Investment Management
What does the acronym "ETF" stand for?
Exchange-traded fund
The ___________ is a set amount of income that is not taxed, reducing your taxable income. It is available to all taxpayers who do not itemize deductions.
Standard Deduction
What is the term for a legal document that outlines how a person's assets should be distributed after their death?
A will
What type of insurance policy is kept in force for a person's entire life and pays a benefit upon the person's death?
Whole-life insurance
What retirement account allows for tax-free withdrawals of earnings after age 59½, provided the account has been open for at least five years?
Roth IRA
What is the measure of an individual security's volatility relative to that of the market?
Beta
State and local property (SALT) taxes can be deducted up to _______ ($) per year.
$10,000
The legal proceeding that serves to prove the validity of an existing will is called ______
Probate
_______ damages are awards made to plaintiffs not as compensation for injuries suffered, but as a means of punishing defendants for outrageously offensive acts
Punitive
What does the acronym "ISO" stand for?
Incentive Stock Options
What is the ratio that represents how much an investor is willing to pay for every $ of earnings?
Price-to-Earnings (P/E) Ratio
What type of bond is tax-exempt at a federal, state, and local level?
Municipal Bond
What is the current annual gift tax exclusion amount (in dollars)?
$18,000
What does the acronym "HMO" stand for?
Health Maintenance Organization
For the 2024 tax year, at what age do Required Minimum Distributions (RMD's) kick in?
73
A ________ bond is type of bond that can be exchanged for a fixed number of company shares instead of being repaid in cash.
convertible bond
What does the acronym "MAGI" stand for in tax planning?
Modified Adjusted Gross Income
What does the acronym "JTWROS" stand for?
Joint Tenancy With Right of Survivorship
What employer-sponsored account allows pre-tax contributions for qualified medical expenses but is often subject to a “use-it-or-lose-it” rule, meaning unused funds may be forfeited at year-end or after a short grace period?
Flexible Spending Account (FSA)
A SIMPLE IRA is a retirement savings plan designed for small businesses with ___ or fewer employees, allowing both employer and employee contributions.
100
What term describes selling a call option while holding the underlying stock to generate income? (hint: common hedging strategy)
Covered Call
What type of property qualifies for a like-kind exchange under IRS rules? (hint: it's a 4-digit number)
Section 1031 Property
The ______ provision allows the trust beneficiary to withdraw some or all of any contribution to a trust for a limited period to create a gift of a present interest
Crummey
_____ (5-letter acronym) is a federal law allows employees and their families to keep their employer's health insurance for a limited time after certain events
COBRA (Consolidated Omnibus Budget Reconciliation Act)
A ____ _____ test compares the percentage of highly compensated employees (HCEs) who benefit from a plan to the percentage of non-highly compensated employees (NHCEs) who benefit.
Safe Harbor