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IRA Accounts Exam Questions and Answers

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IRA Accounts Exam Questions and Answers

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IRA Accounts Exam Questions and
Answers



Contribution - Answer-Each deposit to the IRA is known as a contribution



Installment payment - Answer-Your IRA money is meted out in periodic payments rather than one large
sum



Individual retirement account - Answer-A savings- for- retirement plan that defers taxes until the due
date



Lump-sum - Answer-Having your IRA money given to you in one large amount instead of in increments



Penalty - Answer-A charge is added against you if you withdraw your money before the agreed-upon
date



Rollover - Answer-When the IRA gets money from another qualified plan, and usually at an employee's
retirement



Tax -deductible contibution - Answer-Putting your money into your IRA avoids taxes

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