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. Solo 401(k)

2. Name the type of retirement plan for small business that is only available to a self-employed individual who does not employ anyone else.

A. SEP

B. SIMPLE

C. Solo 401(k)

3. Name the type of retirement plan that may fund either an IRA or a 401(k).

A. SEP

B. SIMPLE

C. Solo 401(k)

4. Name the type of retirement plan for small business that allows contributions for individuals over 72  years old.

A. SEP

B. SIMPLE

C. Solo 401(k)

5. Name the type of retirement plan for small business for which the employer is required to either match employee contributions up to 1% to