Defalcation Is Another Word for Financial Fraud

question 67

True/False

Defalcation is another word for financial fraud.

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Definitions:

Qualified Education Expenses

Expenses required for enrollment or attendance at an educational institution, including tuition, fees, and related costs.

Retirement Plan

A retirement plan refers to financial strategies of saving, investment, and ultimately distribution of money meant to sustain an individual’s standard of living in retirement.

Savings Account

A bank account that earns interest on the deposited funds, designed for saving money over a period of time.

Highly Compensated Employees

Employees who receive compensation above a specific threshold set by the IRS, making them subject to different regulations for retirement plan contributions.