Question

QUESTION 6 10 points Saved What is a savings account designed for? a. Investing money ob Saving money c. Spending money d. Counting money QUESTION 7 10 points Saved If you expect your income taxes to be higher when you retire and you are saving for retirement, you should invest in a traditional IRA. b.gold c. certificate of deposit. od.roth IRA. QUESTION 8 10 points Save Answer A 529 plan is a. a plan where taxes are not paid on the money or interest earned until the year it is withdrawn. b. an account which allows the holder to write checks against deposited funds. c. funds set aside to go toward post-secondary education expenses. d. funds set aside to be withdrawn after age 59.5 without penalty

Answer 1

Question 6: Saving Money

Savings account is an account where the money is held for savings and there is limited withdrawl facility available, The interest is given on the balance held in the account which is generally less than fixed deposits.

Question 7: Roth IRA

The Roth IRA is a type of retirement savings account which is tax free if the money is held for more than 5 year and withdrawl id done after 59.5 years of age.

Question 8: Option C

A 529 is a plan that is set aside for the post secondary education expenses and it is tax benefit plan, withdrawls are also tax free if it has to be used for qualified education services.