Accounts Quiz

1.

1 point

The only documentation required to open a Sole Proprietorship Business account is the business licence.

True

False

2.

1 point

The Business Account Quick Guide can be found by clicking on "Quick Info" from the "My Department" page and then looking under the "Quick Guides" column on the right.

True

False

3.

1 point

Minors between the ages of 16-17 without a parent listed on the account can have a checking as long as no VCC is issued.

True

False

4.

1 point

A parent can open up an account and sign for a minor between the ages of 16-17.

True

False

5.

1 point

On a Traditional IRA, contributions may be tax deductable.

True

False

6.

1 point

The minor cannot remove a
parent from the account without
the parent’s consent. The parent
must sign the bottom portion of the
second page of the MJAA.

True

False

7.

1 point

A minor between the ages of 16-17 can add any adult over the age of 18 as a joint signer.

True

False

8.

1 point

When opening up Guardian and Conservator accounts, branch employees must qualify the Ward for membership, not the guardian and/or conservator.

True

False

9.

1 point

Per IRS regulations, SEP contributions are always accepted and reported for the year in which they are received (current
year). The member (or their employer)
may still claim the contribution on the previous year’s taxes.

True

False

10.

1 point

An acceptable photo identification and SSN is all we need to open an account for a minor under the age of 16.

True

False

11.

1 point

A Roth IRA requires mandatory withdrawals after age 70 1/2.(RMD)

True

False

12.

1 point

To qualify an irrevocable trust for membership, the grantors OR beneficiaries must be members.

True

False

13.

1 point

The IRA owner's signature is required for all previous year contributions.

True

False

14.

1 point

The MRMS request type used when opening an Estate, UTMA, or Representative Payee account is "Open Specialized Account Type".

True

False

15.

1 point

Minors under the age of 16 may sign the back of the
check or transaction receipt, but the
parent must also sign the check or
transaction receipt.

True

False

16.

1 point

Branch employees open up Estate Accounts for members.

True

False

17.

1 point

How many Debit/VCCs can be issued per member account?

As many as there are signers.

2

4