Quiz on Labor Standards and Insurance

What does the Fair Labor Standards Act relate to?

• Federal Insurance contribution

• Federal unemployment tax

• Minimum wage standards and overtime pay

• Income tax

What is the Federal Insurance Contribution Act (FICA) based on?

• Total payment-actual loan cost

• Base amount of each employee’s salary

• First-in First-out method

• Freight cost to buyer’s destination

Which tax is paid by the employer?

• Federal withholding Tax

• Finance charge

• Federal unemployment tax

• Fire insurance

What does the Federal withholding Tax relate to?

• Income tax

• Freight cost to buyer’s location

• First-in First-out method

• Loan cost

What is a Finance charge?

• Freight cost to buyer’s destination

• Total payment-actual loan cost

• Base amount of each employee’s salary

• First-in First-out method

What percentage of value is typically required for Fire insurance?

• 50%

• 60%

• 80%

• 100%

What does the First-in First-out (FiFo) method assume?

• Last inventory sold first

• First inventory sold first

• Random inventory sold

• Inventory sold by size

Who pays the cost of freight in FOB destination?

• Buyer

• Seller

• Insurance company

• Government

Who pays the cost of freight in FOB shipping point?

• Seller

• Buyer

• Insurance company

• Government

What does a Fraction express?

• Part of a whole number

• Total payment-actual loan cost

• Base amount of each employee’s salary

• Freight cost to buyer’s destination