Title: QUIZ: Ways to Save - 401(k) and Roth 401(k) -- No Frills Money Skills Video Series
Course: Andria Testing FRE2 > Section: Ways to Save - 401(k) and Roth 401(k) -- No Frills Money Skills Video Series

Q: Financial experts recommend that you have ________________________ months of your monthly living expenses in savings.
- 1 to 3
- 1 to 6
- 6 to 12 
- 12 to 18
A: 6 to 12 

Q: You can open one of these accounts without having your employer set it up.
- IRA
- 401(k)
- 403(b)
- Defined benefit plan
A: IRA

Q: Money saved in this type of account is money on which you have already paid taxes.
- IRA
- 401(k)
- 403(b)
- Roth IRA
A: Roth IRA

Q: Upon retirement, you will pay income taxes on money drawn from all of the account types below except the __________.
- IRA
- 401(k)
- 403(b)
- Roth IRA
A: Roth IRA

Q: Which of the following is true about a 401(k)?
- You pay taxes on your salary, minus your 401 (k) contributions, and pay tax when you withdraw your money at retirement.
- You pay taxes on your contributions, but pay no tax when you withdraw your money at retirement.
- You pay taxes on your salary, minus your 401(k) contributions, and pay no tax when you withdraw your money at retirement.
- You pay taxes on your contributions and pay tax when you withdraw your money at retirement.
A: You pay taxes on your salary, minus your 401 (k) contributions, and pay tax when you withdraw your money at retirement.

Q: An IRA, Roth IRA, 401(k), and 403(b) are savings programs designed to help people when __________.
- there is an emergency expense, such as unanticipated car repairs
- they need money after they leave the work force
- they want to take a vacation
- they want to buy a house
A: they need money after they leave the work force

Q: If your employer offers a match of 3 percent of your earnings, and your earnings are $30,000, how much money should you save each year to take full advantage of the match?
- $300
- $900
- $450
- $3,000
A: $900