Course Introduction
Business Finance
Test Preparation
Business Finance explores the fundamental principles and techniques essential for effective financial management within organizations. The course covers topics such as financial analysis, planning, and control; the management of working capital; capital budgeting; risk and return; the cost of capital; and methods of financing through equity and debt. Through real-world case studies and problem-solving exercises, students develop the analytical skills needed to make informed financial decisions, understand the impact of financial markets, and appreciate the role of finance in achieving business objectives.
Recommended Textbook
Payroll Accounting 2018 28th Edition by Bernard J. Bieg
Available Study Resources on Quizplus
6 Chapters
398 Verified Questions
398 Flashcards
Source URL: https://quizplus.com/study-set/3737
Page 2
Chapter 1: The Need for Payroll and Personal Records
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/74510
Sample Questions
Q1) Which of the following is not part of the records employers keep in employee files?
A) Regular rate of pay
B) Gender
C) Wages subject to tax for the calendar year
D) Health care account withdrawals
E) None of the above.
Answer: D
Q2) Only six states do not impose a state unemployment tax on employers in their state.
A)True
B)False
Answer: False
Q3) Which of the following is not part of the social security program?
A) Federal Income Tax Law
B) Federal Old-Age and Survivors' Trust Fund
C) Medicare
D) Self-Employment Contributions Act
E) All are part of the social security program
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Computing Wages and Salaries
Available Study Resources on Quizplus for this Chatper
80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/74509
Sample Questions
Q1) Workers exempt from all of the FLSA requirements include:
A) employees paid by the hour.
B) clerk-typists earning less than $200 a week.
C) taxicab drivers.
D) motion picture theater employees.
E) none of the above.
Answer: E
Q2) Under the continental system of recording time,9:20 p.m.is recorded as:
A) P2120.
B) 9:20P.
C) 2120.
D) 2220.
E) none of the above.
Answer: C
Q3) The FLSA defines a tipped employee as one who regularly receives tips of more than $20 a month.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
Page 4
Chapter 3: Social Security Taxes
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/74508
Sample Questions
Q1) Which of the following statements does not describe an employee's FICA taxes and withholdings?
A) The employee's taxes are collected by the employer and paid to the IRS along with the employer's taxes.
B) The employee's taxes are deducted from the employee's wages at the time of payment.
C) The employee's liability for the FICA taxes continues even after the employer has withheld them.
D) The amount of tax to be withheld is computed by multiplying the employee's taxable wages by the current tax rate.
E) The employee is entitled to a refund for overpayment of FICA taxes resulting from having worked for more than one employer.
Answer: C
Q2) Form 944 (annual form)can be used by all new employers instead of Form 941. A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Income Tax Withholding
Available Study Resources on Quizplus for this Chatper
56 Verified Questions
56 Flashcards
Source URL: https://quizplus.com/quiz/74507
Sample Questions
Q1) Which of the following noncash fringe benefits does not represent taxable income subject to federal income tax withholding?
A) Flight on employer-provided airline
B) Personal use of company car
C) Sick pay
D) Employer-paid membership to a country club
E) All of the above are taxable.
Q2) Evers,who works for two employers,is entitled to three personal allowances.Evers must claim the three allowances with each of the two employers during the entire calendar year.
A)True
B)False
Q3) When you pay supplemental wages at the same time as regular wages,the method of calculating the withholding is the same for vacation payments as for semiannual bonuses.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Unemployment Compensation Taxes
Available Study Resources on Quizplus for this Chatper
66 Verified Questions
66 Flashcards
Source URL: https://quizplus.com/quiz/74506
Sample Questions
Q1) An employer can use a credit card to pay the balance with Form 940 (under $500. )
A)True
B)False
Q2) Form 940 must be mailed to the IRS by January 15.
A)True
B)False
Q3) Currently,none of the states imposes an unemployment tax on employees.
A)True
B)False
Q4) Which of the following payments are taxable payments for federal unemployment tax?
A) Christmas gifts,excluding noncash gifts of nominal value
B) Caddy fees
C) Courtesy discounts to employees and their families
D) Workers' compensation payments
E) Value of meals and lodging furnished employees for the convenience of the employer
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Analyzing and Journalizing Payroll
Available Study Resources on Quizplus for this Chatper
54 Verified Questions
54 Flashcards
Source URL: https://quizplus.com/quiz/74505
Sample Questions
Q1) The employee's earnings record provides information for each of the following except:
A) completing Forms W-2.
B) completing the journal entry to record the payroll.
C) determining when the accumulated wages of an employee reach cutoff levels.
D) preparing reports required by state unemployment compensation laws.
E) preparing the payroll register.
Q2) The payroll taxes incurred by an employer are FICA,FUTA,and SUTA.
A)True
B)False
Q3) Amounts withheld from employees' wages for health insurance are credited to a liability account.
A)True B)False
Q4) If employees must contribute to the state unemployment fund,this deduction should be shown in the payroll tax entry.
A)True
B)False
Q5) Refer to Exhibit 6-1.Journalize the entry to deposit the FICA and FIT taxes.
Q6) Refer to Exhibit 6-1.Journalize the entry to record the payroll.
Page 8
To view all questions and flashcards with answers, click on the resource link above.