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FINRA Series 7

Category - Series 7

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An employer profit sharing plan may be described as:

an income tax deduction
a retirement plan
a tax deferral plan
all of the above

Explanation

Answer: D - all of the above. A profit sharing plan has tax deductible contributions and is designed to provide a retirement plan for participants. Income in the plan is tax-free until withdrawn.

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FINRA Series 7

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FINRA Series 7

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