Which term best describes ongoing financial obligations a business has to its employees?

The term that best describes ongoing financial obligations a business has to its employees is payroll. Payroll encompasses all the compensation and benefits that a company is required to pay its employees, including salaries, wages, bonuses, and any associated taxes and deductions. This term captures the regular expenses a business incurs in relation to its workforce, making it a critical component of financial management in any organization.

In contrast, the other options represent different financial aspects of a business. Overheads refer to ongoing expenses that are not directly tied to producing goods or services and can include utility bills, rent, and administrative costs. Revenue is the income generated from normal business operations, essentially the earnings that a company makes from selling its products or services. Procurement involves the process of acquiring goods or services, typically focusing on purchasing strategies rather than the regular financial responsibilities associated with employee compensation. Hence, payroll is the most accurate term for describing ongoing financial obligations to employees.