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Dave Ramsey voc.

voc. quiz 2-2-15

QuestionAnswer
contribution plan offered by a corporation to its employees, which allows employees to set aside tax-deferred income for retirement purposes; in some cases, employers will match their contributions. 401(K) Plan
retirement plan similar to a 401(k) plan, but one that is offered by non-profit organizations, such as hospitals, schools, and some charitable organizations, rather than corporations; employees set aside tax-deferred dollars. 403(B) Plan
non-qualified, deferred compensation plan established by state and local governments for tax-exempt government agencies and tax-exempt employers;earnings grow on a tax-deferred basis 457 Plan
college savings plan that allows individuals to save on a tax-deferred basis in order to fund future college and graduate school expenses of a child or beneficiary; generally sponsored by a state, these are professionally managed investments. 529 Plan
one who is responsible for an account listed in someone else's name. Custodian
movement of tax-deffered retirement plan money from one qualified plan or custodian to another; results in no immediate tax liabilities or penalties, but requires IRS reporting. Direct Transfer
after-tax college fund that grows tax-free for educational uses; eligibility based on parents’ annual income. Educational Savings Account (ESA)
tax-deferred arrangement for individuals with earned income and their non-income-producing spouses; growth is not taxed until money is withdrawn; contributions to an IRA are often tax-deductible. Individual Retirement Arrangement (IRA)
paying for college ahead of time by accumulating units of tuition Pre-Paid Tuition
a type of retirement plan where you put money in before taxes have been taken out, but must pay taxes on the money at the time of withdrawal. Pre-Tax Retirement Plan
movement of funds from a tax-deferred retirement plan from one qualified plan or custodian to another; incurs no immediate tax liabilities or penalties, but requires IRS reporting. Rollover
retirement account funded with after-tax dollars that subsequently grows tax free. Roth IRA
pension plan in which both the employee and the employer contribute to an individual retirement account; also available to the self-employed. Simplified Employee Pension Plan (SEPP)
money that is working for you, either tax-deferred or tax-free, within a retirement plan. Tax-Favored Dollars
legislation that provides a tax-effective manner of transferring property to minors without the complications of trusts or guardianship restrictions. Uniform Gifts to Minors Act (UGMA)
law similar to UGMA that extends the definition of gifts to include real estate, paintings, royalties, and patents. Uniform Transfers to Minors Act (UTMA)
Created by: a.allsup
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