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economics chapter 3

Dave Ramsey test 2-11-15

QuestionAnswer
Retirement plan for self-employed people SEPP
Grows tax-free Roth IRA
The typical retirement plan found inmost corporations 401(k)
Used for college savings ESA
The typical retirement plan found in non-profit groups such as schools and hospitals 403(b)
True or False: Pre-tax means the government is letting you invest money before taxes have been taken out. True
True or False: Savings bonds are a good way to save for college. False
True or False: Never borrow money from your retirement plan unless you are trying to avoid bankruptcy. True
True or False: When you leave a company, don't move your money from the retirement account. False
True or False: An IRA is a pacific type of investment. False
What IRA grows tax-free? Roth IRA
What is an Educational Savings Account (ESA) used for? college
Which of these is not a retirement plan? 529, 401(k), 403(b), 457 529
What is not a benefit of a Roth IRA? unlimited contributions
If you contribute $2,300 to your 401(k) and your company matches up to 3%, how much is in the account (assume you have not gone over the 3% match)? if you match it you double it so the answer is $4,600
What should you do with your retirement accounts when you leave a company? direct transfer
What do you never use to save for college? pre-paid tuition and savings bonds
What is Baby Step 5? college funding
What are the advantages of a Roth IRA? It grows tax-free, offers more choices and more flexibility
List some ways you can avoid student loan debt if you do not have a college fund. scholarships, part-time jobs, military
What is meant by tax-favored dollars? money that has special tax treatment or is protected against certain taxes
Why worry about retirement when every worker pays into Social Security? 1. You are responsible for your retirement, no one else. 2. The government may not have the money promised when needed. 3. If you have only social security you will have a low standard of living.
Explain how the rule of 72 works Interest rate divided by 72 equals the number of years to double your money. 72 divided by the number of years equals interest rate to double your money.
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