You Can Contribute to an IRA

question 61

Multiple Choice

You can contribute to an IRA

• A)only if they do not have a company-sponsored retirement plan.
• B)only if they have less than a specified level of wealth.
• C)only if they have a company-sponsored retirement plan.
• D)regardless of membership in a company-sponsored pension plan and their total earned income.

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Definitions:

Public Corporations

A corporation that sells shares of stock to the public and is listed on a stock exchange.

Repayment Schedule

A timeline that specifies when and how much a borrower needs to pay back to the lender, often detailing monthly payments and interest rates.

Creditors

Individuals, businesses, or financial institutions that are owed money by a debtor, typically as a result of extending credit or lending funds.

Bankruptcy Filing

The legal process by which individuals or businesses declare their inability to pay their debts, seeking relief through the restructuring of debts or the liquidation of assets.