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

question 30

Multiple Choice

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

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

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Definitions:

Slavery Extension

The political and social debate over the expansion of slavery into new territories or states in a country.

Protective Tariff

A tariff imposed on imports to protect domestic industries from foreign competition by increasing the cost of imported goods, thereby making local goods more competitively priced.

American Colonies

Refers to the thirteen British colonies in North America that declared independence in 1776, leading to the American Revolutionary War and the formation of the United States.

Spain

A country located on the Iberian Peninsula in Europe, known for its rich history, cultural diversity, and significant contributions to art, literature, and global exploration.