What Are the Advantages to a SIMPLE Plan for Retirement

question 114

Multiple Choice

What are the advantages to a SIMPLE plan for retirement for the small business owners?

• A)The plan is very easy to set up.
• B)The plan works well for small business owners with 100 employees or less.
• C)The small business owner has some flexibility in determining how much to contribute to the plan.
• D)All of the above are correct.
• E)Only A and B are correct.

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Definitions:

Interest Accrued

The amount of interest that has been earned or incurred but has not yet been paid or received.

Note Paid

Represents the full repayment or settlement of the amount owed as denoted in a promissory note.

Interest Accrued

Interest that has been earned but not yet received or recorded.

Calculate Interest

Determining the cost of borrowing money or the profit from lending money, based on the principal sum, rate, and time.