Bruce Wills Has Been Making Contributions into an Individual Retirement

question 146

Multiple Choice

Bruce Wills has been making contributions into an individual retirement account on behalf of his nonworking wife.What type of individual retirement account is this?

• A)Traditional IRA
• B)Roth IRA
• C)Spousal IRA
• D)Coverdell Education Savings Account
• E)SEP-IRA

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Definitions:

FOB Destination

A shipping term where the seller is responsible for the transportation costs and risks until the goods reach the buyer's specified location.

Freight Costs

Expenses associated with transporting goods from one place to another, which may include shipping, handling, and insurance fees.

Seller

An individual or entity that offers goods or services for sale to consumers or other businesses.

Operating Expenses

Costs incurred in the day-to-day operations of a business, such as rent, utilities, and salaries, excluding the cost of goods sold.