What Is the Term for a Tax-Favorable IRA Is Set

question 22

Multiple Choice

What is the term for a tax-favorable IRA is set up by or for the employee,and the employer contributes the funds into the account?

• A)IRA
• B)SIMPLE
• C)ESOP
• D)SEP

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Definitions:

Electrical Motor

A device that converts electrical energy into mechanical energy, used in a multitude of applications from household appliances to industrial machinery.

Standard Labor-Hours

The predetermined amount of labor time estimated for the completion of a task or production of goods under normal conditions.

Machine-Hours

The total hours that machines are in operation during the production process, used as a basis for allocating manufacturing overhead.

Fixed Manufacturing Overhead

Costs associated with manufacturing that do not vary with the level of production, such as rent and salaries.