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The following questions are representative of the types of questions you will find on the examination.

1. Which of the following data is protected by the privacy provisions of the Gramm-Leach-Bliley law?

a. Public personal information
b. Public institutional information
c. Nonpublic personal information
d. Nonpublic institutional information

2. Which of the following IRS forms is used to report federal tax amounts withheld from an IRA?

a. W-4P
b. 55A
c. 945
d. 6681

3. Tom and Rosa are married. Both are under the age of 70½. Each has a Traditional IRA. Tom earned $1,800 and Rosa earned $48,000 last year. If they file separate income tax forms, the amount that can be contributed to Tom's IRA is limited to

a. $250
b. $500
c. $1,800
d. $3,000

4. Which of the following best describes how many rollovers can be made from a qualified employer plan?

a. 1 every 6 months
b. 1 every year
c. 1 every 2 years
d. More than 1 per year

5. With respect to an IRA, a trust may be

a. A contributor
b. A custodian
c. A beneficiary
d. An IRA holder


Answer Key

1. c
2. c
3. c
4. d
5. c