41. A $3,000 annual contribution to a retirement account earning 6% will be wort
ID: 2675835 • Letter: 4
Question
41. A $3,000 annual contribution to a retirement account earning 6% will be worth ____ in 20 years.a. $ 60,000
b. $ 96,780
c. $100,000
d. $110,340
e. $192,600
____ 42. Gordon and Lisa estimate that they will need $1,875,000 in 40 years for their retirement years. If they can earn 8 percent annually on their funds, how much do they need to save annually?
a. $7,238
b. $7,987
c. $8,103
d. $9,234
e. $9,875
____ 43. ____ do not have to be covered by Social Security coverage.
a. Farmers and ministers
b. Federal civilian employees hired before 1984 and employees of state and local governments
c. Federal employees and ministers.
d. Teachers and employees of universities.
e. Ministers and professional athletes
____ 44. Mandy and Michael Tombs are retiring soon. Their projected month Social Security benefits are $800 and $1,800, respectively. Assuming they are married and they select the best benefit alternative for them, how much will they receive monthly?
a. $ 800
b. $1,200
c. $1,800
d. $2,600
e. $2,700
____ 45. One can maximize the monthly Social Security benefit amount by delaying taking retirement benefits until age
a. 62
b. 65
c. 67
d. 70
e. 75
____ 46. Fully insured status requires 40 ____ of employment covered by social security.
a. weeks
b. months
c. quarters
d. periods
e. years
____ 47. Of the following survivors of a fully insured worker, ____ would not be eligible for social security benefits.
a. dependent children
b. spouse age 47, no children
c. spouse age 65, with dependent children
d. spouse age 65, no children
e. spouse age 26, with dependent children
____ 48. The Personal Earnings and Benefit Estimate Statement from Social Security would contain information about
a. year-by-year social security earnings credits.
b. benefits at age 62.
c. benefits at age 65 to 67.
d. benefits at age 70.
e. all of these.
____ 49. Jamie has worked for ABC Printing for 5 years. During this period ABC Printing has contributed $25,000 to her non-contributory retirement plan. Assuming ABC uses cliff vesting, the longest period allowed, how much will Jamie be able to roll into an IRA if she left ABC Printing?
a. $ 0
b. $ 5,000
c. $10,000
d. $20,000
e. $25,000
____ 50. Bill has worked for White Drywall for 4 years. During this period White Drywall has contributed $25,000 to his retirement plan. Assuming the company uses graded vesting, how much will Bill be able to roll into an IRA if he left White Drywall at the end of 3 years?
a. $ 0
b. $ 5,000
c. $10,000
d. $15,000
e. $20,000
Explanation / Answer
41. A $3,000 annual contribution to a retirement account earning 6% will be worth ____ in 20 years.
d. $110,340
____ 42. Gordon and Lisa estimate that they will need $1,875,000 in 40 years for their retirement years. If they can earn 8 percent annually on their funds, how much do they need to save annually?
b. $7,987
____ 43. ____ do not have to be covered by Social Security coverage.
e. Ministers and professional athletes
____ 44. Mandy and Michael Tombs are retiring soon. Their projected month Social Security benefits are $800 and $1,800, respectively. Assuming they are married and they select the best benefit alternative for them, how much will they receive monthly?
a. $ 800
____ 45. One can maximize the monthly Social Security benefit amount by delaying taking retirement benefits until age
c. 67
____ 46. Fully insured status requires 40 ____ of employment covered by social security.
c. quarters
____ 47. Of the following survivors of a fully insured worker, ____ would not be eligible for social security benefits.
b. spouse age 47, no children
____ 48. The Personal Earnings and Benefit Estimate Statement from Social Security would contain information about
a. year-by-year social security earnings credits.
c. benefits at age 65 to 67.
____ 49. Jamie has worked for ABC Printing for 5 years. During this period ABC Printing has contributed $25,000 to her non-contributory retirement plan. Assuming ABC uses cliff vesting, the longest period allowed, how much will Jamie be able to roll into an IRA if she left ABC Printing?
c. $10,000
____ 50. Bill has worked for White Drywall for 4 years. During this period White Drywall has contributed $25,000 to his retirement plan. Assuming the company uses graded vesting, how much will Bill be able to roll into an IRA if he left White Drywall at the end of 3 years?
e. $20,000
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