InAc-Quiz

​ 1. It is the company's short-term financial obligations that are due within one year or within a normal operating cycle.

• current liabilities
• revenue
• long-term liabilities
• fixed assets

2. Taxes that employers withhold from their employees' wages or salaries and remit to the government on their behalf.

• income taxes
• sales taxes
• property taxes
• payroll taxes

3. It measures a company's ability to pay its short-term financial debts or obligations.

• profitability ratio
• efficiency ratio
• solvency ratio
• current ratio

4. The amounts due or bills that a company must pay to their suppliers for the goods and services that were purchased and received on credit or on account.

• Accounts Receivable
• Inventory
• Accounts Payable
• Fixed Assets

5. It is a more conservative measure for liquidity since it only includes the current assets that can quickly be converted to cash to pay off current liabilities.

• current ratio
• quick ratio
• acid-test ratio
• inventory turnover ratio

6. This tax supports the Medicare program, which provides healthcare coverage for elderly and disabled individuals.

• Elderly tax
• Healthcare tax
• Medicare tax
• Disabled tax

7. Both employees and employers typically contribute an equal amount to this tax.

• Sales tax
• Property tax
• Payroll tax
• Social Security Tax

8. The amount withheld on this tax is based on the employee's income, marital status, and any applicable tax deductions or credits.

• Employee's income and marital status only
• Marital status only
• Employee's income only
• Federal Income Tax Withholding

9-10. Give two examples of current liabilities.