Profit-Sharing Plans
Quiz by Gauri Bhagia
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- Q1
Which of the following is a type of profit sharing plan?
All of the Above
401(k) Plans
Employee Stock Ownership Plans
Stock Bonus Plans
15sEditDelete - Q2
Which of the following is not true regarding profit sharing plans?
The plan is established and maintained by the individual employee.
Profit sharing plans provide a definite predetermined formula for allocating the contributions made to the plan among the participants and for distributing the funds accumulated under the plan.
Profit sharing plans cannot discriminate in favor of officers and shareholders.
The plan allows employees to derive benefit from profits of the company.
15sEditDelete - Q3
What is the max annual percentage contribution to a profit sharing plan considering the covered compensation limit?
15%
25%
20%
10%
15sEditDelete - Q4
A profit sharing plan is a plan established and maintained by an employer to provide participation in the profits of the company solely for officers and shareholders.
falsetrueTrue or False15sEditDelete - Q5
A pension plan can be funded using 100% employer securities.
falsetrueTrue or False15sEditDelete - Q6
Which type of entity is not eligible to establish a 401(k) plan?
All of the above are eligible to establish a 401(k) plan
Sole Proprietors
Limited Liability Companies (LLCs)
Governmental Entities
15sEditDelete - Q7
Which of the following is an advantage for employees to have a 401(k)?
Employer matching contributions
Tax-free contributions
Guaranteed investment returns
Access to funds before retirement age
15sEditDelete - Q8
Which of the following is a benefit of offering a 401(k) plan to employees?
Reduced taxes on employer contributions
Decreased employee morale
Increased turnover rates
Reduced administrative costs
15sEditDelete - Q9
What are the three sources of contribution to the US government thrift savings plan?
Traditional contributions, Roth contributions, and catch-up contributions
Pre-tax contributions, after-tax contributions, and tax-free contributions
Direct deposit contributions, check contributions, and online contributions
Agency automatic contributions, employee contributions, and matching contributions
15sEditDelete - Q10
Which of the following is a potential advantage of a profit-sharing plan over a pension plan?
The plan is less expensive to administer and maintain.
The employer has more control over the plan's investments and payouts.
The plan provides guaranteed income in retirement, regardless of the company's profitability.
The plan is more appealing to younger employees who may not stay with the company for a long time.
15sEditDelete - Q11
Which of the following is a common eligibility requirement for participating in a 401(k) plan?
Having a certain level of education
Being a U.S. citizen
Being a full-time employee
Being a salaried employee
15sEditDelete - Q12
Which of the following is a typical waiting period before an employee can participate in a 401(k) plan?
1 year
2 years
3 months
6 months
15sEditDelete