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Increasing Global Competition Is Causing Chief Financial Officers to Review

question 7

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Increasing global competition is causing Chief Financial Officers to review the cost structure, orientation and strategic role of the finance function.


Definitions:

Federal Insurance Contributions Act

U.S. legislation that funds Social Security and Medicare through payroll taxes imposed on both employers and employees.

FICA

The Federal Insurance Contributions Act, which mandates a payroll tax to fund Social Security and Medicare in the United States.

Fair Labor Standards Act

A federal law in the United States that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards for full-time and part-time workers.

Employees

Individuals hired by a business or organization to perform work in exchange for compensation.

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