Foregoing the Earning Potential of a Dollar Today Is Referred

question 28

Multiple Choice

Foregoing the earning potential of a dollar today is referred to as the [blank].

• A)time value of money
• B)opportunity cost concept
• C)risk-return trade-off
• D)creation of wealth

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Definitions:

FICA

FICA refers to the Federal Insurance Contributions Act, which is a U.S. law that requires a payroll tax to fund Social Security and Medicare programs.

OASDI

An acronym for Old-Age, Survivors, and Disability Insurance, a comprehensive federal benefits program that provides benefits to retired people, the disabled, and survivors of deceased workers.

Medicare

A federal health insurance program in the United States primarily for people aged 65 and older, as well as for some younger people with disabilities.

FUTA

FUTA (Federal Unemployment Tax Act) is a United States federal law that imposes a payroll tax on any business with employees, the funds are used to pay unemployment benefits.