In REA Modeling, a Resource

question 84

Multiple Choice

In REA modeling, a resource

• A)Is a person or organization involved in events
• B)Has economic value to the enterprise
• C)Is a transaction
• D)A business rule

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Definitions:

Federal Tax Policy

The set of laws and regulations established by the federal government to determine the amount of tax to be levied on individuals, corporations, and other entities.

Health Insurance Premiums

The periodic payments made to an insurance company to maintain active health coverage.

Taxable Income

Taxable income is the amount of an individual's or a corporation's income used to determine how much tax will be owed to the federal, state, or other governmental entity.

Elective Surgical Procedure

A non-emergency surgery that is planned in advance, not necessarily for life-saving or emergency purposes.