As a Factor of Production, Oil Reserves Are Counted as

question 136

Multiple Choice

As a factor of production, oil reserves are counted as

• A)labor.
• B)capital.
• C)financial capital.
• D)entrepreneurship.
• E)land.

Grasp the significance of fringe benefits and employee benefits packages in workforce management.

Recognize the impact of appraisal biases and methods to mitigate them in performance management.

Understand the role of merit pay systems and bonus pay in incentivizing employee performance.

Identify legal and mandated employee benefits and their importance in the total compensation strategy.

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Definitions:

Unemployment Taxes

Taxes paid by employers to fund unemployment insurance programs, aiding workers who have lost their jobs.

Salaries Payable

An account containing the total amount of salary expense that has been incurred by a company but has not yet been paid out to employees.

Employer Payroll Tax Expense

Taxes paid by employers based on the salary and wages of employees, including social security and Medicare taxes in the United States, among others.

Social Security Tax

Social Security Tax is a payroll tax collected by employers and employees in the United States to fund the Social Security program, providing benefits for retirees, disabled individuals, and survivors.