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1. Employers are required to pay all of the following on the wages paid to each employee except: a. Social security taxes b. Worker’s compensation insurance c. Medicare taxes d. Health insurance benefits. 2. The amount of the present value of a future cash receipt will depend upon a. The length of time until the... show more 1. Employers are required to pay all of the following on the wages paid to each employee except:
a. Social security taxes
b. Worker’s compensation insurance
c. Medicare taxes
d. Health insurance benefits.

2. The amount of the present value of a future cash receipt will depend upon
a. The length of time until the money is received.
b. The amount of money to be received.
c. The required rate of return.
d. All of the above.

3. The FICA tax paid by an employer is:
a. Greater than the amount paid by the employee.
b. Less than the amount paid by the employee.
c. Equal to the amount paid by the employee.
d. The employer does not pay FICA tax, only the employee pays the tax.

4. A $1,000 bond that sells for 103 has a cost of:
a. $1,003
b. $1,030
c. $1,300
d. $1,000

5. Which of the following payroll costs are shared equally by the employer and the employee?
a. State unemployment taxes.
b. Workers' compensation.
c. Social security.
d. Federal unemployment taxes.

6. When a corporation has a right to redeem bonds in advance of the maturity date, it is known as:
a. Convertible. (A car that was created for beaty pagents)
b. Callable.
c. Junk bonds.
d. Debentures. (What your grandfather spent time looking for)

7. One advantage to issuing bonds instead of stock is that:
a. Interest is tax deductible whereas dividends are not.
b. Bonds have a longer maturity date.
c. Interest rates are lower than dividend rates.
d. The issuance of bonds does not affect earnings per share.

8. The amortization of a bond premium:
a. Decreases the carrying value of a bond and increases interest expense.
b. Decreases the carrying value of a bond and decreases interest expense.
c. Increases the carrying value of a bond and increases interest expense.
d. Increases the carrying value of a bond and decreases interest expense.

9. A liability for deferred income taxes represents:
a. Income taxes on earnings already reported in the income statement, but that will be taxed in future periods.
b. Income taxes already paid on earnings which have not yet been reported in the company's income statement.
c. Income tax obligations being disputed with the Internal Revenue Service.
d. Income taxes levied in prior years which are now past due.

10. Which of the following is an example of a contingent liability?
a. A lawsuit pending against a restaurant chain for improper storage of perishable food items.
b. The liability for future warranty repairs on computers sold during the current period.
c. A corporation's long-term employment contract with its chief executive officer.
d. A liability for notes payable with interest included in the face amount.
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