Quiz 7_CH8_Solution

Quiz 7_CH8_Solution - resolved until some future event...

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MGA 201: Quiz #7 – Chapter 8 Name: _____ Solution ____________________ Rec Section: __________________ MATCHING In the spaces provided, write the letter of the term for each of the following definitions: A. Defined contribution plan B. Income taxes payable C. Income tax expense D. Social security taxes (FICA) E. Extraordinary items F. Other revenues and expenses G. Contingency H. Sales taxes payable I. Federal withholding tax J. Unemployment taxes K. Gross margin L. Defined benefit plan M. Employee stock options 1. __ M __ A way to incent employees (especially managers) to increase the value of a company, resulting in compensation expense to the employer. 2. __ D __ Payroll taxes imposed on both the employee and employer. 3. __ J __ Federal and state taxes imposed on an employer, resulting in payroll tax expenses to the employer. 4. __ G __ An uncertain circumstance involving a potential gain or loss that will not be
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Unformatted text preview: resolved until some future event occurs. 5. __ E __ Nonoperating gains and losses that are unusual in nature, infrequent in occurrence, and material in amount. 6. __ B __ The amount of tax expected to be paid to federal and state governments by companies, based on taxable income. 7. __ F ___ Items incurred or earned from activities that are outside the normal operations of a company’s business. 8. __ L __ The monthly amount a company promises an employee will receive after they retire, based on certain factors (e.g., number of years of service). 9. __ H __ Money collected from customers that must be remitted to government taxing authorities. 10. __ K __ The difference between sales revenue and cost of goods sold....
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This note was uploaded on 04/18/2009 for the course MGA 201 taught by Professor Anderson during the Fall '08 term at SUNY Buffalo.

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