11. What is the purpose of a mutual fund?
a) To provide insurance coverage
b) To make deposits and withdrawals
c) To pool money from investors and invest in various assets
d) To provide credit and lending services
12. Which of the following is a type of retirement account for employees of nonprofit organizations?
a) 401(k) account
b) SEP IRA
c) Traditional IRA
d) 403(b) account
13. What is the purpose of a fixed annuity?
a) To provide a steady income stream during retirement
b) To provide tax-free investment growth
c) To provide funding for higher education expenses
d) To provide insurance coverage
14. Which of the following is a disadvantage of a reverse mortgage?
a) It allows homeowners to borrow against the equity in their homes
b) It requires monthly mortgage payments
c) It may reduce the inheritance for heirs
d) It is only available to senior citizens
15. What is the purpose of a money order?
a) To transfer funds between bank accounts
b) To send money internationally
c) To make online purchases
d) To make payments when a personal check is not accepted
