Personal Finance Quiz on Retirement, Trusts/Wills, and Investing
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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| What is the desired amount to be saved called? | Nest Egg!
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| Types of retirement income? | Side job, Investments, Social Sec., IRA/Roth, 401k, Savings, Pensions.
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| Define:Defined Benefit | Employer sets amount promised.
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| Define: Defined Contribution | What the employer puts into the account is the amount.
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| Define: Legacy | Any investment you want to leave behind (House, money, charities, other objects).
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| 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.
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| Define: Diversification | The balance of a portfolio; high risk/low risk.
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| Define: High Risk | Investments with extreme variables.
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| Define: Low Risk | Investments with fewer and safer variables.
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| When should investments be High Risk? | When you are younger (more time to make up lost ground should the investments fail).
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| When should investments be Low Risk? | When you are older (less time to make up lost ground).
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| How can you Diversify? | 1. Do it yourself.
2. Higher a professional.
3. Buy into a Mutual Fund.
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| What is a Mutual Fund? | The investments of many people.
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| 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.
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| Define: Will. | The wishes of the deceased pertaining to their processions.
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| Define: Trust. | Legal arrangement between the creator of the trust and the Trustee pertaining to the creators processions.
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| Define: Trustee. | Person charged with carrying out the trust for the benefit of the grantors and heirs.
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| 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).
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| Define: Durable Power of Attorney for Finances. | Anyone to handle your legal or business matters and sign his/her name to documents.
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| When is a trust no longer able to be changed? | When the creator dies, the trust becomes irrevocable.
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