The Employee Retirement Income Security Act (ERISA)

question 54

Multiple Choice

The Employee Retirement Income Security Act (ERISA) :

• A) prevents employees from being excluded from a pension plan because of age.
• B) prohibits older employees from working under hazardous conditions.
• C) prevents employees from taking voluntary retirement before the age of 45.
• D) prohibits employees from working beyond the age of 55.

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Definitions:

Casualty

An unexpected or sudden event causing loss or damage, often used in insurance to refer to accidents or mishaps causing physical harm or property damage.

Retail Basis

A method of inventory accounting where inventory is valued at retail prices, then converted to a cost basis using a predetermined cost-to-retail ratio.

Lower of Average Cost

A method to value inventory at the lower of its historical average cost or the market cost, ensuring a conservative asset valuation.

Estimated Inventory

An approximate calculation or judgment of the quantity of goods available in stock.