The Wage and Tax Statement Given to Each Employee Annually

question 5

Multiple Choice

The Wage and Tax Statement given to each employee annually is:

• A)Form 940.
• B)Form 941.
• C)Form 1040
• D)Form W-2.
• E)Form W-4.

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Definitions:

Consumer Surplus

The discrepancy between the total sum consumers are prepared and capable of spending on a product or service and the actual total sum they end up paying.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price can be charged for a product, service, or resource, usually set below the market equilibrium price to make goods more affordable.

Market Equilibrium

A point in a market where the quantity of goods supplied is equal to the quantity of goods demanded.

Consumer Surplus

The gap between what consumers are ready and able to expend for a good or service and what they actually spend.