12-3 & 12-4 Guided Notes

12-3 & 12-4 Guided Notes

Multiple Choice

True or False. The purpose of the payroll system is to maintain information on each employee to be able to calculate the company's payroll and make the necessary payments to each employee.

• True

• False

Multiple Choice

A report that usually includes information for the current pay period as well as cumulative amounts for the year.

• payroll record

• earnings report

• direct deposit

• income statement

Multiple Choice

A form used to track each employee's pay history.

• payroll record

• earnings report

• direct deposit

• income statement

Multiple Select

Which of the following are financial performance ratios? (Check all that apply)

• Current Ratio

• Debt to Equity Ratio

• Net Income Ratio

• Investment Ratio

Multiple Choice

Which of the following is NOT one of the three steps in financial decision-making?

• prepare a budget

• use the budget as a guide

• adjust the budget

• invest in your budget