1. A contract that calls for regular payments to an individual for life or for a fixed period of time is called a(n):
Level Premium Agreement
Annuity
Mutual Fund
Fixed Dividend Plan
2. Which of the following statements about IRA accounts is true?
Allows people who qualify to deduct from their reported income the money they put into an account
Current income taxes are paid on IRA deposits
IRA earnings are not taxed as income when they are withdrawn
An IRA is a taxable investment plan that enables a person to save part of their income for retirement.