Which of the following is not a factor that has caused the decline in defined benefit plans in the U.S.?
A) Increasing mobility of the workforce
B) Global competition causing employers to reduce expenses
C) Reduced employer liability for pension plan results under a defined benefit plan
D) Employee, and not the employer, bears the investment risk of a defined contribution plan
C
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Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,470 pounds of aluminum to manufacture 935 units. The company paid $28.90 per pound during the month to purchase aluminum. At the beginning of the month, the company had 54 pounds of aluminum on hand. At the end of the month, the company had only 34 pounds of aluminum in its warehouse. Schmidt used 4,400 direct labor hours during the month, at an average cost of $41.90 per hour.
Required: Compute for the month the following variances: 1. The purchase-price variance for aluminum. Indicate whether this variance is favorable (F) or unfavorable (U). 2. The usage variance for aluminum. Indicate whether this variance is favorable (F) or unfavorable (U). 3. The direct labor rate variance. Indicate whether this variance is favorable (F) or unfavorable (U). 4. The direct labor efficiency variance. Indicate whether this variance is favorable (F) or unfavorable (U).
For property-casualty insurers, losses are higher for lines that are exposed to
A. long tails and low inflation. B. long tails and high inflation. C. short tails and low inflation. D. short tails and high inflation. E. short tails and no inflation.