6. With an interest-bearing note, the amount of cash received upon issuance of the note will be less than the note's face value. True False 7. A contingent liability is recorded if it is reasonably possible and the amount can be reasonably estimated. True False 8. The separation of the payroll activities of hiring, timekeeping, preparing payroll, and paying the payroll weakens internal control over the payroll transactions True False 9. Net pay is determined by applying the hourly rate of pay to the hours worked less payroll deductions. True False 10. The employer incurs a payroll tax expense equal to the amount withheld from the employees' wages for federal income taxes. True False