Francis Is Able to Select the Type of Benefits He

question 54

Multiple Choice

Francis is able to select the type of benefits he receives by choosing from a list of possibilities including health insurance,dental and vision plans,and life and disability.This type of cafeteria plan is called a _____ benefits plan.

• A)flexible
• B)supplemental
• C)voluntary
• D)legally mandated

---

Definitions:

Utility Function

A mathematical representation of how certain amounts of goods or services generate levels of satisfaction or utility for an individual or an entity.

Coconut Consumption

The act of using coconuts, either by eating or in the production of products such as oil, within an economic system.

Competitive Market

A market structure characterized by a large number of buyers and sellers, so no single participant has significant market power.

Profit Maximization

The operation by which businesses deduce the pricing and quantity of output that maximizes profit gains.