On Your Credit Card Statement, the Amount That You Owe

question 100

Multiple Choice

On your credit card statement, the amount that you owe the financial institution now is called the

• A) previous balance.
• B) minimum payment.
• C) new balance.
• D) payments.

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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.