10, The difference between the amount received from a note payable and the amount repaid is:

a, Interest.

b, Principal.

c, Face value.

d, Discount.

e, Premium.

11, An estimated liability:

a, Is an unknown liability of a certain amount.

b, Is a known obligation of an uncertain amount.

c, Is a liability that may occur if a future event occurs.

d, Can be the result of a lawsuit.

e, None of these answers is correct.

12, Contingent liabilities occur when the liability is:

a, Probable and can be reliably estimated.

b, Cannot be reliably estimated.

c, Known and determinable.

d, Reliably estimated.

e, All of these answers are correct.