Which of the Following Statements Regarding Individual Retirement Accounts (IRAs)

question 43

Multiple Choice

Which of the following statements regarding individual retirement accounts (IRAs) is (are) true?
I.If an individual's only income during the year is from investments, he or she cannot make an IRA contribution.
II.The funds in the IRA can be used to purchase life insurance on the owner.

• A) I only
• B) II only
• C) both I and II
• D) neither I nor II

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Definitions:

Psychotic Compulsions

Severe, uncontrollable urges to perform certain actions, often associated with psychotic disorders.

Dreams

A series of thoughts, images, and sensations occurring in a person's mind during sleep, often reflecting unconscious desires and conflicts.

Conscious Desires

Wishes or wants that individuals are aware of and can articulate or express.

Hidden Conflicts

Psychological struggles or disagreements that reside below the conscious level and may manifest through various behaviors or psychological symptoms.