The University of Michigan Develops a Budget That Shows Its

question 20

Multiple Choice

The University of Michigan develops a budget that shows its projected income from sources such as the state of Michigan,tuition and fees,alumni contributions,and research grants.This is an example of a(n) ____ budget.

• A) revenue
• B) output
• C) capital expenditures
• D) balance sheet
• E) cash-flow

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Definitions:

Employee Wages

The compensation paid to employees for their labor, including hourly wages, salaries, and other forms of payment for work performed.

Merit Rating

A system of evaluating employees or operations based on performance, often utilized in determining pay raises or operational improvements.

FICA Taxes

Taxes imposed on both employees and employers to fund Social Security and Medicare, based on a percentage of the employee's earnings.

Social Security

A government program that provides financial assistance to people with insufficient or no income, including retirees, disabled individuals, and survivors.