What Taxes Apply To The Benefits Under An Individual Disability Income Policy On Which The Insured Has (2023)

Business High School

Answers

Answer 1

Answer:

The correct answer is (A)

Explanation:

Taxes are used to increase government revenue, and to improve government budget. No tax is applied to the benefits under an individual disability income policy. There are various reasons why no tax is applied, but the major reason is that premiums are not deductible. Overall, governments usually don't apply taxes on individual disability income and generally give subsidies.

Related Questions

The people in an economy have $25 million in money. There is only one bank where they deposit their money and it holds 10% of the deposits as reserves. What is the money multiplier in this economy? A. 5 B. 1 C. 20 D. 10

Answers

Answer:

The people in an economy have $25 million in money. There is only one bank where they deposit their money and it holds 10% of the deposits as reserves. What is the money multiplier in this economy?

D. 10

Explanation:

10% of $25, 000, 000= $2,500,000

Money multiplier in this economy is by 10

Plastix Produx Company is subject to a decision by the Consumer Product Safety Commission. Opposed to the decision, Plastix Produx wants a court to review it. First, however, the firm must use all of the potential administrative remedies. This is ____________. A. an actual controversy at issue.
B. standing to sue.
C. the exhaustion doctrine.
D. the ripeness doctrine.

Answers

Answer: The exhaustion doctrine.

Explanation:

The Plastix produx company would have to follow the exhaustion doctrine to settle the issue they have with the consumer safety product commission.

The exhaustion doctrine requires that a company/individual having an issue with an independent commission, would have to first exhaust all administrative options before going for redress in court.

The administrative options would involve the individual/company would have to appeal the initial verdict in the commission's Internal appeal process and if found guilty then head to court for redress.

In the "social accounts", Net National Product ________ Indirect Business Tax (sales taxes) yields National Income (NI). 1. minus
2. plus
3. divided by
4. multiplied by

Answers

Answer:

Minus

Explanation:

Gross Domestic Product (GDP) is the aggregate of the market value of all the final goods and services produced in an economy in a given period.

Gross National Product( GNP): measures the market value of all the final goods and services produced by the citizens (nationals) of a country irrespective of where they reside. Also, incomes generated by foreigners are subtracted from the aggregate because they are not nationals.

GNP= GDP + Incomes earned by nationals from abroad - Incomes generated by foreigners

Net National Product (NNP) ; This accounts for the total value created in the economy after the depletion in capital has been accounted for. Production activities result in consumption and depletion in capital stocks (machines, roads and other infrastructures). To ensure that the economy restores its stock of capital after the accounting period, an amount for capital consumption is deducted from the aggregate income. It is called capital allowance or depreciation.

NNP= GNP - Depreciation

National Income (NI) aggregates all the incomes earned by all the economic agents in the economy. Using the expenditure approach, it is the case that money received by firms for the exchange of their goods and services are usually inclusive of consumption taxes- indirect taxes. These taxes are not part of the incomes earned by the firms, rather they are remitted to the government.

So indirect taxes are deducted from the aggregate to arrive at the National Income

The ______________ is responsible for preparing all of the appropriate documentation for a 1031 exchange transaction, securing the funds in an escrow account until the exchange is completed and submitting a 1099 form to the taxpayer and the IRS for any gr.

Answers

Answer: Qualified intermediary.

Explanation:

Qualified intermediary is someone that can act as a middle person qualified under certain conditions of the United States IRS (Internal Revenue Service) to take up such role. Someone who is qualified to be a qualified intermediary must not be the exchangor.

Under the IRS, section 1031, parents, siblings or children can act as ones qualified intermediary.

Which describes the process of diagnosing an organization's external and internal environments, including deciding on a vision and mission?

Answers

Strategic planning

Explanation:

Process to identify the external and internal conditions of the organisation, determine a strategy and goal, formulate general goals, establish and choose general approaches, and allocate resources for the organization's objectives.

Strategic planning is the method of documenting and guiding the small company— by evaluating where theyareand where they're going. The strategic plan actually provides them with the opportunity to record the mission, vision and principles and their lengthy-term goals and intervention plans to achieve them.

Lucky Louie just inherited $50,000 from his great aunt, has $1,500 in his checking account, owns a car with a value of $8,000, and has $20,000 in his 401(k) at work. Louie owes $6,000 on his car, $12,000 on school loans and $3,000 on his credit card. What is Louie's net worth?

Answers

Answer:

$58,500

Explanation:

Net worth is the difference between total assets and total liabilities.

