APEX Final Exam Questions and Answers Solved 100%

APEX Final Exam 529 college savings plan - A student's family saves money for college by investing funds in the stock market. It offers several investment options, and the values go up and down based on market performance of the option selected. 529 plans - Legally known as the qualified tuition program. It is a tax -advantaged savings plan designed to encourage saving for future college costs. They are sponsored by states, state agencies, or educational institutions. Those who invest in a plan are exempt from paying federal taxes on it and receive certain state tax benefits. 529 prepaid tuition plan - AKA the guaranteed tuition plan. Allows families to repay all of or part of the cost of an instate public university education. It also may be converted for use at a private university. Advantages and Disadvantages of Coverdell Education Savings account - Advantages -many of the same advantages as the 529 plan -can be opened at any financial institution -can be invested in stocks, bonds, mutual funds, and certificates of deposits. -money left over will go to the beneficiary rather than the person in control of the account. -Funds can be used for K -12 -More investment options Disadvantages -Yearly maximum contribution limit -Age limit for disbursement funds. Advantages and Disadvantages to 529 plans - Advantages -Money gained from the investment doesn't get taxed. -when money is withdrawn to pay for school it doesn't get taxed -most states don't tax withdrawals -usually, plans have a low minimum monthly contribution requirement -Options of contributing money in one lump sum up to 65,000 -Account holder maintains control -The beneficiary can be changed. Disadvantages -Money withdrawn that is not used for college will be taxed. -Does affect need -based financial aid eligibility -Does not guarantee admission to college. -Required to be 15 years or younger when account is opened -Contributions cannot be deducted from income tax -move fund from one state to another but only over a 12 month period. Agriculture, Food, and Natural Resources - 1)food products and processing systems 2)Plant systems 3)Animal Systems 4)Power, structural, and technical systems 5)Natural Resource Systems 6)Environmental service systems Architecture and Construction - 1)Design/Pre -construction 2)Contruction 3)Maintenance Arts, Audio/Video Technology, and Communications - 1)Art, Video, Technology, and Film 2)Printing Technology 3)Visual Arts 4)Performing Arts 5)Journalism and Broadcasting 6)Tele -communications