What Is a SEP IRA? - Definition, Requirements, Rules & Contributions


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question 1 of 3

'SEP' in a 'SEP IRA' stands for '_____.'

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1. In 2014, the maximum contribution to an employee's SEP IRA account was _____.

2. Janice is 60, and she decides to pull money out of her SEP IRA account. How will this affect her?

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About This Quiz & Worksheet

This quiz/worksheet combination will assess your understanding of the characteristics of SEP IRAs. To pass the quiz you have to be familiar with various related policies and other information from the lesson.

Quiz & Worksheet Goals

You will be tested you on the following:

  • SEP acronym
  • Individuals who can contribute to a SEP IRA
  • Requirements of a SEP IRA

Skills Practiced

Students will practice the following skills:

  • Information Recall- access the knowledge you've gained regarding SEP IRA contribution policies
  • Reading Comprehension- ensure that you draw the most important information from the What is a SEP IRA? - Definition, Requirements, Rules & Contributions lesson
  • Interpreting Information- verify that you can read information regarding SEP IRA tax policies and interpret it accurately

Additional Learning

Review the lesson, What is a SEP IRA? - Definition, Requirements, Rules & Contributions, to learn about the chracteristics of SEP IRAs. Objectives covered include:

  • Define SEP IRA
  • Know the rules of a SEP IRA
  • Understand how contributions are made to SEP IRAs