The Practice in Which Any Unspent Dollars in a Flexible

question 129

Multiple Choice

The practice in which any unspent dollars in a Flexible Spending Account (FSA) at the end of the year are forfeited and not returned to the employee is known as the

• A)use-it-or-lose-it rule.
• B)defined-contribution retirement plan.
• C)situation of taxes paid out.
• D)expense reimbursement account.

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Definitions:

Operating Segments

Components of a business for which separate financial information is available and is evaluated regularly by the chief operating decision-maker to allocate resources and assess performance.

Disclosed

Disclosed means to make known or reveal information that was previously secret or unknown.

Interim Reports

Periodic financial statements reported by a company, usually quarterly, to provide investors and stakeholders with an update on performance.

Operating Segment

A component of a business that engages in business activities from which it may earn revenues and incur expenses, identifiable by distinct financial information.