Business Finance
Practice Questions
Course Introduction
Business Finance introduces students to the fundamental principles and practices of financial management within organizations. The course covers key concepts such as financial analysis, planning, and control, time value of money, risk and return, and valuation of assets. Students will explore techniques for capital budgeting, sources of financing, cost of capital, and the management of working capital. Practical applications focus on decision-making tools used by financial managers to maximize firm value and ensure efficient allocation of resources in both short-term and long-term scenarios.
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) Michael is the payroll accountant for a non-profit.In his personal life,he is also a single father of three young children.On the day that payroll is supposed to be issued,his children are sick and he is unavailable to be at work.The employees' paychecks cannot be issued without his presence.Which ethical principle most closely governs this situation?
A)Responsibilities
B)Objectivity and Independence
C)Integrity
D)Public Interest
Answer: D
Q2) Which privacy act safeguards information contained in private personnel records and mandates information safekeeping?
A)DHHS Privacy Act 09-04-0006.
B)Privacy Act of 1974.
C)Common Law Privacy Act.
D)Computer Fraud and Abuse Act of 1986.
Answer: B
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Chapter 2: Payroll System Procedures
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78 Verified Questions
78 Flashcards
Source URL: https://quizplus.com/quiz/74469
Sample Questions
Q1) Employers may choose to omit the employees' Social Security numbers in their employee files.
A)True
B)False
Answer: False
Q2) An employer must have an employee complete Form W-4:
A)Before each pay disbursement.
B)Each year,upon the employee's anniversary with the firm.
C)Every January 1.
D)At the time of hire.
Answer: D
Q3) Allen is an employee of the foreign subsidiary of a United States based company who lives and works in the United Kingdom.According to FATCA,how much of his wages may Allen exclude from United States' taxes,according to 2018 guidelines?
A)None
B)$46,500
C)$79,850
D)$104,100
Answer: D
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Page 4
Chapter 3: Gross Pay Computation
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83 Verified Questions
83 Flashcards
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Sample Questions
Q1) Clark is a piece rate worker who earns $8.25 per completed unit.During a 40-hour workweek,Clark completed 57 units.What is Clark's hourly rate?
A)$15.21 per hour
B)$11.76 per hour
C)$13.98 per hour
D)$12.22 per hour
Answer: B
Q2) Piece-rate pay is used for employees who participate materially in the sale of manufacturing components.
A)True
B)False
Answer: False
Q3) According to the FLSA,when must overtime be paid to nonexempt employees?
A)Any time the employee works more than 8 hours per day.
B)Any time the employee works more than 6-days during a one-week period.
C)Any hours worked in excess of 40 in a 7-day,168-hour period.
D)Any hours deemed overtime by the employee's supervisor.
Answer: C
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Chapter 4: Fringe Benefits and Voluntary Deductions
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Under the Affordable Care Act,what are the rules for dependents to be covered under a parent's health plan? (You may select more than one answer. )
A)Dependents under the age of 26 are covered.
B)The parent must be an employee covered by a qualified cafeteria plan.
C)All employer-sponsored health plans qualify.
D)The dependent must be under the age of 21.
Q2) What differentiates Flexible Spending Accounts (FSAs)and Health Savings Accounts (HSAs)?
A)Amounts contributed to FSAs may not be rolled over from one year to the next.
B)HSAs expire on an annual basis but FSAs continue perpetually.
C)FSAs expire annually but HSAs may be reserved for use late in life.
D)Only HSAs may be deducted from employee on a pre-tax basis.
Q3) What options do employers have regarding taxable fringe benefits? (You may select more than one answer. )
A)Add the value of the fringe benefit to period pay and tax it at that time.
B)Add it to a single pay period and tax it at the 25% income tax rate.
C)Add it as a line item for employees to remit individually.
D)Add it to the employee's W-2 in one lump sum.
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6
Chapter 5: Employee Net Pay and Pay Methods
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) What role does the employer play regarding an employee's federal withholding tax?
A)Collector and depositor
B)Reporter and depositor
C)Collector and verifier
D)Verifier and reporter
Q2) Which of the following federal withholding allowance scenarios will have the highest income tax?
A)Single,1 allowance
B)Married,3 allowances
C)Single,5 allowances
D)Married,0 allowances
Q3) Which of the following statements is/are true about Social Security tax deductions from gross pay? (You may select more than one answer. )
A)Section 125 deductions are not subject to Social Security tax.
B)The tax rate is 6.0%.
C)The tax is computed on all earnings.
D)The wage base is $128,400.
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Chapter 6: Employer Payroll Taxes and Labor Planning
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73 Verified Questions
73 Flashcards
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Sample Questions
Q1) FUTA tax rates vary from state to state.
A)True
B)False
Q2) Concrete Works is a California company with a SUTA tax of 5.2% and a SUTA wage base of $7,000.The employee earnings for the past year are: T.Borek $17,875,G.Hizny $2,250,A.McBean $18,550,C.Triebert $6,950.California,employers pay an Employment Training Tax (ETT)of 0.1% on all wages up to the first $7,000 of wages. What are the employer-share taxes for FUTA,SUTA,ETT(0.1%),and FICA for the year?
(ignore worker's compensation insurance)
A)$4,859.13
B)$5,349.23
C)$5,108.31
D)$4,835.91
Q3) ________ allows firms to allocate costs accurately among departments.
A)Labor costing
B)Labor distribution
C)Compensation analysis
D)Benefit analysis
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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
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Sample Questions
Q1) The General Journal contains records of a firm's financial transactions,which appear chronologically.
A)True
B)False
Q2) How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA,FUTA,and SUTA?
A)Form W-4
B)Form W-2
C)Payroll register
D)Employee earnings record
Q3) Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial period.
A)True
B)False
Q4) What is the primary purpose of a labor report?
A)It depicts the ideal distribution of labor in a firm.
B)It designates where labor is used in a firm.
C)It communicates departmental profitability.
D)It is a report designed to be read by parties external to the firm.
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