Bronco Trivia
What year was Western Michigan University founded?
1903
What is the earliest age you can begin collecting Social Security retirement benefits?
Age 62
What form is used to file an individual federal income tax return?
Form 1040
What type of insurance covers damage to your vehicle from a collision?
Collision insurance
What does CFP stand for?
Certified Financial Planner
What was the name of the old Student Center?
The Bernhard Center
What is one key difference between a traditional IRA and a Roth IRA?
Traditional IRA contributions may be tax-deductible; Roth IRA withdrawals are tax-free in retirement
What is the primary tax benefit of contributing to a traditional 401(k)?
Contributions reduce taxable income
What is a deductible in an insurance policy?
The amount you pay out of pocket before insurance coverage begins
Name 4 of 8 CFP exam topics
Professional Conduct and Regulation
General Principles of Financial Planning
Education Planning
Risk Management and Insurance Planning
Investment Planning
Tax Planning
Retirement Savings and Income Planning
Estate Planning
What year did Martin Luther King Jr speak at WMU? (within 3 years)
1963
What IRS rule requires retirees to take minimum withdrawals from certain retirement accounts?
Required Minimum Distributions (RMDs)
What is a tax deduction?
An expense that reduces taxable income
What type of life insurance provides coverage for a specific period of time?
Term life insurance
Which FINRA licenses are commonly required to act as a financial planner and recommend securities to clients?
Series 7 + Series 66 or Series 6 + Series 65
How many NFL players has WMU produced? (within 5)
71
What type of annuity provides income that begins at a future date to hedge longevity risk?
A deferred income annuity (or longevity annuity)
What is the difference between a marginal tax rate and an effective tax rate?
Marginal is the rate on the last dollar earned; effective is the average rate paid
What type of insurance helps cover the cost of long-term care services?
Long-term care insurance
What standard requires CFP professionals to act in the client's best interest?
Fiduciary Duty
During WW1 & WW2 what was WMUs campus used for?
Training Ground
What retirement income strategy uses portfolio withdrawals combined with guaranteed income sources to reduce longevity and market risk?
A bucket strategy (or time-segmented retirement income strategy)
What strategy involves selling investments at a loss to reduce capital gains taxes?
Tax-loss harvesting
What policy feature prevents cancellation as long as premiums are paid?
Non-cancelable provision
What ongoing requirement must CFP professionals complete to maintain certification?
Continuing education (CE) requirements