1. Which of the following is a current liability? a. Accounts Payable (due in 30 days) b. Bonds Payable (maturing in 5 years) c. Mortgage Payable (due in 2 years) d. Notes Payable (due in 18 months) 2. Which financial statement includes liabilities? a. Income Statement b. Statement of Owner's Equity c. Balance Sheet d. Bank Statement 3. An employee's net (or take-home) pay is determined by gross wages minus amounts for income tax withholdings and the employee's a. Portion of FICA taxes and unemployment taxes. b. And employer's portion of FICA taxes and unemployment taxes c. Portion of FICA taxes, unemployment taxes and any union dues d. Portion of FICA taxes and any union dues. 4. Which of the following taxes is not a common employee payroll deduction? a. Federal Income Taxes b. FICA - Social Security c. State Income Taxes d. Sales Taxes 5. Slack borrowed $400,000 on April 1. The note he signed requires him to pay it back with interest at 12% in one year. How much interest will be recorded for April 1 through December 31? a. $48,000 b. $42,000 c. $36,000 d. $24,000