A 401(k)plan Is Which of the Following Types of Retirement

question 4

Multiple Choice

A 401(k) plan is which of the following types of retirement benefits?

• A)defined contribution
• B)defined benefit
• C)qualified benefit
• D)nonqualified benefit

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Definitions:

Assigned

The allocation or designation of resources, responsibilities, or tasks to a specific account, project, or individual.

Unassigned

Refers to resources or tasks that have not been allocated or designated to a specific category, department, or individual.

Encumbrances Outstanding

Liens or claims against property or assets that are unresolved or have not been paid off, affecting an owner's ability to transfer a clear title.

Modified Accrual Basis

An accounting method that combines elements of the accrual basis and cash basis accounting, recognizing revenues when they are available and measurable, and expenses when incurred.