In the Context of Small Businesses, Which of the Following

question 30

Multiple Choice

In the context of small businesses, which of the following is true of retailers?

• A) They are concerned with people who come to, or are drawn into, the store to make a purchase.
• B) They emphasize selling products through intermediaries to the ultimate consumer.
• C) They convert, usually in considerable volume, materials into products.
• D) They bring the buyer and seller together to negotiate purchases or sales but do not take title to, or possession of, the goods.

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Definitions:

FICA - Medicare

Part of the Federal Insurance Contributions Act taxes, specifically aimed at funding Medicare, a healthcare program for the elderly and certain disabled individuals in the United States.

Withheld

Refers to a portion of an individual's earnings or payments that is not provided to them but is instead held back, often for tax purposes.

Matched by Employer

Pertains to contributions or payments, typically toward FICA taxes or retirement funds, that an employer duplicates for an employee.

Contingent Liability

A potential financial obligation that may occur or become payable in the future, depending on the outcome of a specific event.