Rather Than Build the Current Year Budget on Increases from the Previous

question 98

Multiple Choice

Rather than build the current year budget on increases from the previous year's budget, ________ evaluates the necessity of every item.

• A)zero-based budgeting
• B)zero-based accounting
• C)ground-up budgeting
• D)year-one budgeting

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Definitions:

Minimum-Wage Law

Legislation that establishes the lowest hourly wage that employers can legally pay their workers.

Equilibrium Wage

The wage rate at which the quantity of labor demanded by employers equals the quantity of labor supplied by workers.

Labor Supplied

The total number of hours that workers are willing and able to work at a given wage rate.

Minimum Wage

The lowest legal wage that employers can pay to workers, aimed at protecting workers from unduly low pay.