Which of the Following Is an Example of a Liability

question 52

Multiple Choice

Which of the following is an example of a liability account?

• A)Payroll Taxes Expense
• B)FUTA Payable
• C)Salaries and Wages Expense
• D)Cash

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Definitions:

Indifference Curves

Graphical representations in microeconomics illustrating combinations of goods between which a consumer is indifferent.

Bundles

Groups of goods or services sold together as a single package.

Strong Axiom

A stringent condition in economics that, when applied, implies a level of consistency in consumer choice behavior beyond what is required by weaker axioms.

Revealed Preference

A theory suggesting consumers' preferences can be inferred from their purchasing habits.