Manuel's Employer Provides Him with $80,000 of Group Term Life

question 6

Multiple Choice

Manuel's employer provides him with $80,000 of group term life insurance coverage for the year at no cost.The amount from the group term life insurance premium table for someone who is 40 years old is $0.10.How much must Manuel include in income as a result of this benefit if he is 40 years old and is not considered a key employee?

• A)0
• B)$3
• C)$8
• D)$36
• E)$96

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Definitions:

Sampling Distribution

The distribution of a statistic (like a mean or proportion) that would result from taking a large number of samples from a population.

Standard Deviation

A metric that assesses the extent of variation or spread in a collection of data in relation to its average, demonstrating the degree to which the data values are scattered.

Confidence Interval

A set of values generated from sample data, believed to capture the value of an unspecified population parameter.

Ground Beef

Minced or finely chopped beef that is commonly used as a cooking ingredient.