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Profit-Sharing Plans and 401(k)plans Are Examples of Defined-Contribution Plans

question 178

True/False

Profit-sharing plans and 401(k)plans are examples of defined-contribution plans.


Definitions:

Natural Disaster

A sudden and extreme event in nature that causes significant damage or loss of life, such as an earthquake, flood, hurricane, or tornado.

Confraternities

Organizations, often religious in nature, formed for the purpose of promoting specific causes, engaging in community service, or participating in prayer and worship activities.

Laypeople

refers to members of a religious faith who are not ordained clergy but are still integral to the community's spiritual life and practices.

Religious Observance

The act of practicing or participating in actions and rituals associated with a particular religion or faith tradition.

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