Small Business Management Practice Exam
Course Introduction
Small Business Management focuses on the essential concepts and practices required to start, operate, and grow a small business. The course examines the challenges and opportunities unique to small enterprises, including business planning, financing, marketing strategies, legal considerations, and management of day-to-day operations. Students learn how to assess entrepreneurial opportunities, develop business plans, manage finances, build effective teams, and respond to market changes. Real-world case studies and practical exercises prepare students to navigate the dynamic landscape of small business ownership and to make informed decisions aimed at long-term sustainability and success.
Recommended Textbook
Payroll accounting 2016 2nd Edition by Jeanette Landin
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6 Chapters
424 Verified Questions
424 Flashcards
Source URL: https://quizplus.com/study-set/3043
Page 2
Chapter 1: Payroll Practices and System Functions
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60480
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) Employment legislation during the Great Depression included which of the following Acts:
A) FLSA, FUTA, and FICA
B) CTPA, Davis-Bacon Act, and FLSA
C) Walsh-Healey Act, FICA, and ERISA
D) FUTA, ADA, and FLSA
Answer: A
Q3) The payroll volume tends to be greater for small companies than for large businesses.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Payroll System Procedures
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60479
Sample Questions
Q1) Individuals treated as _________________________________ are processed as vendors.
A) Exempt employees.
B) Nonexempt employees.
C) Government contract employees.
D) Independent contractors.
Answer: D
Q2) Employers may choose to omit the employees' Social Security numbers in their employee files.
A)True
B)False
Answer: False
Q3) Well-designed internal controls do not promote:
A) Legal compliance and file integrity.
B) Opportunities for defalcation.
C) Protection against embezzlement.
D) Audit trail support.
Answer: B
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Gross Pay Computation
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60478
Sample Questions
Q1) The difference between the tipped employee minimum wage and the Federal minimum wage is called the ___________________________________.
A) Tip allowance.
B) Wage credit.
C) Tip credit.
D) Wage allowance.
Answer: C
Q2) Maryann is a salaried exempt worker who earns $45,000 per year for a 35-hour workweek.During a biweekly pay period,she worked 65 hours.What is her gross pay?
A) $1,607.45
B) $1,730.77
C) $1,916.21
D) $1,823.45
Answer: B
Q3) A firm is always exempt from FLSA provisions if it has fewer than 5 employees.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Employee Net Pay and Pay Methods
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60477
Sample Questions
Q1) Which of the following payment methods is growing in popularity among employees?
A) Cash
B) Check
C) Direct Deposit
D) Paycard
Q2) 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.
Q3) The regular Medicare tax deduction is 1.45% for employee and employer and must be paid by all employees.
A)True
B)False
Q4) If a firm has fewer than 100 employees,which of the following is true?
A) It may not offer an ESOP.
B) It is not required to offer disability insurance.
C) It must match employee contributions to Federal income tax.
D) It may offer a SIMPLE defined contribution plan.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Employer Payroll Taxes and Labor Planning
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/60476
Sample Questions
Q1) The payroll-related taxes that an employer must pay are known as _______________________.
A) Mandatory taxes
B) Statutory deductions
C) FICA taxes
D) FUTA taxes
Q2) PCD Inc.operates as a Nevada business.The SUTA wage base for Nevada is $27,800.PCD Inc.'s SUTA tax rate is 4.5%.The employees' annual earnings for the past calendar year are as follows: Annabelle $36,750,Beatrice $24,880,Michael $42,200
,Howard $26,500 What is PCD Inc.'s SUTA tax liability for the year?
A) $5,864.85
B) $4,484.10
C) $7,037.82
D) $5,733.72
Q3) _________________________ allows firms to allocate costs accurately among departments.
A) Labor costing
B) Labor distribution
C) Compensation analysis
D) Benefit analysis
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Payroll Register, Employee Earning Records, and Accounting System Entries
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/60475
Sample Questions
Q1) What does the term "billable time" mean as it pertains to payroll accounting?
A) It is employee labor that may be billed to customers.
B) It is employee labor that does not pertain to labor on customer jobs.
C) It is non-employee labor that the company must pay.
D) It is non-traceable labor that a company must absorb as overhead.
Q2) Which of the following payroll items is not reflected on the income statement?
A) Federal withholding tax payable
B) Health insurance expense
C) Salaries and wages expense
D) Payroll taxes expense
Q3) ___________ is the transferring of information from the General Journal to the General Ledger.
A) Annotating
B) Accruing
C) Posting
D) Computing
Q4) Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial period.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 8