A For-Profit Organization Refers to

question 34

Multiple Choice

A for-profit organization refers to

• A)a subsidiary,division,or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
• B)a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit.
• C)a privately owned organization that serves its customers to earn a profit so that it can survive.
• D)a group of people united through contractual or corporate ownership.
• E)a publicly owned organization that serves the general population.

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Definitions:

ERISA

The Employee Retirement Income Security Act of 1974, a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry.

Healthcare Benefits

Insurance or services provided by employers or governments to cover medical expenses and health-related issues for individuals.

Coverage

In the context of insurance, it refers to the amount of protection given to policyholders for the risks covered under the policy terms.

Entitlement

A right or benefit guaranteed by law or contract, especially in the context of social welfare or employee benefits.