Question

Record keeping should be kept and preserved for _____ years post employment.

a) 2-3
b) 5-10
c) 15-20
d) 30-35

Answer 1

The correct answer is d) 30-35 years post employment. Businesses must keep necessary records for compliance and historical reference.

Step-by-step explanation:

The correct answer is d) 30-35 years post employment

Record keeping is an essential part of business practice, and certain records must be kept for a specified period of time according to legal requirements.

For example, in the United States, the Internal Revenue Service (IRS) recommends that businesses keep employment tax records for at least four years, while some regulations require records to be kept for longer periods.

These may include financial records, tax documents, employee files, contracts, and any other important business records.

By keeping records for a significant period of time, businesses can ensure compliance with legal and regulatory obligations, as well as have a historical reference for future needs or potential audits.