All of the Following Are Part of the "Individual Mandate

question 106

Multiple Choice

All of the following are part of the "individual mandate" provision of the Patient Protection and Affordable Care Act (PPACA) except

• A) individuals are allowed to opt out of the insurance program if they can prove they have no serious health issues and do so before the act fully takes effect in the year 2012.
• B) by 2018, fines for not having health insurance will be the greater of $895 per person or 2.5 percent of income.
• C) beginning in 2014, individuals who do not acquire health insurance will be subject to a fine.
• D) with limited exceptions, every resident of the United States will be required to have health insurance that meets certain basic requirements.

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Definitions:

Assets Liabilities

Assets are resources owned by a business that have economic value, while liabilities are obligations of a business to transfer resources to another entity in the future.

Accounting Period

A specific period of time used for financial reporting purposes, usually a quarter or a year, to measure business activities and prepare financial statements.

Trial Balance

A bookkeeping report that lists the balances of all ledgers in two columns, debits and credits, ensuring that total debits match total credits.

Chart of Accounts

A systematic listing of all accounts used by an organization, categorized to facilitate financial reporting and bookkeeping.