Workers' Compensation Laws Are Laws That Provide Financial Compensation to

question 73

Multiple Choice

Workers' compensation laws are laws that provide financial compensation to .

• A) covered employees of a covered employer or their dependents when they are fired from their jobs
• B) covered employees of a covered employer or their dependents when they are injured on the job
• C) independent contractors who are injured on the job
• D) workers who are let go or fired, for a period of time usually ranging from 1 to 2 years

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Definitions:

Sales Return

goods returned by the customers to the seller after the sale, reducing the gross sales figure.

Gross Profit

The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

Net Sales

The revenue a company earns from sales after subtracting returns, allowances for damaged or missing products, and discounts.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of accounts receivable that is expected to be uncollectible.