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ACC 200 at BYU Final Exam Review cards

What is the "main advantage" of a Traditional IRA compared to a Roth IRA?

With a traditional IRA, contributions are often tax deductible

What happens to you if you withdraw money from a Traditional IRA before age 59 ½ ?

The IRS will assess a penalty.

Are contributions to a Roth IRA tax deductible?

No

For an employee with a tax rate of 25%, how much is the short-term income tax savings that comes from a $3,000 contribution to a 401(k) account?

$750

How large was the annualized return on investment that was promised to "upgraded" members of 12daily Pro?

1,300%

"A fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors." - What is this statement describing?

A Ponzi Scheme

What is the "better estimate" of how much was lost by the investors in Bernie Madoff's scheme?

Between $12 billion and $20 billion

What is the goal of a portfolio manager for an actively-managed fund?

Beat the market

Over a 3-year time horizon, what fraction of actively-managed funds beat the S&P 500 Index?

9.7%

What is Baby Step #1 in Dave Ramsey's Seven Baby Steps to financial peace?

Put $1,000 in an emergency fund

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