economics chapter 3 Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Question | Answer |
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. |
Case Studies |
Created by:
a.allsup
Popular History sets