Which of the following statements concerning defined benefit and defined contribution pension plans is (are) true?
I. The employer bears the investment risk with a defined contribution plan.
II. Defined benefit plans favor workers who enter the plan at older ages.
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: B
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Which of the following is a procedure used in an audit where there is a heightened risk of fraud related to accounts payable and other related expense accounts?
a. Send blank confirmations to vendors that ask them to furnish information about all outstanding invoices, payment terms, and payment histories. b. Scan journals for unusual or large year-end transactions and adjustments. c. Obtain and examine documentation for payments of invoices that are for amounts just under the limit that typically requires some level of approval. d. All the above.
Cost accounting differs from financial accounting in that financial accounting:
a. Is mostly concerned with external financial reporting. b. Is mostly concerned with individual departments of the company. c. Provides the additional information required for special reports to management. d. Puts more emphasis on future operations.
None of the students ________ happy with the instructor because she ________ homework every weekend
A) is/assign B) are/assigns C) are/assign D) is/assigns