Banking and Payroll Quiz

What is the use of a computer network to transfer funds from one party to another?

• Electronic funds transfer

• Bank reconciliation

• Payroll

• Deposits

What is gross pay?

• Salary or wages earned before deductions

• Wages or salary after deductions

• Pay or benefits given for a service

• Payment based on amount of items sold

Identify a salary deductions required by law in the United States.

• Federal income taxes

• Health insurance

• Charitable donations

• Retirement plans

What is the purpose of a bank reconciliation?

• Verify deposits and cleared checks

• Calculate payroll

• Determine employee benefits

• Process payments

What is net pay?

• Wages or salary after deductions

• Salary or wages earned before deductions

• Payment based on amount of items sold

• Pay or benefits given for a service

What are typical employee benefits?

• Paid time off

• Overtime pay

• Commission

• Gross pay

What is the payroll register?

• Shows earnings data for several employees

• Shows payroll data for one employee

• Calculates deductions

• Processes payments

What is the purpose of Wage and Tax Statements (W-2 form)?

• Given to employees at the end of the year

• Used for calculating deductions

• Shows payroll data for one employee

• Maintains records of payments

What is overtime?

• Hours worked beyond the set standard hours

• Payment based on amount of items sold

• Salary or wages earned before deductions

• Wages or salary after deductions

Define the term 'Compensation'

• Compensation is the total rewards, including salary and benefits, provided to an employee for their work.
• Compensation is the evaluation of employee performance.
• Compensation is the process of hiring new employees.
• Compensation refers to the amount of time an employee spends at work.