Which of the Following Item(s)must Be Included in the Income

question 32

Multiple Choice

Which of the following item(s) must be included in the income of the respective employees?

• A)ABC Hospital Corporation provides free meals in the hospital cafeteria to employees while on duty in order that they be available for emergency calls.
• B)The state of California highway patrol organization provides its officers with a daily meal allowance to compensate them for meals eaten at any location while they are on duty.
• C)IBX Corporation requires its employees to work overtime three evenings each year when the company takes inventory.The corporation pays to provide catered dinners on its premises on these evenings.
• D)More than one,but not all,of the amounts must be included in income.

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Definitions:

Market Sector

A segment of the economy into which large groups of businesses and companies can be categorized based on their business activities.

Deadweight Losses

The loss of economic efficiency that can occur when equilibrium for a good or service is not achieved.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured as a percentage increase in real GDP.

Income Transfers

Transfers of money from one group to another not in exchange for goods or services, typically through government programs aimed at redistributing wealth.