Which of the Following Liabilities Results from Amounts Owed by BOTH

question 18

Multiple Choice

Which of the following liabilities results from amounts owed by BOTH the employee and the employer?

• A) employee income tax payable
• B) wages payable
• C) employment insurance payable
• D) vacation pay payable

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Definitions:

Term

Refers to a specific period of time or to conditions stipulated for a particular agreement or contract.

Interest Rate

The price, shown in the form of a percentage of the principal, charged by lenders to borrowers for asset employment.

Diversify

The attempt to spread investment risk by selecting a variety of investment options within a portfolio.

Adage

A short, pointed and memorable saying that expresses a truth or insight.