QKA-2 PRACTICE EXAM 2 (SECOND
PRACTICE TEST) QUESTIONS &
ANSWERS SOLVED 100% CORRECT!!
1 of 102
Definition
- Must be nondiscriminatory
- Must be bona fide: intended to be repaid, not permanently
distributed
*cannot exceed 50% of vested balance or $50,000, any loans within
last 12 mos are reduced from that amount by the entire previous loan
amount
*repayment period can't exceed 5 years (unless for a mortgage) and
repayments must be made at least quarterly
Give this one a try later!
, Plan Disqualification Consequences Plan Loan Requirements
Loan Agreement Features 401(k) Plan Features
Don't know?
2 of 102
Definition
You will lose this if you do:
- Allocation of forfeitures
- Non safe harbor nonelective contributions
- Non safe harbor matching contributions
- Safe harbor contribution not applied to excludable employees
Give this one a try later!
Nondiscrimination Testing Top Heavy Exemption Loss
How to determine eligibility ADP Test for 401(k) Plans
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3 of 102
Definition
,- personal payment
- roth
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After-tax contributions After Tax Contribution Types
Plans that permit loans Deferral-Eligible Compensation
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4 of 102
Definition
Pre-tax, Designated Roth, Catch-Up Contributions
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After-tax Contributions Elective Deferral Types
Reasonable Administration Fees Excess Deferrals
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5 of 102
, Definition
base salary, overtime, commissions, bonuses
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Plan Eligibility After-tax Contributions
Deferral-Eligible
Reasonable Administration Fees
Compensation
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6 of 102
Definition
an IRA for small businesses in which the employer matches
employee contributions
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LIMITS ON ELECTIVE
CONTRIBUTIONS ARE THE SAME
SIMPLE IRA
FOR SIMPLE IRA, 401(K) PLANS,
AND 403(B) PLANS.
ROTH IRA TRADITIONAL IRA
Don't know?
PRACTICE TEST) QUESTIONS &
ANSWERS SOLVED 100% CORRECT!!
1 of 102
Definition
- Must be nondiscriminatory
- Must be bona fide: intended to be repaid, not permanently
distributed
*cannot exceed 50% of vested balance or $50,000, any loans within
last 12 mos are reduced from that amount by the entire previous loan
amount
*repayment period can't exceed 5 years (unless for a mortgage) and
repayments must be made at least quarterly
Give this one a try later!
, Plan Disqualification Consequences Plan Loan Requirements
Loan Agreement Features 401(k) Plan Features
Don't know?
2 of 102
Definition
You will lose this if you do:
- Allocation of forfeitures
- Non safe harbor nonelective contributions
- Non safe harbor matching contributions
- Safe harbor contribution not applied to excludable employees
Give this one a try later!
Nondiscrimination Testing Top Heavy Exemption Loss
How to determine eligibility ADP Test for 401(k) Plans
Don't know?
3 of 102
Definition
,- personal payment
- roth
Give this one a try later!
After-tax contributions After Tax Contribution Types
Plans that permit loans Deferral-Eligible Compensation
Don't know?
4 of 102
Definition
Pre-tax, Designated Roth, Catch-Up Contributions
Give this one a try later!
After-tax Contributions Elective Deferral Types
Reasonable Administration Fees Excess Deferrals
Don't know?
5 of 102
, Definition
base salary, overtime, commissions, bonuses
Give this one a try later!
Plan Eligibility After-tax Contributions
Deferral-Eligible
Reasonable Administration Fees
Compensation
Don't know?
6 of 102
Definition
an IRA for small businesses in which the employer matches
employee contributions
Give this one a try later!
LIMITS ON ELECTIVE
CONTRIBUTIONS ARE THE SAME
SIMPLE IRA
FOR SIMPLE IRA, 401(K) PLANS,
AND 403(B) PLANS.
ROTH IRA TRADITIONAL IRA
Don't know?
