Use the Following to Answer Questions

question 33

Multiple Choice

Use the following to answer questions:
Select the word or phrase from the Terms section that best matches the definition or example provided in the Definitions section.
Terms
-Also known as the Common Market, it was an alliance formed by Italy, France, West Germany, Belgium, the Netherlands, and Luxembourg in 1957 and dedicated to developing common trade policies and reduced tariffs.

• A)World War I
• B)Treaty of Versailles
• C)Woodrow Wilson/Fourteen Points
• D)Great Depression
• E)New Deal
• F)fascism
• G)Mussolini
• H)Nazi Germany
• I)Hitler
• J)Etty Hillesum
• K)Revolutionary Right (Japan)
• L)World War II in Asia
• M)World War II in Europe
• N)total war
• O)Hiroshima
• P)Holocaust
• Q)Marshall Plan
• R)European Economic Community
• S)NATO

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Definitions:

Warranty Cost

Expenses incurred by a company to repair, replace, or refund products that are found to be defective after purchase.

Expense Recognition Principle

An accounting concept that expenses should be recognized in the period when the revenues generated by such expenses are recognized.

Payroll Tax Expense

Payroll tax expense refers to the taxes that employers are required to pay on behalf of their employees, such as Social Security and Medicare taxes in the United States.

Estimated Warranty Costs

The projected expenses a company expects to incur for repairing or replacing products under warranty.