You have $3,000 that you may need to use to replace the furnace in your home. If you need the funds, it would be on no less than a week's notice. Into which type of account would it be best for you to deposit the $3,000?
A) Checking account
B) Savings account
C) NOW account
D) All of the above would be equally acceptable.
Answer: B
Business
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Indicate whether the statement is true or false
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Which of the following statements about withdrawals from Section 401(k) plans is (are) true? I. The penalty tax does not apply to hardship withdrawals. II. Withdrawals may be made without penalty at age 59.5 or older
A) I only B) II only C) both I and II D) neither I nor II
Business