An Efficient Allocation of Resources May Be Achieved If Decisionmakers

question 164

True/False

An efficient allocation of resources may be achieved if decisionmakers are faced with all the benefits and all the costs of their decisions.

---

Definitions:

FUTA Tax Payable

A liability representing the federal unemployment tax that employers must pay on behalf of their employees to the IRS.

Payroll Tax Expense

The cost incurred by employers for taxes assessed on employee wages, including social security and medicare taxes.

Payroll Checking

A dedicated bank account used by businesses specifically for managing and issuing payroll to employees.

Contra-Asset

An account on the balance sheet that reduces the value of an associated asset, such as accumulated depreciation.