Exercise
Answer the Following Questions
- 1. Name the type of retirement plan for small business that allows the business owner to skip contributions in years when business is bad.
- A. SEP
- B. SIMPLE
- C. Keogh
- 2. Name the type of retirement plan for small business that is now more commonly called HR-10 or qualified plan.
- A. SEP
- B. SIMPLE
- C. Keogh
- 3. Name the type of retirement plan that is only appropriate for sole proprietorships and unincorporated businesses.
- A. SEP
- B. SIMPLE
- C. Keogh
- 4. Name the type of retirement plan for small business that allows contributions for individuals over 70 1/2 years old.
- A. SEP
- B. SIMPLE
- C. Keogh
- 5. Name the type of retirement plan for small business for which the employer is required to either match employee contributions up to 3% of the employee’s compensation or to contribute 2% whether t