Which of the Following Statements Is True Regarding Flexible Benefits

question 91

Multiple Choice

Which of the following statements is true regarding flexible benefits?

• A) Flexible benefits are awarded through uniform packages to cover the requirements of a married couple with two children.
• B) Flexible benefits are in accordance with the belief that employees have identical needs that must be rewarded identically.
• C) Profit-sharing plans are a major type of flexible benefit.
• D) Flexible benefits can be altered to meet employee needs based on age, marital status, and number and age of dependents.
• E) Flexible benefits are given based on an employee's skills, competence, and productivity.

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Definitions:

Borrowing Funds

The act of obtaining money from external sources, like banks or investors, which must usually be repaid with interest.

Interest Expense

The cost incurred by an entity for borrowed funds, payable to lenders as a finance charge over the term of the loan.

Existing Account Payable

Existing Account Payable refers to accounts payable obligations that are currently outstanding, representing previous credit purchases yet to be settled.

Notes Payable

Short-term or long-term liabilities representing amounts owed to creditors or lenders, evidenced by a written promissory note.