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Chapter 38 - TOOLS TECHNIQUES OF EMPLOYEE BENEFIT AND...

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TOOLS & TECHNIQUES OF EMPLOYEE BENEFIT AND RETIREMENT PLANNING 9th Edition College Course Materials Deanna L. Sharpe, Ph.D., CFP®, CRPC®, CRPS® Associate Professor CFP® Program Director Personal Financial Planning Department University of Missouri-Columbia Please Note : Correct answers for each question are indicated in bold type. After each question, the number of the page containing information relevant to answering the question is given. When a calculation is necessary or the reasoning behind a given answer may be unclear, a brief rationale for the correct answer is also given. Part B: Employee Benefit Planning Cafeteria Plans Chapter 38: Cafeteria Plan True/False 38.1 Cafeteria plans must include a cash option. 38.2 If a cafeteria plan fails to meet nondiscrimination tests, otherwise non-taxable benefits become taxable to all employees. 38.3 An employer must obtain approval from the IRS before offering a cafeteria plan. Answers: 38.1 True [p. 339] 38.2 False [p. 340] 38.3 False [p. 341] Multiple Choice 38.4 Advantages of a cafeteria plan include: a. cafeteria plans are relatively simple to design and administer b. cafeteria plans typically provide medical and life benefits c. cafeteria plans can be structured to meet a variety of employee benefit needs d. all of the above e. only a and c Answer: C [p. 339]
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