Why Is the Federal Minimum Wage Periodically Raised by Congress

question 21

Multiple Choice

Why is the federal minimum wage periodically raised by Congress?

• A)To meet the demands of union representatives.
• B)To meet the minimum requirements of state law.
• C)To compensate employees-at-will.
• D)To increase the ability for workers to compete in the marketplace.
• E)To compensate for increases in the cost of living caused by inflation.

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Definitions:

Capital Account

An account on a nation's balance of payments that records the investment funds coming in and going out of the country.

Statement of Owner's Equity

A financial document that reports the changes in the equity of a company over a specific period, including withdrawals, investments, and net income.

Trial Balance

A bookkeeping worksheet wherein the balances of all ledgers are compiled into debit and credit columns to ensure that total debits equal total credits.

Income Statement

A financial report summarizing revenues, expenses, and profits over a specific period, showing a company's financial performance.