Katie Pereira and Ferro Schwartz Are the Only Two Employees

question 62

Multiple Choice

Katie Pereira and Ferro Schwartz are the only two employees of Free Star Company. In February, 2013, Katie's gross pay was $5,500 and Ferro's gross pay was $5,900. All earnings are subject to FICA-OASDI Tax of 4.2% and FICA-Medicare Tax of 1.45%. Which of the following would be included in the entry to record the salary expense for February?

• A)a debit to Salary payable to employees for $478.80
• B)a debit to FICA-Medicare for $478.80
• C)a credit to FICA-OASDI Tax payable for $478.80
• D)a credit to Salary expense for $478.80

Distinguish between applied and pure research in psychology.

Understand the basic differences between forward contracts and futures contracts.

Comprehend the importance and use of derivatives in hedging financial risks.

Recognize the role of volatility in financial markets and its impact on derivatives trading.

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Definitions:

Traditional Sense

Pertaining to customs, practices, or ideas that have been inherited from ancestors or established in the past.

Mestizo

A person of mixed European and Indigenous American descent, commonly used in Latin America.

Mexican Americans

A demographic group in the United States with ancestral ties to Mexico, representing a diverse range of cultural, socioeconomic, and personal identities.

Chicano/a

A term used to describe Americans of Mexican descent, typically associated with a sense of cultural pride and resistance against oppression.