The New Simple IRA Plans Allow Employees of ________ Companies

question 127

Multiple Choice

The new simple IRA plans allow employees of ________ companies to contribute larger amounts than the traditional IRA.

• A) nonprofit
• B) small
• C) big
• D) international

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Definitions:

Security Interest

A legal claim or lien on collateral that gives a lender the right to repossession if the borrower defaults on obligations.

Default

Failing to fulfill a legal obligation or agreement, particularly the failure to repay a loan as agreed with a lender.

Perfection

In legal and financial terminology, it refers to the necessary steps taken to secure rights or interests in collateral against third parties.

Security Interest

A legal claim or lien on collateral, giving a lender the right to take property to satisfy a debt if the debtor defaults.