Match the term with the phrase that best describes or characterizes that term. Prompt 1Income tax expense Answer for prompt 1 Income tax expense A "plug" for the net effect of the current tax liability and changes in deferred tax assets and liabilities. Prompt 2Valuation allowance Answer for prompt 2 Valuation allowance No tax consequences Prompt 3Permanent difference Answer for prompt 3 Permanent difference Produces future taxable amounts or future deductible amounts. Prompt 4Balance sheet classificiation Answer for prompt 4 Balance sheet classificiation Noncurrent. Prompt 5Temporary diference Answer for prompt 5 Temporary diference "More likely than not" test