voc. quiz 2-2-15
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 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
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| 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
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| 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
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| 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
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| one who is responsible for an account listed in someone else's name. | Custodian
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| 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
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| after-tax college fund that grows tax-free for educational uses; eligibility based on parents’ annual income. | Educational Savings Account (ESA)
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| 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for individuals with earned income and their non-income-producing spouses; growth is not taxed until money is withdrawn; contributions to an IRA are often tax-deductible.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)
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| paying for college ahead of time by accumulating units of tuition | Pre-Paid Tuition
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| 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
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| 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
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| retirement account funded with after-tax dollars that subsequently grows tax free. | Roth IRA
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| 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)
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| money that is working for you, either tax-deferred or tax-free, within a retirement plan. | Tax-Favored Dollars
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| 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)
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| law similar to UGMA that extends the definition of gifts to include real estate, paintings, royalties, and patents. | Uniform Transfers to Minors Act (UTMA)
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