CRPC Test Questions with Complete Solutions
Desire to provide tax-deferred savings for employees - Answer-Simple IRA or Simple 401(k)
Owner usually 45 or older and oldest or one of the oldest employees, only one or two older - Answer-Defined Benefit Plan
Younger employees benefit from years...
CRPC Test Questions with Complete
Solutions
Desire to provide tax-deferred savings for employees - Answer-Simple IRA or Simple
401(k)
Owner usually 45 or older and oldest or one of the oldest employees, only one or two
older - Answer-Defined Benefit Plan
Younger employees benefit from years of contributions and compounding - Answer-
Money Purchase or Target Benefit Plan to provid age-weighted plan
Reward long-term employees, and favor older employees - Answer-Defined Benefit
Plan
Business Cash flow fluctuates - Answer-Profit sharing, SEP, or Tandem Plan
No other qualified plan or 403(b) - Answer-Simple IRA or Simple 401(k)
Willing and able to make annual financial commitment in excess of 25% of
compensation - Answer-Defined Benefit Plan
No other qualified plan or 403(b) - Answer-Simple IRA or Simple 401(k)
Younger employees benefit from years of contributions and compounding - Answer-
Profit sharing, SEP, or Tandem Plan
No more than 100 employees earing $5000 or more - Answer-Simple IRA or Simple
401(k)
Desire plan that will motivate employees - Answer-Profit sharing, SEP, or Tandem Plan
Seeks maximum tax shelter - Answer-Defined Benefit Plan
Business cash flow fluctuates - Answer-Profit sharing, SEP, or Tandem Plan
Owner willing to make minimal contribution-2% or 3% of compensation - Answer-Simple
IRA or Simple 401(k)
Means to allow owner to meet his/her retirement - Answer-Defined Benefit Plan
Desire very low administrative cost - Answer-Simple IRA or Simple 401(k)
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