QUESTION 25

What amount is income capped at to pay FICA – Social Security Tax on?

QUESTION 26

What is the term given to the borrower of a bond?

QUESTION 27

What is the term given to the lender of a bond?

QUESTION 28

What is the interest rate called which is multiplied by the bond’s face value when issuing pre-determined payments to the bondholder?

QUESTION 29

What is the amount to pay off the bond (debt) when it is more than the face value?

QUESTION 30

What is the amount to pay off the bond (debt) when it is less than the face value?

QUESTION 31

What step takes place after the accountant analyzes the transaction (Step 1).

QUESTION 32

What is the step before the final step (Step 8: Close the Books).

QUESTION 33

Which financial statement displays how the accounting equation balances?