1. What is a liability? 2. How are liabilities classified and what is the expectation of payment, in time, of each one? 3. Name three uncertainties presented regarding liabilities. 4. Mention five liabilities that must be recognized by a company, the common ones (Example Salaries payable). 5. What is a short-term note payable? 6. What are end-of-term grade adjustments and why are they necessary? 7. List three liabilities related to the number of employees. 8. What is the percentage that a federal social security and medicare employee is withheld? 9. What is an estimated liability? 10. What is a contingent liability?