A Contract Requires

question 37

Multiple Choice

A contract requires:

• A) an offer.
• B) an acceptance.
• C) both an offer and an acceptance.
• D) an agreement manifested by the written or spoken words of the parties.

---

Definitions:

FICA Tax Rates

The percentages of social security and Medicare taxes that both employers and employees must pay, according to the Federal Insurance Contributions Act.

Net Pay

The amount of an employee's earnings remaining after all deductions, such as taxes and retirement contributions, have been taken out.

Overtime Rate

The higher pay rate employees earn for hours worked in excess of standard full-time hours.

Weekly Pay

Compensation paid to employees on a weekly basis.