Under this plan, both the employer and employee share in the retirement benefit cost.*1 pointContributory planNon-contributory planFunded planUnfunded plan

These are retirement benefit plans under which the amounts to be paid as retirement benefits are determined by contributions to a fund together with the investment income thereon.*1 pointDefined benefit plansVested benefit plansDefined contribution plansDefined insurance plans

Established by the employer to provide benefits to one or more employees after the formal retirement are termed as:*1 pointPension fundTermination benefitsPost-employment benefitsPost-employment benefit plan

Which of the following employee benefit plans is defined by the following statement: “post-employment benefit plans under which an entity pays fixed contributions into a separate entity and will have no obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods”?*1 pointDefined benefit planPost-employment benefit planDefined contribution planMulti-employer plan

Interest cost included in the net pension cost recognized by an employer sponsoring a defined benefit pension plan represents the:*1 pointAmortization of the discount on unrecognized prior service costsShortage between the expected and actual returns on plan assetsIncrease in the fair value of plan assets due to the passage of timeIncrease in the defined benefit obligation due to the passage of time

A _____ is one in which the employee receives no base pay and entire pay is based on meeting sales goals.Responsesstraight commission planstraight commission planprofit-sharing planprofit-sharing planstock ownership planstock ownership planspot bonus