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Retirement, Stock Options, Other Benefits and Income Taxes 1. Diversified mutual funds that may own stocks, bonds, and cash in a mix aimed at the       long term is called a        A  Conglomerate Fund        B  Life-Cycle Fund        C  Hedge Fund        D  Venture Capital Fund 2. If your total tax deductions are greater than the standard deduction allowed by       the Internal Revenue Service then you can do this        A  Use a Schedule C        B  Petition for an Exception        C  Itemize Deductions        D  Extend the Exemptions 3. Named for the provision of the tax code that allowed retirement contributions to be       made before taxes, thses company-sponsored plans allow you to make pretax contributions       toward your retirment and allow the investments to grow tax-deferred until you reach retirement       are. They are called        A  357(m)        B  666(b)        C  401(k)        D  221(b) 4. An employer-sponsored retirement-savings account funded with money on which you have       already paid the taxes is a        A  Roth 401(k)        B  Hatch 403(k)        C  Obama 402(k)        D  Bush 405(k) 5. A tax-favored account for retirment savings that you establish outside of       your employer is called        A  a Tax-free Retirement Account        B  a Tax-defered Retirement Account        C  an Individual Retirement Account        D  a Proprietary Account 6. The price at which a stock option can be exercised is the        A  Hit Price        B  Strike Price        C  Home Price        D  Base Price 7. The process udner which employees receive benefits over a period of time is called        A  Vesting        B  Collaring        C  Button-Holing        D  Backing 8. Terms used to describe a situation where you own more on something than it is       now worth are        A  Underwater        B  Either of these        C  Upside Down        D  Neither of these 9. A person who manages assets for the benefit of someone else and who is required to put       that person's interests above his or her own is called        A  a Broker        B  a Financial Planner        C  a Fiduciary        D  a Financial Middleman 10. All of your income from work, investments, and other sources before any       taxes or deductions on your tax return is called        A  Gross Income        B  Total Income        C  Income Subject to Taxes        D  Adjusted Income for Tax Purposes 11. Items that help reduce the income tax you owe by reducing your taxable income are called        A  Deductions        B  Exclusions        C  Itemizations        D  Dependents 12. The primary tax form for filing federal income taxes is the        A  920        B  1000        C  1120        D  1040 13. The Adjusted Gross Income includes all of the following EXCEPT        A  interest        B  dividends        C  wages        D  standard deduction 14. A deduction available to all taxpayers that reduces the amount of which you pay federal       income taxes is the        A  Exemptions Deduction        B  Itemized Deduction        C  Standard Deduction        D  Normalized Deduction