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RPA 1 - FINAL EXAM LATEST 2024 REAL EXAM 100 QUESTIONS AND DETAILED ANSWERS (COMPLETE EXAM)
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RPA 1 - FINAL EXAM LATEST 2024 REAL EXAM 100 QUESTIONS AND DETAILED ANSWERS (COMPLETE EXAM)
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RPA 1 Final Exam Multiple ChoiceStudy online at https://quizlet.com/_de93jg
A stock plan where the corporation
grants stock to the employee, but the
Restricted stock plan
ownership of the stock is subject to sub-
stantial risk of forfeiture is a:
An employee can elect to pay tax at the
IRC Section 83(b) provides that: time of the grant even though it is subject
to substantial risk of forfeiture exists.
A formula that bases benefits on the
earnings of the employee during the last
Final-pay plan
three years of employment with the plan
sponsor is a(n):
Which of the following communication
pieces is required to be provided to par- Summary Annual Report
ticipants each year?
A SIMPLE Plan has which of the follow- Provided all requirements are met, ACP
ing characteristics? and ADP test are not required.
That if a taxpayer could receive income
at any time but elects to receive it later,
The doctrine of constructive receipt
the taxpayer is still taxed currently be-
states:
cause of having the non-forfeitable right
to the income.
A tax qualified retirement plan for
A Keogh Plan is: self-employed individuals and their em-
ployees.
A retirement plan that provides benefits
that cannot be provided through quali-
fied plans solely because of IRC Section Excess benefit plan
415 limits on benefits and contributions
is a(n):
Make a contribution to the IRA, but it
A single individual participating in a
will not be tax-deductible if the individual
401(k) may:
earned over $62,000.
Which of the following is true of a defined
The employer bears the investment risk.
benefit plan?
1/8
, RPA 1 Final Exam Multiple Choice
Study online at https://quizlet.com/_de93jg
Which of the following defined contribu-
tion plans has a minimum funding re- A Money Purchase Pension Plan
quirement?
The contribution limit for a regular IRA in
$5,500
2017 is:
A profit-sharing plan that is integrated 5.7% contribution on compensation be-
with Social Security could have which of low SS wage base plus 11.4% on com-
the following formulas? pensation above SS wage base
It is a method of tapping into the equity
A reverse annuity has which of the fol-
value of the home for retirement income
lowing features?
while still living in the house.
A money purchase pension plan differs
from a profit-sharing plan in which of the It has a fixed contribution rate
following ways?
That the company has a legal obliga-
The significance of the 1948 National
tion to bargain with union representatives
Labor Relations Board ruling is:
over the terms of pension plans.
A plan that qualifies based on the per-
centage of Non-Highly Compensated
Employees who benefit under the plan
Ratio percentage test
being at least 70 percent of the High-
ly Compensated Employees who benefit
under the plan is using the:
A significant characteristic of cash or de-
Employee contributions are fully vested.
ferred arrangement plans is:
If the only assets in the plan are salary
A 403(b) plan is not subject to ERISA:
deferrals of the employees.
A qualified profit-sharing plan is required
A definite allocation formula
to have:
Which of the following situations will sat-
The average ADP is 4.5% for highly com-
isfy the actual deferral percentage (ADP)
pensated employees and 2.7% for the
test for cash or deferred arrangements
non-highly compensated employees.
(CODAs)?
A plan that is sponsored by a non-prof-
it organization, which is not subject to
2/8
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