I.e network = Asset - Liabilities

For Louie: Assets

Inheritance $ 50,000.00

Checking account $ 1 ,500.00

Car $ 8,000.00

403 (k) $ 20,000.00

Total $ 79,500.00

Liabilities

Car loan $ 6,000.00

School fee loan $ 12,000.00

credit card $ 3, 0000.00

Total $21, 000.00

Net worth = $ 79,500- $21,000

=$58,500

Unidice, an information technology firm, recently installed a new data system that provides seamless access to data. This data system has a higher storage capacity and processing speed than other data systems available in the market. Although the data system can be acquired by other companies in the future, it has presently enabled Unidice to process its data faster and in a more economical manner than its competitors. It is evident that Unidice has achieved _____.

Answers

Answer:

first-mover advantage

Explanation:

First-mover advantage refers to the strategic advantage achieved by the first company that occupies a market segment. In order for a company to gain first-mover advantage it must be the first company to enter a market or at least be the first company to gain competitive advantage in that market.

Unidice is the first company to gain competitive advantage in the data system market because its processing speed is much higher than its competitors.

Sometimes you don't need to be the first one to enter a market, but you need to be the first one to do things right. For example, Microsoft introduced the Surface tablet almost a decade before Apple introduced the iPad, but Apple did it right, therefore Apple gained first mover advantage.

The internal monthly magazine and blog at the cosmetics firm Mary Kay serve as ________ for employees; the magazine and blog are outlets for not only selling advice but also company-wide recognition of individual salespeople’s accomplishments.

Answers

The internal monthly magazine and blog at the cosmetics firm Mary Kay serve as non-financial rewards for employees; the magazine and blog are outlets for not only selling advice but also company-wide recognition of individual salespeople’s accomplishments.

Explanation:

Non-financial incentives empower and involve employees in respects that money could not. Non-financial incentives are the kind of benefits that do not make up the salary of an employee. They generally have little or no cash for the venture, but still have considerable weight.

Non-monetary validation can be extremely motivational and help build trust and happiness sentiments. Rewards for promoting and improving workers ' success and achieving the Company's financial and efficiency targets.

The main difference between storage warehouses and distribution warehouses is that storage warehouses are relatively small, specialized facilities used to store one particular type of good for short periods while distribution warehouses are large facilities used to store a wide variety of goods for longer periods of time.

Answers

Answer:

True

Explanation:

Storage warehouses are used to store items for short periods of time while distribution warehouses are much bigger facilities that are used to gather and redistribute products.

Distribution warehouses are usually very big and can store a lot of products, while storage warehouses are usually a big facility that is divided into smaller units, each smaller unit serves as a storage warehouse. Storage warehouses are used to store more specific items while distribution warehouses can handle different types of goods.

The management of Log Cabin Inc. allows employees to participate in decision making, maintains transparency of certain business information, and encourages the development of self-managed teams. In this scenario, what is Log Cabin implementing?

The management staff at Doc's Motorcycles believes the company has a social responsibility to its community. They believe that the company can have the greatest impact in this area through cash contributions to local nonprofit organizations. This is an example of ____________.

Answers

Answer:

Corporate philanthropy

Explanation:

This way of thinking is characteristic of corporate philanthropy. Corporate philanthropy occurs when a corporation or a business promotes the welfare of others through donations. This is the behaviour that the management staff at Doc's Motorcycles engages in, as they believe that they can make a good impact by financially contributing to local nonprofit organizations. This behaviour can benefit a business in several ways. It increases employee engagement and generates business value. It can also improve the reputation of a business.

Answer:

This is an example of management responsibility to broader stakeholders.

Explanation:

Generally management responds only to shareholders, the company's owners. They are mainly concern about profits. By shown social responsibility, the management staff at Docs's Motorcycles are showing they look after beyond shareholder interests, and that is known as responsibility toward stakeholders

In a trust, an estate, or other property or money, is given to a person or institution to manage. True False

Answers

Answer:

i would say true

Explanation:

a trust fund is given to a person or lawyer

an estate has an estate manager

most property is owned by a person or the bank

and the same with money is owned by a company or bank

Answer:

True

Explanation:

Which NIMS Management Characteristic includes developing and issuing assignments, plans, procedures, and protocols to accomplish tasks? A. Manageable Span of Control
B. Comprehensive Resource Management
C. Modular Organization
D. Management by Objectives

Answers

Management by objectives includes developing and issuing assignments, plans, procedures and the protocols to accomplish the tasks.

Answer: Option D

Explanation:

NIMS stands for National Incident Management System. NIMS is responsible for providing nation wide frame work and the approach to enable the government at all the levels which are the Federal, state and the local level of Government.

Among the Management characteristic of the NIMS, Management by objectives is responsible for developing the assignments. Along with this it also issues the assignments which are made to achieve certain important tasks. It makes plans and the protocols which are the rules and regulations required to accomplish the tasks. These are done with the help of proper procedures and it has to be followed.

NIMS Management Characteristic includes developing and issuing assignments, plans, procedures helps management by Objectives.

What is National Incident Management System?

