The US Welfare System Was Revised by a 1996 Law That

question 355

Multiple Choice

The U.S. welfare system was revised by a 1996 law that

• A)consolidated all of the previous assistance programs into a single program.
• B)limited the amount of time that people could receive assistance.
• C)said it was no longer necessary for poor people to demonstrate an additional "need," such as small children or a disability, to qualify for assistance.
• D)turned all federally-run welfare programs over to the states.

---

Definitions:

Acquisition Differential

The difference between the purchase price of a company and the fair value of its identifiable assets and liabilities.

Non-Controlling Interest

A portion of the equity in a subsidiary not owned by the parent company, typically shown separately in the consolidated financial statements.

Net Income

The total earnings of a company after deducting all expenses and taxes from revenue, indicating the company's profit.

Intercompany Profit

Profits that arise from transactions between companies under common control, which may need to be eliminated in consolidated financial statements.