A Flexible-Based Budgeting System

question 66

Multiple Choice

A flexible-based budgeting system

• A)uses functional-based line items.
• B)splits costs into variable and fixed components.
• C)prepares budgets for a range of activity levels.
• D)all of these.

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Definitions:

Payroll Tax

Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.

Social Insurance Tax

Taxes imposed on employees and employers to fund public insurance programs, such as social security, health care, and unemployment benefits.

Social Security

Social Security is a government system that provides financial assistance to people with an inadequate or no income, primarily the elderly, disabled, and survivors.

Income Support

Government-provided financial assistance aimed at ensuring individuals can meet a minimum standard of living.