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Chapter 10
| Term | Definition |
|---|---|
| contingent liabilities | Liabilities that may arise from past transactions if certain events occur in the future |
| defined benefit plan | A pension plan that promises employees a fixed annual pension benefit at retirement |
| FICA tax | Federal Insurance Contributions Act tax used to finance federal programs for old-age and disability benefits (social security) and health insurance for the aged (Medicare). |
| fringe benefits | Benefits provided to employees in addition to wages and salaries |
| gross pay | total earnings of an employee for a payroll period |
| installment note | debt that requires the borrower to make equal periodic payments to the lender for the term of the note |
| net pay | amount paid the employee, calculated as gross pay less payroll deductions |
| payroll | total amount paid to employees for services they provided during a certain period |
| pension | cash payment to retired employees |
| quick assets | cash and other current assets that can be easily converted to cash |
| quick ratio | financial ratio that measures a company’s “instant” debt-paying ability, =DIVIDE(quick assets/ current liabilities) |
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