A Limited Liability Company

question 23

Multiple Choice

A limited liability company:

• A) must have at least one member that is subject to unlimited liability.
• B) member may actively participate in control of the business without losing limited liability status.
• C) both a.and b.
• D) neither a.nor b.

Recognize the coverage and exceptions under the Old Age, Survivors, Disability, and Health Insurance (OASDHI) program.

Identify the advantages of flexible spending accounts for employees with predictable healthcare expenses.

Understand the variability in employees' need for child care and family leave benefits.

Comprehend the funding methods for retirement benefits as per the Financial Accounting Standards Board.

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Definitions:

Unsold Products

Items or goods that have been manufactured or acquired for sale but have not yet been purchased by customers.

Selling Price

The actual amount a customer pays for a product or service.

Mark-up

A markup on the goods’ purchase cost to account for administrative expenses and profit.

SuperMart

A large supermarket, often part of a chain, offering a wide variety of goods.