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1.The Tax Increase Prevention and Reconciliation Act of 2005 increased the foreign income exclusion. Therefore US taxes for US citizens and green card holders living outside the US are definitely reduced.

True   False

2. In 12 years, the Social Security system will hit a financial wall where annual benefits being paid will exceed the 6.2% tax on covered payroll received from nearly every worker in America.

True   False

3. Contributions to 401(k) plans increase significantly once employees understand they are deductible.

True   False

4. The Game of Life is a new reality TV pilot scheduled for the Fall line-up.

True   False

5. Treaties are to be used by residents of a country.l The resident does not have to be a citizen of the country to invoke the use of a treaty.

True   False

6. In the job interview you should always ask the interviewer "What concerns do you have regarding my ability to be an effective member of your team?"

True   False

7. The median balance in 401(k) plans for households "approaching retirement" is $160,000.

True   False

8. Among the Early Boomers (1946-1954), the Late Boomers (1954-1964) and the Gen Xers (1965-1972), the Gen Xers are expected to be better prepared for retirement.

True   False

9. In the US, if individuals retire at 63, do not annuitize their investments, and do not take out a reverse mortgage, there is a 66% chance they will outlive their income.

True   False

10. Retirement preparation is really a problem of the middle and lower classes. The upper 1/3 income Americans are not at risk.

True   False