Please help match the definitions

CHAPTER 1 NAME Match each of the following terms with the appropriate definition. 1. FUTA taxes ). Contingent liability Merit rating 1. Long-term liability Match each of the following terms with the appropriate definitio 2. Estimated liability Net pay a. Employee benefits 3 . Noninterest-bearing note . Short-term note payable Warranty c. Known liabilities Discount on note payable d. Current portion of long-term debt FICA taxes e. Capital lease f. Gross pay 1. A potential liability that depends on a future event arising out of g. Times interest earned a past transaction. h. Operating lease 2. Obligation of an uncertain amount that can be reasonably i. Deferred income tax liabilities estimated. j. Current liabilities 3. An agreement that obligates the seller or manufacturer to repair or replace a product when it breaks or otherwise fails to perform properly within a specified period. 1. A lease that gives the lessee the risks and benefits normally 4. Taxes assessed on both employers and employees under the associated with ownership. Federal Insurance Contributions Act. These taxes fund Social 2. Obligations due within a year or the company's operating cy Security and Medicare whichever is longer. 5. Payroll taxes on employers assessed by the federal 3. Obligations of a company with little uncertainty; set by government to support the federal unemployment insurance agreements, contracts or laws program. 4. A series of rental payments to the owner of an asset in 6. Gross pay less all deductions. exchange for the use of the asset. The payments. do not 7. The difference between the face value of a noninterest-bearing convey ownership. note payable and the amount borrowed. 5. Total compensation earned by an employee. 8. A rating assigned to an employer by a state according the 6. Additional compensation paid to or on behalf of employees, employer's past record for creating or not creating such as medical insurance and vacation pay. unemployment. 7. Payments of income taxes that are deferred until future year 9. A note that does not have a stated rate of interest, the interest because of temporary differences between GAAP and tax is included in the face value of the note. rules. 10. Obligations of a company not requiring payment within one 8. The portion of long-term debt that is due within one year. year. 9. The ratio of a company's income before interest divided by L