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Liabilities and Payroll

Business

10th Grade - University

Used 5+ times

Liabilities and Payroll
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16 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Liabilities due beyond one year are classified as _____.

contingent liabilities.

current liabilities.

long-term liabilities.

fixed liabilities.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Gross earnings for a payroll period less payroll deductions are referred to as:

overtime pay.

bonus pay.

gross pay.

net pay.

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Taxes paid by EMPLOYEES include:

Social Security Tax

Medicare Tax

Unemployment Tax

Federal Income Tax

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Contingent liabilities that are probable but cannot be reasonably estimated are disclosed in the:

current liabilities section of the balance sheet.

notes to the financial statements.

long term-liabilities section of the balance sheet.

retained earnings section of the statement of stockholders' equity.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Current liabilities are:

due and receivable within one year.

due and payable within one year.

due but not payable for more than one year.

due but not receivable for more than one year.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The earnings (salary, wages, and commissions) earned by all employees of a business are known as:

Gross Pay

Net Pay

Payroll

Pay Period

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

_____ liabilities may arise from past transactions if certain events occur in the future.

Long-term

Contingent

Noncurrent

Current

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