Finance And Accounting

Question: What is the purpose of a time card?
A
To track employee hours worked per payroll period

B
To calculate employee tax withholding

C
To calculate bonuses

D
To determine employee tax exemptions

Note: Answer not sure
1. Report
Question: What is the purpose of Form 940?
A
To report annual wages to employees

B
To report annual wages to the IRS

C
To reconcile taxes paid with tax liability for unemployment taxes

D
To reconcile taxes paid with tax liability for federal taxes

Note: Answer not sure
1. Report
Question: The term "withholding allowance" refers to ______________.
A
the extra amount held for the employee in a savings account

B
the additional tax obligation of the employee

C
the additional tax obligation of the employer

D
an allowance that reduces taxable income by a fixed amount

Note: Answer not sure
1. Report
Question: For an employee, which of the following is a benefit of using direct deposit?
A
Eliminates the need for the employee to reconcile bank accounts

B
Allows employee to commit fraud more easily

C
No direct benefit to employee

D
Eliminates the need for the employee to go to the bank to deposit a check, since pay is deposited directly in the bank, often the day before payday

Note: Answer not sure
1. Report
Question: For an employer, which of the following is a disadvantage of using direct deposit?
A
Builds goodwill with employees

B
Immediately reduces available cash because everyone is paid on payday without having to wait for checks to clear

C
Increases employee opportunity for fraud

D
Saves the company time and money

Note: Answer not sure
1. Report
Question: The term "wage bracket method for withholding taxes" refers to ______________.
A
a program used to process payroll

B
a company's policy on wage rates

C
minimum wage rates

D
a federal income tax withholding method that takes into account gross earnings, payroll period, marital status, and number of withholding allowances

Note: Answer not sure
1. Report
Question: Payroll system software can be hosted _____________.
A
online

B
on a remote computer

C
on a local computer

D
All of these

Note: Answer not sure
1. Report
Question: What is the purpose of auditing payroll ?
A
To fulfill an IRS requirement

B
To fulfill a GAAP requirement

C
To identify employees who deserve a raise

D
To verify that payroll records are accurate and to reflect what happened

Note: Answer not sure
1. Report
Question: The term "direct deposit" refers to ______________.
A
writing a check for payroll

B
entering an employee's time into the payroll system

C
placing funds directly in an employee's bank account without issuing a paycheck

D
depositing accounts receivable checks into the bank

Note: Answer not sure
1. Report
Question: At ABC School, the current salary schedule for custodians is as follows: Step 1: $12.47 Step 2: $13.09 Step 3: $13.75 Step 4: $14.44 Step 5: $15.16 Employees are moved to the next step on the salary schedule annually. Wages for the year have increased 2.25% from the previous school year. Employee C was paid on Step 2 for the previous school year. Given the above schedule, what is Employee C's pay rate for the current school year?
A
Up to age 20

B
Ages 20 to 25

C
Over 40

D
Over 80

Note: Answer not sure
1. Report

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Question: What is the purpose of a time card?

Question: What is the purpose of Form 940?

Question: The term "withholding allowance" refers to ______________.

Question: For an employee, which of the following is a benefit of using direct deposit?

Question: For an employer, which of the following is a disadvantage of using direct deposit?

Question: The term "wage bracket method for withholding taxes" refers to ______________.

Question: Payroll system software can be hosted _____________.

Question: What is the purpose of auditing payroll ?

Question: The term "direct deposit" refers to ______________.