User: ***************** In Course: PERSNAL FINANCE ( CORE 2433 Section 176 Spring 2010) 10. 20. 30. 40. COURSE SYLLABUS COURSE CALENDAR BEING SUCCESSFUL IN PERSONAL FINANCE ONLINE ON YOUR OWN COAST-TO- COAST PERSONAL FINANCE SIMULATION Course Materials Announcements External Links Discussion/Groups E-Mail Chatroom Who's Online? Quizzes Exams Practice Test Assignments Surveys Students Course Manager Grades/Profile Technical Support Logoff Instructor: EDDIE ARY Your score on this exam is 5 out of 5 . The answer key will be available after the due date, Apr 26, 2010 at 12:50 PM. Instructions: You may use your textbook in completing this quiz. However, you should not work with someone else, or get assistance from anyone. Answer Key Question 1 (Worth .5 points) How many credits (quarters of coverage) must you have to qualify for Social Security retirement benefits? Points earned on this question: 0.5 Question 2 (Worth .5 points) Social Security retirement benefits provide more than an adequate level of income. are the same whether you retire at age 62 or the n ormal retirement age. can be drawn by all elderly individuals. need to be supplemented with other retirement inco me. Points earned on this question: 0.5 Question 3 (Worth .5 points) In most retirement plans, taxes are paid as you withdraw the funds during retireme nt. never have to be paid on the yearly contributions, nor the income they generate. are paid as you make contributions. are paid in one lump sum when you retire. Points earned on this question: 0.5 Question 4 (Worth .5 points) A nonprofit organization, such as Ouachita, would offer its employees a 401(k) plan. profit sharing plan. 403-b plan. Simplified Employee Plan. Points earned on this question: 0.5 Question 5 (Worth .5 points) Which of the following retirement account portfolios would be most appropriate for a young person (age 24-25)? 40 percent high-risk investments, 20 percent mediu m-risk investments, and 40 percent low-risk investments. 65 percent high-risk investments, 30 percent mediu m-risk investments, and 5 percent low-risk investments. 70 percent medium-risk investments, 15 percent hig h-risk investments, and 15 percent low-risk investments. 60 percent low-risk investments, 30 percent medium -risk investments, and 10 percent high-risk investments. Points earned on this question: 0.5 Question 6 (Worth .5 points) What is the earliest age at which workers can begin receiving Social Security retirement benefits? Age 70. Age 67. Age 65. Age 62. Points earned on this question: 0.5 Question 7 (Worth .5 points) If you have a claim to a portion of the money in an employer- sponsored retirement account that has been reserved for you upon your retirement, you are said to be funded. profit-sharing. vested. collateralized. Points earned on this question: 0.5 Question 8 (Worth .5 points) The Social Security taxes received by the Social Security program are invested in a special account for your retirement. used to pay the retirement pensions of current ret irees. invested in the stock market. used to build government healthcare facilities. Points earned on this question: 0.5 Question 9 (Worth .5 points) The importance of a major method of risk reduction in a retirement plan sponsored by an employer was illustrated by the demise of Enron. What was this method? Buy low and sell high. Diversification. Correlation. Beta. Points earned on this question: 0.5 Question 10 (Worth .5 points) A retirement plan sponsored by an employer (the employer makes all contributions to the plan) that guarantees a worker a specific amount of income (based on salary and years of employment) upon retirement is called a defined-benefit plan. defined-contribution plan. 401(k) plan. SIMPLE plan. Points earned on this question: 0.5 core2433section176spring2010 Current course: Related Help Center Topics Taking Exams Proctored Exams Question Types
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