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:

U.S.

Refers to the United States, a country located primarily in North America comprising 50 states and a federal district.

Need to Belong

An inherent human drive to seek connections and acceptance within social groups.

Thirst

The physical sensation of needing to drink fluids, reflecting the body's requirement for hydration.

Hunger

A physical sensation or condition of feeling the need to eat, often resulting from the body's need for nutritional intake.