Accounting I Types and Payroll Principles Quiz

Which of the following terms refers to people who have interest in a company such as an investor or an employee?

• Accountants

• Creditors

• Stakeholders

• Thought leaders

Along with retrieving, recording and storing business financial transactions, which three of the following is included in the process of accounting?

• Writing

• Gathering

• Announcing

• Summarizing

Which of the following statements describes how bookkeeping is different from accounting?

Which of the following terms describes the scenario of a company earning less than the amount the company spends?

• Credit

• Loss

• Profit

• Revenue

Which of the following types of accounting produces information for company use and decision making?

• Financial

• Management

• Manual

• Tax

Which of the following terms describes payments correlated with hours worked by an employee?

• Wages

• Salary

• Time card

• Employee earnings record

Which of the following terms describes a regular, fixed amount paid to an employee for work performed?

• Wages

• Salary

• Time card

• Employee earnings record

Which of the following terms describes a record which contains details of an employee's payroll during a calendar year?

• Wages

• Salary

• Time card

• Employee earnings record

Which of the following is NOT a tax paid by both the employee and employer?

• FICA tax

• State unemployment tax

• State income tax

• Federal income tax

Which of the following terms describes a tax form which helps the employer determine the correct amount of tax to withhold from paychecks?

• W-2

• W-4

• W-9

• I-9