This Approach, a Variant of Utilitarianism, Considers an Action to Be

question 17

Multiple Choice

This approach, a variant of utilitarianism, considers an action to be ethically good if it will probably produce a greater balance of good over evil:

• A) act utilitarianism
• B) active utilitarianism
• C) sub-utilitarianism
• D) consequentialism
• E) virtue ethics

Understand the differences between gross pay, net pay, and taxable earnings.

Recognize the role and impact of allowances on federal income tax withholdings.

Comprehend the tax implications of different payroll periods and overtime earnings.

Understand the purposes and components of the Federal Insurance Contributions Act (FICA).

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Definitions:

Economic Profit

The variance between gross receipts and all outlays, including both tangible and intangible costs.

Accounting Profit

The total revenue of a business minus the explicit costs of operating, not including opportunity costs.

Implicit Costs

The opportunity costs that are not directly paid out but represent the loss of potential income from using resources in a certain way.

Opportunity Costs

Missing out on possible advantages from other choices by opting for a particular alternative.