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P. Finance Quiz 2

Personal Finance Quiz on Retirement, Trusts/Wills, and Investing

What is the desired amount to be saved called? Nest Egg!
Types of retirement income? Side job, Investments, Social Sec., IRA/Roth, 401k, Savings, Pensions.
Define:Defined Benefit Employer sets amount promised.
Define: Defined Contribution What the employer puts into the account is the amount.
Define: Legacy Any investment you want to leave behind (House, money, charities, other objects).
What things should you consider for retirement? When do you want to retire, how much money do you want during retirement, how long do you want to live, and what do you want to leave behind.
Define: Diversification The balance of a portfolio; high risk/low risk.
Define: High Risk Investments with extreme variables.
Define: Low Risk Investments with fewer and safer variables.
When should investments be High Risk? When you are younger (more time to make up lost ground should the investments fail).
When should investments be Low Risk? When you are older (less time to make up lost ground).
How can you Diversify? 1. Do it yourself. 2. Higher a professional. 3. Buy into a Mutual Fund.
What is a Mutual Fund? The investments of many people.
What are the 8 Steps for creating an Investment Plan? 1. Investment Philosophy. 2. Goals. 3. Monthly Amounts To Invest. 4. Investment Alternatives. 5. Rational For Decisions. 6. Key Risk Factors. 7. Anticipated Return. 8. Actions To Take.
Define: Will. The wishes of the deceased pertaining to their processions.
Define: Trust. Legal arrangement between the creator of the trust and the Trustee pertaining to the creators processions.
Define: Trustee. Person charged with carrying out the trust for the benefit of the grantors and heirs.
Who is involved with a Will? Besides the Beneficenary, 1. Executor (Named to carry out the will). 2. Administrator (the court who administers the will). 3. Creditor (submit bills for taxing and other fees).
Define: Durable Power of Attorney for Finances. Anyone to handle your legal or business matters and sign his/her name to documents.
When is a trust no longer able to be changed? When the creator dies, the trust becomes irrevocable.
Created by: 514235947