Which of the Following Pieces of Legislation Is Most Likely

question 49

Multiple Choice

Which of the following pieces of legislation is most likely to ensure that poor people have health insurance?

• A) the Affordable Care Act, colloquially known as Obamacare
• B) the Social Security Act
• C) Medicare
• D) Medicaid
• E) the American Recovery and Reinvestment Act

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Definitions:

Accrued Expense

An expense that has been incurred but not yet paid, reflecting in a company's financial statements before the cash changes hands.

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operational costs, from its total revenue.

Adjusting Journal Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Insurance Expense

The cost attributed to procuring insurance for business operations, properties, liability, and other risk management purposes, treated as an expense on the income statement.