9 - Retirement Plans (Test has only 5 questions)

An individual working part-time as an annual income of $25,000. If this individual has an IRA, what is the maximum deductible IRA contribution allowable ?

$25,000

An IRA owner can start making withdrawals and not be subject to tax penalty beginning at what age?

59 1/2

An IRA owner can start making withdrawals and not be subjected to a tax penalty beginning at what age?

59 1/2

Which product would best serve a retired individual looking to invest a lump-sum of money through an insurance company?

Annuity

Which of these retirement plans can be started by an employee, even if another plan is in existence?

Individual retirement account (IRA)

Which plan is intended to be used by a sole proprietor and the employees of that business?

Keogh Plan

Which of these retirement plans can be started by employing, even if another plan is in existence?

Individual Retirement Account (IRA)

An individual working part-time has an annual income of $25,000. If this individual has an IRA, what is the maximum deductible IRA contribution allowable?

$25,000