1) An annuity contract owner can either be a real person or a non-natural person such as a trust depending on the tax market of the annuity. a) True b) False 2) A variable annuity value will a) Stay the same b) Never go down with market loss c) Earn the same consistent rate of return d) Fluctuate with the market 3) Annuities are designed to address the risk of a) Dying b) Outliving one's financial resources c) Not having money for your kids d) Sinking ships 4) For the purpose of federal income tax, non-qualified annuity payments are generally considered to consist of two parts:  a) Cost Basis b) Interest Rate c) Market Risk d) Taxable Earnings 5) This is the person whos life expectancy determines the annuity payments a) The owner b) Financial Advisor c) Annuitant d) Beneficiary 6) This is the day on which Transamerica will begin making annuity benefit payments a) accumulation period b) liquidation period c) annuity commencement date d) anniversary date 7) FPDA stands for a) Flex Premium Deferred Annuity b) Simple Premium Deferred Annuity c) Single Premium Immediate Annuity d) Flex Premium Immediate Annuity 8) Immediate annuities will begin income within a) 1 Month b) 1 Annuity Period c) 1 Year d) Anytime the owner decides after the annuity is opened 9) The annuitant and owner must always be the same a) True b) False 10) The higher the potential degree of risk in a product, the lower the potential for return on the product a) True b) False 11) The process of spreading one's investments so as to minimize the risk of any one particular investment is known as a) Diversification b) Annuitization c) Underwriting d) Seperation 12) Earnings in an annuity are taxable a) in the year they are earned b) upon withdrawal c) before the annuity is opened d) only when the annuity is fully closed out 13) Mr. McBane made a withdrawal from his non-qualified annuity at age 57. The tax consequences will include: (choose all that apply) a) Pay income tax on the earnings portion of the withdrawal b) Pay income tax on the entire withdrawn amount c) Plus a potential 10% premature distribution penalty tax from the IRS 14) A 1035 exchange  allows a contract owner to exchange one ______  annuity contract for another  a) Qualified b) Non-Qualified 15) A direct transfer or rollover allows a contract owner to exchange one ___ annuity contract for another a) Qualified b) Non-Qualified

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