Lawrence Is Self-Employed and Wants to Establish the Simplest Type

question 79

Multiple Choice

Lawrence is self-employed and wants to establish the simplest type of retirement plan. He should set up a

• A) 401(k) plan.
• B) Regular IRA.
• C) Roth IRA.
• D) SEP plan.
• E) Spousal IRA.

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Definitions:

IT

Information Technology, which involves the use of computer systems, software, and networks to store, retrieve, transmit, and manipulate data.

Organizing

The process of structuring, arranging, and allocating resources and tasks within an organization to achieve its objectives efficiently.

Planning

The process of setting goals, defining actions to achieve these goals, and developing strategies to implement the actions.

Public Information

Data, facts, and insights that are available to the general public, often provided for transparency and accountability purposes.