Small Business Management
Exam Materials
Course Introduction
Small Business Management explores the foundational concepts and practical strategies necessary for establishing, operating, and growing a successful small business. The course covers essential topics such as business planning, financing, marketing, operations, risk management, and human resources, with a focus on decision-making and problem-solving skills tailored to the small business environment. Students will analyze real-world case studies and develop their own business plans, gaining insights into the challenges and opportunities faced by entrepreneurs in todays dynamic marketplace.
Recommended Textbook
Payroll Accounting 2017 3rd Edition by Jeanette Landin
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6 Chapters
427 Verified Questions
427 Flashcards
Source URL: https://quizplus.com/study-set/2738
Page 2
Chapter 1: Payroll Practices and System Fundamentals
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54634
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 employee's 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) Many large companies have website portals in which employees may view and change payroll data.Which of the following is the most significant concern about such websites?
A) Accuracy of employee-entered data.
B) Employer oversight of stored data.
C) Employee website navigation issues.
D) Security of personnel data.
Answer: D
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Page 3
Chapter 2: Payroll System Procedures
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54633
Sample Questions
Q1) All executive compensation must be:
A) Maintained in a file and purged annually.
B) Available for inspection by any interested party.
C) Annotated as to derivation and benchmarks.
D) Reported with the company's financial statements.
Answer: C
Q2) Well-designed internal controls promote (Select all that apply):
A) Legal compliance and file integrity.
B) Opportunities for defalcation.
C) Protection against embezzlement.
D) Audit trail support.
Answer: A
Q3) Newly hired employees must be reported to governmental officials within 20 days of starting work for an employer.
A)True
B)False
Answer: True
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Chapter 3: Gross Pay Computation
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76 Verified Questions
76 Flashcards
Source URL: https://quizplus.com/quiz/54632
Sample Questions
Q1) The payroll register is a confidential company document.
A)True
B)False Answer: True
Q2) Federal policy explains clear differences between exempt and nonexempt employees.
A)True
B)False
Answer: False
Q3) Which of the following is true about salaried employees (Select all that apply)?
A) They are not subject to provisions of FLSA.
B) The minimum wage is $7.25 per hour.
C) They may not work more than 45 hours per week.
D) The minimum annual salary as of December 2016 is $47,476.
Answer: A
Q4) The tipped minimum wage is $2.13 per hour for all states.
A)True
B)False Answer: False
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Chapter 4: Employee Net Pay and Pay Methods
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54631
Sample Questions
Q1) Why do employers use checks as an employment payment method?
A) Paying employees by check allows the employer flexibility with its bank accounts.
B) Paying employees by check increases the complexity of the payroll process.
C) Paying employees by check requires the employer to keep currency on the premises.
D) Paying employees by check offers a level of security of employee payments.
Q2) Which of the following payment methods is growing in popularity among employees?
A) Cash
B) Check
C) Direct Deposit
D) Paycard
Q3) Steve is a full-time exempt employee at a local electricity co-operative.He earns an annual salary of $43,325 and is paid biweekly.What is his Social Security tax deduction for each pay period? (Do not round interim calculations,only round final answer to two decimal points. )
A) $123.95
B) $103.31
C) $98.67
D) $106.34
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Page 6
Chapter 5: Employer Payroll Taxes and Labor Planning
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71 Verified Questions
71 Flashcards
Source URL: https://quizplus.com/quiz/54630
Sample Questions
Q1) A benefit analysis report may be compiled to reveal _________________________.
A) Department profitability
B) Employee productivity
C) Labor distribution
D) Departmental effectiveness
Q2) If an employer fails to make payroll tax deposits on time,the firm will be penalized if the IRS finds evidence of _____________________________.
A) Willful disregard
B) Inadvertent negligence
C) Incompetent reporting
D) Mistaken analysis
Q3) Francesca earns $2,400 per pay period.Compute the FICA taxes for both employee and employer share.What is the total FICA tax liability for Francesca's pay per pay period? (Assume that Francesca has not met the FICA wage base. )
A) $297.60
B) $332.40
C) $218.40
D) $367.20
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Page 7
Chapter 6: Payroll Register, employees Earning Records, and Accounting
System Entries
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54629
Sample Questions
Q1) Which of the following is an example of a liability account?
A) Cash
B) Owners' Capital
C) Salaries Payable
D) Wages Expense
Q2) Which of the following best describes the purpose of the payroll register?
A) It is a list of all persons and companies that the company pays money during a period.
B) It is a report that becomes published with other financial reports.
C) It is a worksheet that accountants use to ensure payroll accuracy.
D) It is an individual register maintained for each employee,listing of all the payroll information.
Q3) As of the June 11 pay date,the General Ledger account for Burling Mills has a balance of $14,289 in its Federal withholding tax payable account.A credit of $16,250 is recorded on the June 25 pay date.What is the balance in the account?
A) Debit $1,961
B) Debit $30,539
C) Credit $1,961
D) Credit $30,539
Page 8
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