Each of the Following Items Is Accurately Defined Under FICA

question 20

Multiple Choice

Each of the following items is accurately defined under FICA as taxable wages except:

• A)value of meals furnished employees for the employer's convenience.
• B)value of meals furnished employees for the employees' convenience.
• C)commissions.
• D)dismissal pay.
• E)$500 award for productivity improvement suggestion.

---

Definitions:

Marginal Revenue Curve

A graph that shows the additional revenue a firm earns from selling one more unit of a good or service.

Upward Sloping

A characteristic of a graph or curve that rises from left to right, indicating a positive relationship between two variables.

Perfectly Competitive Firm

A business operating in a market where no single firm can influence the market price or market conditions, facing many competitors and selling identical products.

Long Run

A period sufficient for all inputs to production, including capital, to be varied.