The People Who Immediately Benefit from a Minimum Wage Are

question 245

Multiple Choice

The people who immediately benefit from a minimum wage are

• A) employers who now pay the minimum wage.
• B) those people who enter the labor force to search for minimum wage jobs.
• C) the workers who retain their jobs after enactment of the minimum wage.
• D) everyone, both demanders and suppliers, because the minimum wage benefits everyone.
• E) all workers.

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Definitions:

Real Accounts

Also known as permanent accounts, these include assets, liabilities, and equity accounts which are not closed at the end of the accounting period and their balances are carried forward.

Owner's Capital

The total value of all assets contributed by the owner to a business minus any withdrawals, representing the owner's equity in the company.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against the cost of a fixed asset, reducing its book value over time.

Permanent Account

An account that carries its ending balance over to the next accounting period, typically representing real accounts like assets, liabilities, and equity.