Which of the Following Statements Applies to the Social Security

question 211

Multiple Choice

Which of the following statements applies to the Social Security program?

• A) Benefits are paid on the basis of need.
• B) It provides cash assistance and services to families with dependent children.
• C) It is financed by payroll taxes on employees and employers.
• D) Benefit levels vary throughout the nation because the system is administered by the individual states.

---

Definitions:

Ending Inventory

The entire value of commodities prepared for sales at the finale of an accounting timeline.

Perpetual Inventory System

A Perpetual Inventory System continuously updates inventory records and cost of goods sold with each transaction, providing real-time inventory levels.

FIFO

"First In, First Out," an inventory valuation method where goods purchased or produced first are sold or used first, reflecting the natural flow of inventory.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.