Deck 6: Cash Flow Planning

Question 1

Which of the following activities and QuickBooks window used to record it is incorrect?

A)Enter time worked;Weekly Timesheet
B)Pay payroll liabilities;Write Check
C)Enter employee information;Employee List
D)Pay payroll taxes;Pay Liabilities

Answer 1

B

Question 2

All of the following are QuickBooks Payroll Services,except:

A)Basic
B)Assisted
C)Advanced
D)Enhanced

Answer 2

C

Question 3

To turn on QuickBooks time tracking feature,the following steps must be completed:

A)Click QuickBooks Menu > Time Tracking
B)Click Edit > Preferences > Time and Expenses > Time Tracking
C)Click Employees > Payroll > Time Tracking
D)Click Employees > Payroll and Employees > Time Tracking

Answer 3

B

Question 4

Which one of the following is paid by both the employee and company?

A)Federal income taxes
B)State income taxes
C)FICA
D)All of these

Question 5

When setting up a new employee where do you get their filing status and allowances information?

A)Form W-5
B)Form W-4
C)Form W-3
D)Form W-2

Question 6

What QuickBooks activity comes next in this string of payroll activities:
Enter Time > Pay Employees > ______ > Process Payroll Forms.

A)Reconcile Payroll
B)Print Payroll Report
C)Pay Payroll Liabilities
D)None of these

Question 7

The following are payroll liabilities except:

A)Federal income taxes
B)Unemployment taxes
C)Sales taxes
D)FICA

Question 8

The Payroll Center:

A)Contains the employee list
B)Manages payroll and tax information
C)Is where employees enter time worked
D)Is located in the Banking Center

Question 9

Each year employees are sent Form ______ to summarize tax withholdings for the year.

A)1099
B)W-2
C)W-3
D)W-4

Question 10

Which of the following is not a payroll report:

A)Form W-2
B)Form 1065
C)Form 940
D)Form 941

Question 11

In QuickBooks,time data is listed on customer invoices using the:

A)Timesheet icon
B)Pay Sales Taxes icon
C)Pay Employees button
D)Time/Costs button

Question 12

Which of the following is typically used to track time for a single activity?

A)Employee Tracker
B)Stopwatch
C)Timesheet
D)QuickTime

Question 13

The order of steps to process payroll is:

A)Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms
B)Enter Time > Pay Employees > Process Payroll Forms > Print Payroll Report
C)Pay Employees > Process Payroll Forms > Pay Payroll Liabilities
D)Enter Time > Pay Payroll Liabilities > Process Payroll Forms > Print Liabilities Report

Question 14

To include a charge for labor on an invoice,labor as a service item must be recorded in the:

A)Item List
B)Vendor List
C)Inventory List
D)Employee List

Question 15

A company is required to withhold payroll taxes for:

A)Employees
B)Vendors
C)Subcontractors
D)All of these

Question 16

The payment to a stockholder who is not an employee of the company is a:

A)Dividend
B)Paycheck
C)Vendor payment
D)None of these

Question 17

All of the following automatically calculate payroll tax withholdings in QuickBooks except:

A)Basic Payroll
B)Assisted Payroll
C)Enhanced Payroll
D)All of these automatically calculate payroll tax withholdings

Question 18

When tracking time for subcontractors,which QuickBooks window is used to enter subcontractor information?

A)Vendor List
B)Item List
C)Payroll Setup
D)Employee List

Question 19

Which form summarizes payments made to subcontractors?

A)Form 940
B)Form 1065
C)Form 1099
D)W-4

Question 20

An individual's status determines how to record payment to that individual.Which of the following status and payment method is incorrect?

A)Vendor;Bill
B)Employee;Payroll
C)Stockholder;Dividend
D)None of these

Question 21

What is the purpose of Federal Form 941?

A)Summarize the amount of unemployment tax paid and due by the company
B)Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter
C)Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the year
D)Summarize of all your W-2 forms

Question 22

Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier?

A)Time Single Activity
B)Weekly Timesheet
C)Time clock
D)Online Timesheets

Question 23

Name 3 (three)types of payroll liabilities and indicate who funds each one.

Question 24

What is purpose of Federal Form 940?

A)Summarize the amount of unemployment tax paid and due by the company
B)Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter
C)Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the year
D)Summarize of all your W-2 forms

Question 25

The Payroll Center has the following sections except:

A)Pay Employees
B)Write Checks
C)Pay Scheduled Liabilities
D)File Tax Forms

Question 26

Which of the following may be billed to a specific customer job?

A)Mileage
B)Hours
C)Expenses
D)All of these

Question 27

Briefly describe what the "Time by Job" project reports tell management.