CRPC Test exam 2023/2024 with 100% correct answers

No other qualified plan or 403(b) - correct answer Simple IRA or Simple 401(k) Younger employees benefit from years of contributions and compounding - correct answer Profit sharing, SEP, or Tandem Plan Business has stable cash flow and owner willing to make annual financial commitment, but either unwilling or unable to commit more than 25% compensation - correct answer Money Purchase or Target Benefit Plan to provid age-weighted plan Means to allow owner to meet his/her retirement - correct answer Defined Benefit Plan No more than 100 employees earing $5000 or more - correct answer Simple IRA or Simple 401(k) Desire plan that will motivate employees - correct answer Profit sharing, SEP, or Tandem Plan Seeks maximum tax shelter - correct answer Defined Benefit Plan Business cash flow fluctuates - correct answer Profit sharing, SEP, or Tandem Plan Owner willing to make minimal contribution-2% or 3% of compensation - correct answer Simple IRA or Simple 401(k) Means to allow owner to meet his/her retirement - correct answer Defined Benefit Plan Desire very low administrative cost - correct answer Simple IRA or Simple 401(k) Willing to accept investment risk - correct answer Defined Benefit Plan Easire to communicate plan to employees, and reduce administrative costs - correct answer Money Purchase or Target Benefit Plan to provid age-weighted plan Shift investment risk to employees - correct answer Profit sharing, SEP, or Tandem Plan Desire to provide tax-deferred savings for employees - correct answer Simple IRA or Simple 401(k) Owner usually 45 or older and oldest or one of the oldest employees, only one or two older - correct answer Defined Benefit Plan Younger em