth IRA for a minimum of five years
Question 6
1 / 1 pts
tax-free
subject to an early withdrawal penalty
not allowed
subject to a special long-term capital gains tax only
Question 7
1 / 1 pts
tax-free
non-taxable because they are non-qualified
subject to ordinary income tax but are not penalized
subject to an early withdrawal penalty plus ordinary income taxes
Question 8
1 / 1 pts
after-tax dollars
pre-tax dollars
rollover funds only
tax refunds only
Question 9
1 / 1 pts
Roth IRA withdrawals that occur prior to retirement age (non-qualified distributions) are .
Withdrawals from a traditional IRA that occur prior to retirement age (non-qualified withdrawals) are .
A Roth IRA is funded with .
Travis invests $6,000 per year in a Roth IRA. What does the money actually get invested in?
5/15/24, 6:45 PM
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Money market funds.
The Roth Trust Fund. Government sponsored. The Roth Trust fund earns 0.50 percent above the CPI each year.
Returns are guaranteed and government insured.
Fidelity Funds only.
Whatever investments Travis chooses from the list of choices he is offered by the institution that he offered the Roth IRA
account with.
Question 10
1 / 1 pts
Contributions are tax-deductible, if individual (or household) AGI is below a specified limit.
Contributions may not be allowed, if individual (or household) AGI is above a specified limit.
100% of the value of the Roth IRA must be withdrawn in the first five years of the withdrawal period.
Withdrawals after age 59 1/2 (assuming the money was in the account for five years) are taxed at the individual's
ordinary income tax rate.
IncorrectQuestion 11
0 / 1 pts
$6,000
$5,500
$5,000
He is not allowed to contribute.
IncorrectQuestion 12
0 / 1 pts
entire balance of the 401(k) account
employer matching funds only
Individuals contributing to Roth IRAs are subject to which of the following rules?
Gerald makes $1 million per year in earned income. What is the maximum amount he is allowed to
contribute to his Roth IRA in 2020?
Roth 401(k) plans are structured so that withdrawals from the are treated as tax-
free.
5/15/24, 6:45 PM
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employee contributions only
Question 13
1 / 1 pts
publicly traded corporations
government entities
non-profits
self-employed individuals and small businesses
Question 14
1 / 1 pts
$6,000 per year.
$2,000 per year.
No cap. No limit.
$18,000 per year.
IncorrectQuestion 15
0 / 1 pts
$6,000. He is under the limit for contribution "phase-outs."
$2,750. He can only contribute half of the limit because he is over the $68,000 limit on contributions.
$6,500. He can contribute more than normal because of his age. He is taking advantage of the 'catch up' provision.
$0.00 (zero)
IncorrectQuestion 16
0 / 1 pts
$6,000
SEP IRAs are primarily intended for use by .
In 2020, Traditional and Roth IRA contribution limits are generally capped at how much per year?
Alejandro is 55 years old. Alejandro's only source of income is $75,000 in interest income in 2020. He
does not have a job. How much money can Alejandro contribute to his Roth IRA in 2020?
Scarlett makes $50,000 per year in bond interest income. She has no other source of income. She is 57
years old. How much money can she contribute to her traditional IRA in 2020?
5/15/24, 6:45 PM
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$6,500 (due to catch-up provision, given her age)
$2,750
$0.00 (zero)
Question 17
1 / 1 pts
Roth IRA
Traditional IRA
SEP IRA
SIMPLE IRA
Question 18
1 / 1 pts
education
retirement
charitable contributions (deferred)
a mission
Question 19
1 / 1 pts
pre-tax dollars
after-tax dollars
rollover funds only
tax-refunds only
Question 20
1 / 1 pts
Which of the following is classified as a tax-free investment account?
A "Coverdell ESA" is intended to help one save for .
Traditional IRAs are funded with .
A 529 plan balance can be transferred to whom?
5/15/24, 6:45 PM
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qualified family members of the beneficiary
anyone
peers that are the same age
anyone who has U.S. citizenship
Quiz Score: 14 out of 20
COPYRIGHT 2024 BRIGHAM YOUNG UNIVERSITY-IDAHO
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