If a Hearing Is to Be Held on an Application

question 47

Multiple Choice

If a hearing is to be held on an application for entry of a default judgment, notice of the hearing must be given to the adverse party before the hearing.

• A) 5 days
• B) 3 days
• C) 10 days
• D) 1 day

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Definitions:

Taxes Payable

The amount of tax a company or individual owes to the tax authorities but has not yet paid by the end of the accounting period.

Taxes Expense

The total amount of taxes owed by an individual or corporation to the government within a fiscal period.

Adjusted Entry

An accounting record made to amend the effects of previously recorded transactions to accurately reflect financial realities.

Taxes Expense

The total amount of taxes owed by a business to federal, state, and/or local governments as determined by applicable tax rates on business income.