Business Administration Exam Review
Course Introduction
Business Administration is a comprehensive course that introduces students to the fundamental principles and practices of managing organizations effectively. Covering key topics such as organizational structure, management theories, human resource management, marketing, finance, operations, and strategic planning, this course equips students with the essential knowledge required to understand and address real-world business challenges. Through case studies, group projects, and practical exercises, students will learn to analyze business environments, make informed decisions, and develop leadership skills necessary for a successful career in a dynamic business world.
Recommended Textbook
Payroll Accounting 2019 5th Edition by Jeanette Landin
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7 Chapters
526 Verified Questions
526 Flashcards
Source URL: https://quizplus.com/study-set/3734
Page 2
Chapter 1: Payroll Practices and System Fundamentals
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/74470
Sample Questions
Q1) The classification of workers as exempt and nonexempt pertains to the provisions of the:
A)Social Security Act.
B)Equal Pay Act.
C)Fair Labor Standards Act.
D)Federal insurance Contributions Act.
Answer: C
Q2) The Worker's Compensation Act of 1935 legislated the payment of worker's compensation insurance.
A)True
B)False
Answer: False
Q3) The Age Discrimination in Employment Act (ADEA)prohibits discrimination in employment practices for workers who are older than age 50.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Payroll System Procedures
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78 Verified Questions
78 Flashcards
Source URL: https://quizplus.com/quiz/74469
Sample Questions
Q1) Which of the following is/are purpose(s)of new hire reporting laws? (You may select more than one answer. )
A)To ensure payment of court-ordered obligations like garnishments and child support.
B)To keep track of workers throughout their careers.
C)To ensure that the employee may legally work in the United States.
D)To keep track of workers and professionals who are subject to licensing regulations.
Answer: A,C,D
Q2) Well-designed internal controls promote: (You may select more than one answer. )
A)Legal compliance and file integrity.
B)Opportunities for defalcation.
C)Protection against embezzlement.
D)Audit trail support.
Answer: A,C,D
Q3) Pay rate is the first payroll system decision a company must make.
A)True
B)False
Answer: False
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4
Chapter 3: Gross Pay Computation
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83 Verified Questions
83 Flashcards
Source URL: https://quizplus.com/quiz/74468
Sample Questions
Q1) Lloyd is the CFO for a firm that uses ISOs as part of its executive compensation plan.He receives $150,000 annually,paid semimonthly,in base salary plus 25 shares of the firm's stock per month.The stock is omitted from gross pay calculations and is valued at $52.50 per share and he may exercise his option within five years at $0.10 per share.What is Lloyd's gross pay for mid-October?
A)$7,250
B)$6,250
C)$7,560
D)$8,250
Answer: B
Q2) Gross pay is the amount of employee compensation prior to deducting any amounts for taxes or other withholdings.
A)True
B)False Answer: True
Q3) A firm is always exempt from FLSA provisions if it has fewer than 5 employees.
A)True
B)False
Answer: False
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Chapter 4: Fringe Benefits and Voluntary Deductions
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/74467
Sample Questions
Q1) The purpose of fringe benefits is to ________.
A)reduce taxable compensation
B)encourage employee engagement
C)avoid cash outlays for employee benefits
D)defer tax obligations
Q2) Under the ________,benefits offered only during the last two months of the year may be treated as paid during the following calendar year.
A)Special accounting rule
B)IRS Publication 15
C)ERISA
D)Benefits valuation rule
Q3) Fringe benefits and employee satisfaction have no correlation.
A)True
B)False
Q4) The cash value of ________ must be included as compensation on the employee's W-2.
A)occasional meals and snacks
B)gift cards
C)on-site athletic facilities
D)plaques and trophies
Page 6
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Chapter 5: Employee Net Pay and Pay Methods
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/74466
Sample Questions
Q1) How are income taxes and FICA taxes applied to grossed-up pay? (You may select more than one answer. )
A)Subtract the sum of the income tax rate and FICA tax rate from 100 percent.
B)Compute the sum of the income tax and FICA tax rates.
C)Divide the net pay by the net tax rate.
D)Multiply the gross pay by the sum of the income tax and FICA tax rates.
Q2) Best practices for paying employees by check include which of the following? (You may select more than one answer. )
A)Maintenance of a separate checking account for payroll purposes.
B)Keeping a single check register for the firm's checking accounts.
C)Logging the number,amount,and purpose of each check used.
D)Establishing an unclaimed property account for uncashed checks.
Q3) What is a disadvantage to using paycards as a method of transmitting employee compensation?
A)Convenience of retrieving pay disbursements.
B)Potential withdrawal and point-of-sale limitations.
C)Ease of paying traveling employees.
D)Acceptance of paycards at many locations.
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Chapter 6: Employer Payroll Taxes and Labor Planning
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73 Verified Questions
73 Flashcards
Source URL: https://quizplus.com/quiz/74465
Sample Questions
Q1) Jeremiah is a full-time exempt employee who earns an annual salary of $215,000.What is the employer's annual FICA tax responsibility for Jeremiah's salary,based on an annual Social Security tax wage base of $128,400?
A)$11,078.30
B)$10,506.50
C)$16,447.50
D)$16,582.50
Q2) A firm that had $55,650 in annual payroll tax liability during the lookback period will be a monthly schedule depositor.
A)True
B)False
Q3) Patalano's Pros is a semiweekly schedule depositor.Which forms must they file to reconcile their payroll taxes?
A)Forms 940 and 944
B)Forms 941 and 944
C)Form 944 and Schedule B
D)Form 941 and Schedule B
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Chapter 7: The Payroll Register, employees Earnings
Records, and Accounting System Entries
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/74464
Sample Questions
Q1) The ________ reflects all unpaid payroll liabilities at any point in the financial period.
A)Income statement
B)Statement of Owners' Equity
C)Payroll register
D)Balance sheet
Q2) In what order are accounts presented on the trial balance?
A)By dollar amount
B)Alphabetically
C)The same as the chart of accounts
D)By order of importance
Q3) The ________ is the master document that contains an employee's marital status,deductions,and year-to-date earnings.
A)Payroll register
B)Form W-4
C)Employee earnings record
D)Personnel file
Q4) In the General Ledger,the debit column reflects the balance of the account.
A)True
B)False
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