Deck 11: Other Insurance

Question 1

Which icon is not in the Employees section of the Home page when a company file is set to use manual payroll calculations?

A)Enter Time
B)Pay Employees
C)Pay Liabilities
D)Payroll Forms

Answer 1

D

Question 2

The employer must match which of the following taxes paid by an employee:

A)Medicare
B)Federal Unemployment
C)State Income Tax Withholding
D)The employer must match all of these

Answer 2

A

Question 3

You can obtain a copy of Circular E to use for payroll preparation from:

A)The Employee section of the Home page
B)The Employee Center of the Home page
C)The QuickBooks website
D)The IRS website

Answer 3

D

Question 4

Wages paid to an employee are recorded as:

A)Payroll expense
B)Payroll liabilities
C)Payroll payable
D)Payroll revenue

Question 5

The day the check is prepared is the:

A)Check Date
B)Pay Period End Date
C)The last day the employee works in the pay period
D)The last day of the pay period

Question 6

Which form is used to manually calculate tax withholdings and payroll taxes?

A)Form 940
B)Form 941
C)IRS Circular E
D)None of these

Question 7

When creating paychecks using QuickBooks,you deduct withholdings from employees' pay for all of the following except:

A)State income taxes
B)Medicare
C)City income taxes
D)None of these

Question 8

Which one of the following payroll services automatically calculates the tax deductions?

A)QuickBooks Basic Payroll
B)QuickBooks Assisted Payroll
C)QuickBooks Enhanced Payroll
D)All of these

Question 9

When standard checks are used for pay checks,pay stubs are printed by selecting:

A)Employee menu > Print Pay Stubs
B)File menu > Print Forms > Pay Stubs
C)Banking menu > Print Forms > Pay Stubs
D)Company menu > Print Checks > Pay Stubs

Question 10

Which order are payroll tasks are typically completed?

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

Question 11

The QuickBooks Tax Form Worksheets provide information to complete:

A)Employee pay checks
B)Sales tax forms
C)Payroll tax forms
D)The Income Statement

Question 12

Taxes are withheld from paychecks for:

A)Employees
B)Independent Contractors
C)Owner's withdrawals
D)All of these

Question 13

The steps in processing payroll include all of the following activities except:

A)Write Checks
B)Enter Time
C)Print Checks
D)Create Paychecks

Question 14

The QuickBooks Payroll Setup allows you to:

A)Set employee defaults for information common to all employees
B)Enter employee information
C)Set the payment schedule for withholding payments
D)All of these

Question 15

A short term loan to be repaid within one year is classified as a(n):

A)Other Current Asset
B)Other Current Liability
C)Expense
D)Owner's Due

Question 16

All of the following are payroll tax liabilities owed to outside agencies except:

A)Federal Income Taxes
B)Unemployment Taxes
C)Net Pay
D)State Income Taxes

Question 17

To view the payroll entry in the journal,go to Report Center > ________.

A)Customers and Jobs
B)Company and Financial
C)Accountant and Taxes
D)None of these

Question 18

When creating a new account to record a new loan,enter the loan amount as:

A)an opening balance
B)investment
C)income
D)a separate transaction

Question 19

The Payroll Summary report can be accessed from:

A)The Employee section of the Home page
B)The Reports Center > Employees & Payroll
C)The Reports Center > Payroll Processing
D)All of these

Question 20

To enable payroll:

A)From the Company menu > Employees > Add Payroll
B)From the Employee menu > Start Payroll
C)From the Edit menu > Preferences > Payroll and Employees
D)None of these

Question 21

The steps for manually processing payroll tax forms are:

A)Click the Process Payroll Forms icon > Print the payroll tax forms
B)Print management reports > Locate payroll tax forms > Transfer the amounts in the management reports to the tax forms
C)Print financial statements > Locate payroll tax forms > Transfer the amounts in the financial statements to the tax forms
D)Print payroll reports > Locate payroll tax forms > Transfer the amounts in the payroll reports to the tax forms

Question 22

List 3 (three)types for payroll liabilities and who is responsible for funding them.

Question 23

Briefly describe how you manually process payroll forms.

Question 24

Payroll taxes a company must pay are recorded as:

A)Payroll expense
B)Payroll liabilities
C)Payroll payable
D)Payroll revenue

Question 25

Withholdings from an employee paycheck are recorded as:

A)Payroll expense
B)Payroll liabilities
C)Payroll asset
D)Payroll revenue

Question 26

Payroll liabilities are based on:

A)Calendar months
B)Pay period
C)Check dates
D)The company's fiscal year

Question 27

The Payroll Summary report:

A)Summarizes the amounts paid to employees
B)Summarizes the amounts paid in payroll taxes
C)May be accessed using the Reports Center
D)All of these