This First Chapter Introduced Some of the Most Rudimentary Aspects

question 49

Multiple Choice

This first chapter introduced some of the most rudimentary aspects of the discipline, including definitions. A temporary endeavor undertaken to create a unique product, service, or result is a(n) _________.

• A) project
• B) activity
• C) task
• D) undertaking
• E) All of these.

---

Definitions:

Wages and Salaries Payable

Liabilities for wages and salaries that have been earned by employees but have not yet been paid.

Federal Income Taxes Payable

The amount of income tax that a company or individual owes to the federal government and has not yet paid.

Payroll Taxes Payable

Liabilities owed to tax authorities for employee taxes withheld and employer payroll taxes; to be paid within a specified period.

FUTA Payable

A liability account reflecting the federal unemployment tax due to the government by employers.