5) It is mandatory for both the employers and employee to pay:

A) FICA.

B) SUTA.

C) Employee income tax.

D) Federal unemployment tax.

6) Rocco worked 43 hours at his job during the first week of March 2015. He is paid $14.50 per hour and receives overtime at the rate of time-and-one-half for hours worked over forty. What is Rocco's gross pay for the week?

A) $623.50

B) $628.00

C) $645.25

D) $935.25

7) Which of the following is a reason that many companies require a photo ID when employees pick up their paychecks?

A) To make sure an employee's work hours have been accurately reported.

B) To avoid writing a paycheck to a fictitious person.

C) To make sure all employees are legal citizens.

D) To make sure all employees are legal adults.

8) An example of a current liability is:

A) 5 years Notes payable

B) Mortgage payable

C) Bonds payable

D) Salaries payable

9) Long-term debt, as a source of funds, includes the issuance of all of the following except:

A) Stock

B) Bonds

C) Leases

D) Mortgages

10) A bond indenture is an (n):

A) Bond secured by corporate assets.

B) A contract that defines the rights, privileges, and limitation of the bondholders.

C) Bond on which interest is past due.

D) Unsecured bond.

11) Bonds that give the issuer the right to buy back and retire the bonds before maturity are called:

A) Convertible bonds.

B) Secured bonds.

C) Callable bonds.

D) Debenture bonds.