Budget Deficits Have Been Eliminated in Recent Years

question 39

True/False

Budget deficits have been eliminated in recent years.

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Definitions:

Tax-deferred Plans

Retirement or investment accounts that allow taxpayers to postpone tax liabilities on earnings until funds are withdrawn in the future.

Retirement

The period in an individual's life during which they cease full-time work, typically due to age.

SIMPLE

An acronym for Savings Incentive Match Plan for Employees, a type of retirement savings plan that allows employees and employers to contribute to traditional IRAs set up for employees.

SEP Plans

Simplified Employee Pension (SEP) plans are retirement accounts that allow employers to make contributions towards their own and their employees' retirement savings.