6 A defined benefit plan calculates the benefit a retiring employee will be paid over the rest of their life. (true/false)

7. Current Ratio is current assets divided by total liabilities (true/false)

8. A credit increases a liability, owners equity or revenue account (true/false)

9. Assets are physical or intellectual property that is owned by the business and expected to provide future benefit (true/false)

10. A defined contribution plan defines how contributions are going to be made to the plan. A sample is a 401K plan. (true/false)