1.Management of current liabilities arises, in part, because of a concern over:

a. profitability

b. liquidity

c. relevance

d. reliability

7. Conceptually all liabilities should be reported on the balance sheet at:

a. the present value of the future outlays they require

b. their maturity value

c. face amount

d. their current cash equivalent amount

10. Which payroll tax is imposed on both the employee and the employer?

a. federal income tax

b. state unemployment taxes

c. FICA taxes

d. federal unemployment taxes