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Retirement Compensation Systems: 401(k) and Pensions

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following laws regulate defined benefit and defined contribution plans?

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1. Which of these is correct about a defined contribution retirement plan?

2. John's retirement benefit is based upon a formula consisting of his years of service and the average of his salary during his final years of work. The company is obligated to make these payments. What type of retirement benefit does he have?

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About This Quiz & Worksheet

This quiz and worksheet can help gauge your understanding of a 401 (k) and its characteristics. You will be quizzed on terms like cash balance plan and retirement benefit.

Quiz & Worksheet Goals

In these assessments, you will be tested over:

  • Organization that guarantees defined benefit plans
  • Cash balance plans
  • Laws regulating defined benefit and defined contribution plans

Skills Practiced

This quiz/worksheet combo helps you practice these skills:

  • Information recall - access the knowledge you have gained regarding 401 (k) plans
  • Reading comprehension - ensure that you draw the most important information from the related business lesson
  • Problem solving - use acquired knowledge to solve financial practice problems

Additional Learning

To learn more, review the lesson Retirement Compensation Systems: 401(k) and Pensions. This lesson will help you:

  • Determine what a 401 (k) plan is
  • Understand how to start a 401 (k) plan
  • Review pensions and cash payment plans
  • Identify characteristics of pension plans
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