Glenn Found a Stray Cat and "Adopted" It

question 20

Multiple Choice

Glenn found a stray cat and "adopted" it. If Glenn is typical of the majority of Americans, how will he come to view himself in relationship to the cat?

• A) Glenn will see himself as a father figure and may refer to himself as "Daddy" when talking to the cat.
• B) Glenn will keep the cat fed, but will otherwise generally ignore the animal.
• C) Glenn will find himself increasingly resentful of the cat because of the extra expense and time that is required to care for a pet.
• D) According to statistics, Glenn will probably neglect the animal because it did not cost him anything.

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Definitions:

Deductible IRA Contribution

Contributions to an Individual Retirement Account that can reduce taxable income.

Disallowed Portion

The part of a deduction or credit that cannot be used to offset tax liability due to various limitations or restrictions imposed by tax laws.

Qualified Pension Plan

A retirement plan that meets specific IRS guidelines to offer certain tax advantages, such as tax-deferred growth on earnings within the plan.

Annuity

An investment instrument offering a series of regular payments to a person, usually implemented as a component of retirement planning.