EOPA Review 3

Where do you aim a fire extinguisher to put out a fire

• top of fire

• base of the fire

• tip of fire

• 100 feet away from fire

What category or taxes is taken out of employee payroll check and is matched by the employer

• federal income

• federal unemployment

• Social Security and Medicare taxes

• Payroll deductions

how does posting to general ledger in a computerized accounting system differ from posting to a manual accounting system

• there is no difference they both are the same

• manual accounting uses pen and paper, to record transactions, whereas computerized accounting makes use of computers and internet, to enter transactions electronically

• manual accounting uses computer software and computerized accounting uses pen and paper

• all of above

Company ABC Ltd. has the following details for recording the inventory for the calendar year ending on December 31st, 2018.

Inventory at the beginning of the calendar year, recorded on January 1st, 2018, is $11,000, and the Inventory at the end of the calendar year, recorded on December 31st, 2018, is $3,000. During the calendar year, the company makes purchases of $6,000. Calculate the cost of goods sold during the calendar year ending on December 31st, 2018.

• Cost of Goods Sold = $11,000 + $6,000 – $3,000

  Cost of Goods Sold = $14,000

• Cost of Goods Sold = $13,000 + $6,000 – $6,000

  Cost of Goods Sold = $14,000

• Cost of Goods Sold = $20,000 + $6,000 – $3,000

  Cost of Goods Sold = $19,000

• Cost of Goods Sold = $11,000 + $5,000 – $3,000

  Cost of Goods Sold = $13,000

one way in which the government can control high levels of unpredictable inflation is to __

• Governments may pursue a contractionary monetary policy, reducing the money supply within an economy.

• The U.S. Federal Reserve implements contractionary monetary policy through higher interest rates and open market operations.

• Governments can use wage and price controls to fight inflation.

• The Fed used reserve requirements to manage the nation's money supply but dropped these limits until further notice.

• all of above

What does Federal Open Market Committee (FOMC) does

• find import products from other countries

• responsibility for controlling inflation by setting monetary policy to achieve fed's goal with stabilizing prices and maximizing employment

• make sure there is a demand and supply profit in the economy

• non of above

If you work for a company and you handle petty cash and there is petty cash shortage, who do you report this shortage too

• IRS or government services

• no one its the company's loss

• your supervisor

• petty cash custodian

how many days notice must a employee put in a notice to the company when they want to take a vacation

• at least one week

• at least Two Weeks Notice

• same day

• no notice

small businesses should keep tax and payroll records for a period of

• Employment tax records should be kept for the duration of each employee’s tenure with your company. In the event that an employee is terminated, their records can be shreded

• Employment tax records should be kept for the duration of each employee’s tenure with your company. In the event that an employee is terminated, their records should be kept for at least three years.

• Employment tax records should be kept for the duration of each employee’s tenure with your company. In the event that an employee is terminated, their records should be kept for at least 10 years

• you dont have to keep records

what act regulates and administrates social security

• Title II of the Social Security Act

• government

• title IV of the social security act

• nobody