Which of the Following Statements Is True Regarding Flexible Benefits

question 11

Multiple Choice

Which of the following statements is true regarding flexible benefits?

• A)Flexible benefits are awarded through uniform packages to cover the requirements of a married couple with two children.
• B)Flexible benefits are in accordance with the belief that employees have identical needs that must be rewarded identically.
• C)Gainsharing and profit-sharing plans are two major types of flexible benefits.
• D)Flexible benefits can be altered to meet employee needs based on age, marital status, and number and age of dependents.
• E)Flexible benefits are given based on an employee's skills, competence, and productivity.

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Definitions:

Variable Costing

A financial recording method that counts only the variable expenses related to production (direct materials, direct labor, and variable manufacturing overhead) in the pricing of products.

Variable Costing

A financial recording approach that incorporates only variable manufacturing expenses, such as raw materials, direct workforce, and fluctuating production overheads, into the costs of goods produced.

Net Operating Income

A financial term representing the profit made from a company’s operations, after subtracting operating expenses from operating income.

Absorption Costing

The product cost determination method under this accounting strategy includes the expenses for direct materials, direct labor, and all manufacturing overhead, whether it is variable or fixed.