The "Openness Ratio" of the U

question 22

True/False

The "openness ratio" of the U.S.economy in 2015 was approximately 15 percent, the same as in 1890.

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Definitions:

General Journal Entry

A record in the accounting journal that represents a specific financial transaction, detailing the accounts affected and the amounts involved.

Payroll

The total amount of wages, salaries, bonuses, and deductions a business pays to its employees.

FICA-OASDI Payable

The amount owed by an employer or employee for Social Security and Medicare taxes, to be paid to the IRS.

FUTA Payable

A liability account that records the amount owed by a company for the Federal Unemployment Tax Act contributions, payable to the federal government.