Ben Carmichael Has Been Making Contributions into an Individual Retirement

question 183

Multiple Choice

Ben Carmichael has been making contributions into an individual retirement account for his retirement.His contributions are tax deductible (based on his tax filing status and income) as his employer does not offer a retirement plan.What type of individual retirement account does he have?

• A)Traditional IRA
• B)Roth IRA
• C)Spousal IRA
• D)Coverdell Education Savings Account
• E)401(k)

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Definitions:

Self-actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Transcendence

The experience of surpassing normal physical or mental limitations.

Self-belief

Confidence in one's own abilities or worth.

Preparation/Determination

The phase or mindset of being ready and determined to undertake tasks or achieve objectives.