Which of the Following Is NOT a Step in the Process

question 4

Multiple Choice

Which of the following is NOT a step in the process for addressing risk assessment?

• A) Identify the potential risks associated with a venture.
• B) Calculate the probability that identified risks will occur.
• C) Assign a level of importance to the losses.
• D) Calculate the overall loss risk.
• E) Secure a knowledgeable attorney.

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Definitions:

Net Pay

The amount of an employee's earnings after all deductions, including taxes and retirement contributions, have been subtracted.

FICA Tax

A United States federal payroll tax that funds Social Security and Medicare, deducted from employees’ paychecks and matched by employers.

Federal Income Tax

A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.

Withholding Allowance

A portion of an employee's salary that is not included in their taxable income, used to account for personal exemptions and dependents, essentially reducing the amount of income tax withheld from their paycheck.