Golf Pro

Mandy Thomas, age 47, is the owner of The Golf Pro Shop. Mandy wants to retire at age 55. The company adopted a defined benefit plan 2 years ago, 3 years after the business opened. Mandy wants to increase the amount that she contributes to her own retirement. Mandy can

a. increase the amount without limit

b. increase the amount within limits set by the Internal Revenue Code

c. increase the amount, but must also contribute to all other company employee accounts by the same proportion

d. increase the amount, but maximum benefit will be cut in half because the plan is less than 10 years old

e. she cannot increase her contribution

  1. The owner of Whitney Corporation, Inc., earned $250,000 in 2013. In the same year, three highly compensated employees earned $100,000 each. The remaining 30 line workers earn about $20,000 each, for a total payroll of $600,000 for this group of workers. Whitney Corporation made the maximum allowable contribution to each employee’s money purchase plan in 2013. In 2013, what was the total amount that Whitney Corporation contributed to their money purchase plan?

a. $51,000

b. $150,000

c. $225,000

d. $276,000

e. $318,000

  1. Orville Winbacher died last year at age 58, leaving $500,000 accumulated in a Roth IRA. Which of the following is (are) true?

a. monies in the Roth IRA must be distributed within a year of the Orville’s death either to his estate or to a beneficiary

b. distribution from the account can be made over the life of a designated beneficiary if begun within a year of Orville’s death

c. initial distribution of Orville’s Roth IRA funds to a beneficiary are tax-free, but subsequent investment returns on amounts distributed are taxable

d. a and b

e. b and c

  1. George Flint was transferred to Chicago three years ago. When he left Detroit, he sold his home and put some of the money in a new Roth IRA. He and his wife, Wilma, have been renting a home for the past 3 years. Recently, the homeowner decided to sell. George is interested in buying the home. George can make a penalty-free withdrawal from his Roth IRA to help complete the purchase.

a. true

b. false

  1. Brothers Tim and Jim Shanton have asked you, their financial advisor, to settle a friendly quarrel between them. Tim argues that a Roth IRA and a traditional IRA are actuarially equivalent if $4,000 is available for investing on a before-tax basis, contributions to the traditional IRA are deductible, tax rates are expected to stay the same, and both have the same interest rates. So, it makes no difference which vehicle one uses to save for retirement. Jim insists that a Roth IRA is the better investment. You tell them

a. Tim is wrong; the tax deduction available for a traditional IRA allows more money to work for the contributor

b. Jim is wrong; at least for some low-income individuals, the traditional IRA is a better investment because of its relatively lower tax rates

c. Tim is right; the two investments are equivalent in every respect when considered at the end of an investment horizon at least 10-years long

d. Jim is right; the ability to make tax-free withdrawals from a Roth IRA gives a greater return even when contributions and interest rates are equivalent over time

e. both are right; the two investments are actuarially equivalent, but absence of a minimum distribution date and more liberal penalty-free withdrawal options may make the Roth IRA more attractive

  1. Which of the following statis is (are) NOT correct?

a. A durable power of attorney for health care is always a direct substitue for a living will.

b. A living will only covers a narrow range of situations.

c. A living will must generally meet the requirements of a formally drafted state statue.

d. Many well-intentioned living wills have failed because of vagueness and/ or ambiguities.

  1. A __ is a legal request for how one’s estate should be distributed upon death

a. Letter of last insturction

b. Will

c. Asset distribution

d. None of the above

  1. The person transferring asssets to antoher person in a trust is called the

a. Trustee

b. Grantor

c. Executor

d. None of the above

  1. A __ is a legal documemnt created by indiviudals to specify their preferences if they become mentally or physically disabled
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