Business Law
Pre-Test Questions
Course Introduction
Business Law provides an overview of the legal landscape in which businesses operate. The course introduces students to the fundamental concepts and principles of contract law, tort law, agency, employment law, and the formation and operation of different business entities. It also covers topics such as intellectual property, consumer protection, and government regulation. By examining real-world cases and legal scenarios, students learn how to identify legal issues, understand their implications for business decision-making, and apply the law to practical business situations. This course equips future business professionals with the legal knowledge needed to navigate and manage risk in the complex business environment.
Recommended Textbook
Payroll Accounting 2017 3rd Edition by Jeanette Landin
Available Study Resources on Quizplus
6 Chapters
427 Verified Questions
427 Flashcards
Source URL: https://quizplus.com/study-set/2738 Page 2
Chapter 1: Payroll Practices and System Fundamentals
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54634
Sample Questions
Q1) An example of an accounting software package that fosters electronic payroll processing is:
A) Sage Books.
B) Quick50.
C) QuickBooks.
D) GreatBooks.
Answer: C
Q2) According to the Fair Labor Standards Act,nonexempt workers receive overtime for:
A) Hours worked in excess of 8 per day and 30 per week.
B) Hours worked in excess of 40 per week.
C) Hours worked in excess of 9 per day or 35 per week.
D) Hours worked in excess of employer-determined rules.
Answer: B
Q3) Which Act extended medical benefits for certain terminated employees?
A) ADEA
B) COBRA
C) OSHA
D) ERISA
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Payroll System Procedures
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54633
Sample Questions
Q1) When a payroll clerk receives an approved request for an employee's time away from work,he or she should:
A) Immediately place it in the employee's file.
B) Attach it to the employee's time collection report for the pay period.
C) Destroy the document in accordance with privacy laws.
D) Contact the employee to verify the request.
Answer: B
Q2) Which aspect of internal controls for payroll relates to the Sarbanes-Oxley Act?
A) Protecting employee retirement funds
B) Limiting the number of employees authorized to disburse payroll
C) Cross-training employees and altering duties
D) Ensuring the complexity of the audit trail
Answer: C
Q3) Which of the following factors assist employers in determining employee pay rates (Select all that apply)?
A) Employee skill
B) Company location
C) Employee age
D) Industry benchmarks
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Gross Pay Computation
Available Study Resources on Quizplus for this Chatper
76 Verified Questions
76 Flashcards
Source URL: https://quizplus.com/quiz/54632
Sample Questions
Q1) Lynda works as a sales representative for her company.Her job requires her to travel to customer sites to meet with her customers.Which of the following pay bases would be the most appropriate for her?
A) Hourly
B) Salary
C) Commission
D) Piece-rate
Answer: C
Q2) 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
To view all questions and flashcards with answers, click on the resource link above.
5
Chapter 4: Employee Net Pay and Pay Methods
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54631
Sample Questions
Q1) Jeannie is an adjunct faculty at a local college,where she earned $680.00 during the most recent semimonthly pay period.Her prior year-to-date pay is $18,540.She is single and has one withholding allowance.What is her Social Security tax for the pay period?
A) $48.02
B) $39.24
C) $44.18
D) $42.16
Q2) The wage-bracket of determining federal tax withholding yields more accurate amounts than the percentage method.
A)True
B)False
Q3) Garnishments are court-ordered amounts that an employer must withhold from an employee's pre-tax pay and remit to the appropriate authority.
A)True
B)False
Q4) Two classes of deductions exist: pre-tax and post-tax.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
6
Chapter 5: Employer Payroll Taxes and Labor Planning
Available Study Resources on Quizplus for this Chatper
71 Verified Questions
71 Flashcards
Source URL: https://quizplus.com/quiz/54630
Sample Questions
Q1) Which copy of Form W-2 should be retained by the employee?
A) Copy 1
B) Copy D
C) Copy 3
D) Copy C
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) Electronic tax deposits are usually processed through the
A) AFTPS.
B) ESTPF.
C) EPS.
D) EFTPS.
Q4) What is the term for the employer's mandatory payroll taxes that the government has written into law?
A) Mandated taxes
B) Legislated deductions
C) Statutory deductions
D) Legal deductions
Page 7
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Payroll Register, employees Earning Records, and Accounting System Entries
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54629
Sample Questions
Q1) A(n)________________ is a collection of cash and other items that are used in the operation of the business.
A) Liability
B) Asset
C) Revenue
D) Equity
Q2) What is true about the trial balance?
A) It contains a detailed listing of every transaction during a period.
B) It may contain whatever accounts the accountant wishes to include.
C) Payroll accounts do not appear on it because of their changeable nature.
D) The total of the debits must equal the total of the credits.
Q3) Which of the following is an example of an asset account?
A) Revenue
B) Salaries Payable
C) Cash
D) Payroll Tax Expense
Q4) A debit always decreases the balance of an account.
A)True
B)False
8
To view all questions and flashcards with answers, click on the resource link above.