Week 4 Quiz

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Week Four Quiz
Directions: Based on your readings and discussions in class this week, select the best answer. Utilize the Text Highlight feature or Bold your response.

1. Which of the following is the smartest way to handle allowance for children and teens?
a. Pay your children and teens according to the work that they do.
b. Never pay for chores of any type, since children of all ages should be expected to help out as members of the family.
c. Increase allowance annually based on the child's age.
d. Give allowance when children have performed well in school or exhibited exemplary behavior.

2. What are the consequences of withdrawing money from a 529 plan to pay for expenses not associated with higher education?
a. You must replace any withdrawals within 60 days or pay a 25% federal penalty tax.
b. You must pay income taxes on the earnings as well as a 10% federal penalty tax.
c. You may incur a tax if you withdraw more than half of the account.
d. There are no penalties as long as your adjusted gross income is below $110,000 (for a single filer) or $220,000 (for joint filers).

3. After paying off debt and establishing an emergency fund, your top savings priority should be which of the following?
a. Saving for retirement
b. Saving for your child's college education
c. Saving for a down payment on a house
d. Saving for a vacation

4. According to Suze, under what circumstances might you consider cosigning a loan for a family member?
a. Your family member has a low credit score due to poor credit management and he really needs a car to get to work.
b. Your family member signs a promissory note to you stating when she will begin making monthly payments on this loan and that she is in fact responsible for this loan.
c. Cosigning the loan will help the family member establish a credit history, which in
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