B) Four single individuals Donald, Bernie, Kamala and Warren come into your office seeking your sage advice and financial wisdom. Donald, age 63 has no job and is living off his substantial stock and bond portfolio which gives him $50,000 of annual interest and dividend income.
Berni, age 68 works as a CPA and has a salary of $250,000 with no retirement plan
Kamala, age 35 is an attorney with a salary of $50,000 with a 401(k) Defined Contribution Plan.
Warren, age 45 is a CEO making $250,000 and a Defined Benefit pension plan.
a) Which of these four can make a maximum contribution to a Traditional IRA? How much is that contribution for each?
b) Which of these four can get a full tax deduction for their traditional IRA contribution?
c) Which of these four can make a maximum contribution to a Roth IRA?
d) Which of these four can get a full tax deduction for their Roth IRA contribution?

answer; enforce the rules;

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

the best way to learn how to declare a major is to talk to a admissions office.