Unit 1 Types of Accounts Flashcards
When a customer opens a new account, the completed new account form must be sent to them within ? days. After that, the account information must be updated every ? years at a minimum.
30 Day
3 Years
To open a numbered account, the customer must provide a …
written statement of ownership
???? accounts offer equal, undivided ownership, whereas ???? accounts permit unequal, divided ownership.
JTWROS
TIC
No transactions of discretionary nature can be executed unless a ??? has been received by the firm.
power of attorney
In a UGMA or UTMA account, when the minor reaches the age of majority the assets in the account are transferred into…
the name of the new adult.
In a UTMA account income is taxable when ??? and any gift amounts over ??? are taxable.
received by the minor
the gift tax exclusion amount
The ????? enables shareholders to hold stock on the records of a transfer agent in book-entry (electronic) form, instead of holding a physical stock certificate.
Direct Registration System (DRS)
ERISA applies to retirement plans in the ??? sector only; it does not apply to persons who work in the ??? sector.
private
public
An IRA rollover can be done ??? per year.
Once
A Coverdell Education Savings Account can be transferred to a family
member of the beneficiary who is under age ????
30
A shares, B shares, C shares
Class A shares involve paying a fee when you purchase your shares.
Class B shares impose a fee when you sell your shares.
Class C shares impose a fee while holding the shares.