This is a body put together by American government to help management incident such as disaster including natural.

There are several characteristic that helps to ensure efficient running of the system to accomplish the necessary objective and goal.

Therefore, NIMS Management characteristic includes developing and issuing assignments, plans, procedures helps management by Objectives.

Learn more on disaster management here,

brainly.com/question/12024663

The social costs of unemployment are combine with the loss of goods and services and negative governmental impacts that include increases in costs for welfare services and decreases in ______________.

Answers

Answer:

The social costs of unemployment are combine with the loss of goods and services and negative governmental impacts that include increases in costs for welfare services and decreases in access to social amenities and infrastructures

Explanation:

Unemployment has social impact on citizens involved ranging from contributions of government policies which has direct effect on the economy such as inflation, furthermore, decrease in assessing social amenities als has its contribution which enables the increment in different social vices

If the price of coffee increases by 50% and the quantity demanded falls by 10%, then what is the price elasticity of demand for coffee? a) 5
b) 2
c) 20
d) 1/5

Answers

Answer:

1/5

Explanation:

The demand is the total quantity of goods and services that consumers are willing and ready to purchase at all possible prices.

The price of a product is one of the many factors that affect its demand. There exists an inverse relationship between the quantity demanded of a product and its price. The quantity demanded of product increases as the price falls and vice versa. So changes in the price will affect the quantity consumers will buy.

However, the extent to which a change in price of a product affects its quantity is the focus of price elasticity of demand. It measures the degree of responsiveness of quantity demand to a unit change in price.

It is calculated as % change in quantity demanded / % change in price.

So let us apply this formula to this question; the price elasticity of demand

= 10%/50%= 1/5

The Business Auto Coverage Form is intended for which of the following businesses? Select all that apply. a. Owned private passenger autos
b. Mobile equipment registered to drive on public roads
c. Automatic coverage for physical damage to trailers
d. Automobiles owned by employees used for business purposes

Answers

Answer:

A) Owned private passenger autos

B) Mobile equipment registered to drive on public roads

D) Automobiles owned by employees used for business purposes

Explanation:

Business Auto Coverage Form is used to cover a company's autos, trucks, trailers, semitrailers and mobile equipment that are owned or used by the company.

It also covers vehicles that are not owned by the company but are used by the company's employees while doing business related activities, e.g. automobiles owned by employees and used for business activities.

It only covers mobile equipment that is registered to drive on public roads, e.g. cranes, drills, shovels, tractors, etc.

Most group Disability Income contracts are offered on a/an: A. Contributory basis
B. Noncontributory basis
C. Nonoccupational basis
D. Occupational basis

Answers

Answer:

Answer is option C, i.e. Nonoccupational Basis.

Explanation:

When an injury is caused due to accidents while in the occupational role, then many organizations provide for the contract that is also considered as a form of insurance to cover the loss of the injury, that has resulted as a result of an occupational accident. These insurance are commonly known as Disability Income contracts or disability insurance. These are sanctioned to a person who has lost his/her occupation due to the injury caused in the accident while at work. Hence, the answer is option C.

With respect to market segmentation, the 80-20 principle has been applied to segmenting markets based on

Answers

Answer:

This principle is based on the idea of Vilfredo Pareto, an Italian economist that stated 80% of the results are concentrated in 20% of the activities executed. In Business, this idea is extrapolated as 80% of results come from 20% of the clients.

Explanation:

Which of the following is not a proven strategy for reducing thinking errors in the workplace?A. Use of evidence and informationB. Decision supportC. Management memos and policiesD. Bias awarenessE. Reflection and discussion

Answers

Answer: Management memos and policies.

Explanation:

Management memos and policies sometimes may seem unfair or tedious to the employees when they may not actually be that way in reality, which is a form of thinking error.

Thinking error is a wrong pattern of interpreting things/events by an individual which in most cases turns out not to be true.

To avoid thinking errors information and motives should be passed across in a more clearer manner.

Which is most likely to be a long run adjustment or a firm that manufactures golf carts on an assembly line basis? (a) an increase in the amount of steel the firm buys
(b) a reduction in the number of shifts of workers from three to two
(c) a change in the production managers of the assembly line
(d) a change from the production of golf carts to motorcycles

Answers

Answer:

(d) a change from the production of golf carts to motorcycles

Explanation:

In the long run, a manufacturing entity should be considering options that will increase their profitability. To be more profitable , the firm must increase its output and its market share. A firm manufacturing golf carts should diversify into sectors that provide broader markets.

From the option provided, a firm manufacturing golf carts is most likely adjust to the production of motorcycles in the long run. Golf carts are used in golf clubs only to transport golfers and their equipment. They have a restricted market, unlike motorcycles, which can be used by a bigger percentage of the population. Adjusting to motorcycles presents an opportunity for potential growth in market share and profitability.

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