Oh

Question 1

Portion of company’s profit is contributed to plan and shared with employees

Answer 1

Profit sharing and 401k plans

Question 2

If plan does not provide definite formula for calculating profits to be shared contributions must be

Answer 2

Systematic and substantial

Question 3

Company can match employees contribution whether dollar for dollar or on percentage basis

Answer 3

401k

Question 4

Employer has sponsored a qualified retirement plan for its employees where employer will contribute money whenever a profit is realized

Profit sharing plan
401k plan
Tax sheltered plan
HR 10 plan

Answer 4

Profit sharing plan

Question 5

How are contributions to tax sheltered annuity treated with regards to taxation

Not included as income for employee but taxable upon distribution
Never taxed
Taxed as income for employee
Taxed as income for employee but are tax free upon withdrawal

Answer 5

Not included as income for employee but are taxable upon distribution

Question 6

Tax sheltered annuity is special tax favored retirement plan to

Certain groups of employees only
Anyone
Certain age groups only
Certain groups depending on factors such as age race and gender

Answer 6

Certain groups of employees only

Question 7

403b plan commonly referred to as TSA is available to be used by

Self employed persons
Teachers and not for profit orgs
Govt workers
Postal employees

Answer 7

Teachers and not for profit organizations

Question 8

403b plan or tax sheltered annuity is qualified plan available to employees of certain nonprofit orgs under

Answer 8

Section 501c3 of irs

Question 9

Contributions to qualified plans are limited to a maximum amount

Answer 9

Established by the irs

Question 10

No more than 100 employees

Answer 10

SIMPLE

Question 11

Producer is helping married couple determine financial needs of children in event one or both die prematurely

Life planning
Survivorship insurance
Juvenile protection provision
Survivor protection

Answer 11

Survivor protection

Question 12

Best reason to purchase life insurance rather than an annuity

Create an estate
Liquidate a sum of money over years
Create income payments

Answer 12

Create an estate

Question 13

Liquidity in life ins policy

Cash values borrowed any time
Death benefit replaces assets
Policyowner revives checks each year

Answer 13

Cash value borrowed at any time