Which of the Following Statements Concerning Individual 401(k)s Is False

question 48

Multiple Choice

Which of the following statements concerning individual 401(k) s is false?

• A) Individual 401(k)s have contribution limitations.
• B) Individual 401(k)s are available only to self-employed taxpayers with 100 or fewer employees.
• C) Employees of the taxpayer cannot participate in individual 401(k)s.
• D) In general, individual 401(k)s have higher administrative costs than SEP IRAs.

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Definitions:

Pessimism

A tendency to focus on the negative aspects of life or to expect the worst possible outcome in any given situation.

Locus Of Control

A psychological concept referring to the extent to which individuals believe they have power over events in their lives.

Dr. David G. Myers

A psychologist known for his work in social psychology and happiness.

Positive Attitude

A mental state that involves looking at the good side of things and expecting positive results.