Vocabulary
Vocabulary
Vocabulary
Vocabulary
Vocabulary
100
A (n) ______ tax is levied by the federal government on the transfer of property at death.
What is estate?
100
A person who dies without having a will is said to die _________.
What is intestate?
100
A(n) _______ is a plan for employees of government or not-for-profit organizations; taxes are deferred until the money contributed is withdrawn.
What is 403(b)?
100
A(n) __________ annuity allows the tax-free buildup of interest or dividends during the contract time.
What is deferred?
100
A(n) _________ tax is levied on an heir who receives all or part of the estate of a decedent.
What is inheritance?
200
A court process called ____________ is when a will is validated and processed.
What is probate?
200
A(n) ____ will is one written in one's own handwriting.
What is holographic?
200
A(n) _______ is a plan available through companies that operate for a profit; taxes are deferred until the money contributed is withdrawn.
What is 401(k)?
200
Income on which you have already paid tax is called __________income.
What is pre-tax?
200
A legal document that tells how you want your estate to be distributed after your death.
What is will?
300
A legal document called a(n) ________ authorizes another person to act on your behalf in your absences.
What is power of attorney?
300
The _____ is the person who makes or draws a will.
What is testator?
300
An employee is __________ whan a certain number of years or other condition of employment has passed.
What is vested?
300
Self-employed individuals and their employees may contribute to a(n) ______ plan.
What is Keogh?
300
Legal document in which an individual gives someone else the control of property, for ultimate distribution to another person.
What is a trust?
400
A(n) ______ is used to make small changes to an existing will.
What is codicil?
400
__________ is the process of planning for the administration and transfer of property during one's lifetime and at one's death.
What is Estate planning?
400
In a(n) _________ plan, a minimum contribution is made by both employer and employee; no particular benefit is promised.
What is defined-contribution?
400
A(n) _________ is a tax-sheltered retirement plan to which working people make annual contributions of up to $2,000 per year.
What is IRA?
400
A tax on a gift of money or property, to be paid by the giver, not the receiver, of the gift.
What is gift tax?
500
_________ are people entitled to receive the property or assets from another person who has died.
What are Heirs?
500
Whan a person is living, all he or she owns, less debts owed, is called a(n) ________.
What is estate?
500
In a(n) _________ plan, the contract specifies the benefits promised to the employee at normal retirement age.
What is defined-benefit?
500
A(n) ________ provides a homeowner with tax-free income in the form of a loan to be paid back when the property is sold.
What is reverse mortgage?
500
A government sponsored pension plan.
What is social security?
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