19% Note Payable

question 3

Multiple Choice

1.9% note payable. The amount of accrued interest on December 31 (using a 360 day year) is:

• A)$63.
• B)$65.
• C)$98.
• D)$75.

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Definitions:

Payroll Tax

Taxations placed upon employers or employees, usually based on a percentage of the income that employees receive from their employers.

Social Security System

A government program designed to provide financial support to people in retirement, disability, or to survivors, funded through payroll taxes.

Unemployment Benefits

Payments made by the government or a private entity to individuals who are unable to find employment.

SNAP Benefits

Financial assistance provided through the Supplemental Nutrition Assistance Program to eligible low-income individuals and families for purchasing food.