Which of the Following Is Not Part of the Social

question 57

Multiple Choice

Which of the following is not part of the social security program?

• A) Federal Income Tax Law
• B) Federal Old-Age and Survivors' Trust Fund
• C) Medicare
• D) Self-Employment Contributions Act
• E) All are part of the social security program

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Definitions:

Gross or Net Basis

A method used in accounting to determine whether all revenues and costs or only the net difference is recorded.

SEC

The U.S. Securities and Exchange Commission, which is responsible for enforcing federal securities laws and regulating the securities industry, stock and options exchanges.

Revenue Recognition Irregularities

Deviations or non-compliance from standard accounting practices in acknowledging revenue, which can lead to misstated financial reports.

Negative Earnings

A financial situation where a company's expenses exceed its revenues, leading to a net loss in its income statement.