6.Contributions to a Roth IRA are always tax deductible.

True

False

7.A Roth IRA has several characteristics that differ from a Traditional IRA, including the following:

1. The contributions limits are the same for a Roth IRA and a Traditional IRA
2. Contributions are prohibited after age 70
3. Qualified Roth distributions are entirely tax-free
4. A qualified special purpose distribution may be made

a.1 and 2

b.1, 2, and 3

c.1, 3, and 4

d.1, 2, 3, and 4

8.Upon the death of the owner of a Roth IRA, the contents of the account can continue to grow tax-free with no distribution requirements.

True

False

9.A SIMPLE IRA is a viable Qualified Retirement Plan for small businesses. Requirements include:

a. Employer has over one hundred employees

b. Employer has at least one other retirement plan

c. Employees may not make contributions

d. Employees are always 100% vested

10.Defined Contribution Plans include all of the following except:

a. Profit sharing plans

b. 401(k) plans

c. Money-purchase pension plans

d. Defined benefit plans