Economic Situations Have Caused MikeCo Management to Dismiss a Group

question 68

Multiple Choice

Economic situations have caused MikeCo management to dismiss a group of employees.These employees are told that there are no plans for them to be rehired.This situation is best described as a _____________.

• A) job leave
• B) job loss
• C) job layoff
• D) job rationalization

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Definitions:

Social Security

A government program that provides financial assistance to people with inadequate or no income, such as the elderly, disabled, and survivors.

Medicare Tax

A federal tax that funds Medicare, health insurance for individuals over 65; deducted from employees' paychecks.

Payroll Tax Expense

Taxes that employers are required to pay on behalf of their employees, such as social security and Medicare taxes.

Social Security Tax

A tax imposed on both employers and employees to fund the Social Security program, which provides retirement, disability, and survivorship benefits.