Question

question 5 of 10
a 401(k) plan is a type of ______.

a. retirement plan
b. life insurance plan
c. health insurance plan
d. vacation plan

Explanation:

A 401(k) plan is a tax - advantaged savings plan offered by employers to help employees save for retirement. Life insurance plans (option B) are for providing financial protection in case of the policyholder's death. Health insurance plans (option C) are for covering medical expenses. Vacation plans (option D) are related to planning vacations, not retirement savings. So a 401(k) plan is a type of retirement plan.

Answer:

A. retirement plan