Choose the Correct Statement

question 104

Multiple Choice

Choose the correct statement.

• A)Canada produces more services than goods.
• B)Canada produces more goods than services.
• C)Canada produces an equal quantity of goods and services.
• D)China's production of services is a greater percentage of its total production than Canada's.
• E)Canada's production of manufacturing is a greater percentage of its total production than China's.

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Definitions:

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.

Wages and Salaries Expense

The cost incurred by a business to compensate its employees for their work, typically noted in the income statement.