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Chapter 12 Accounting Vocabulary

Total questions: 24

Worksheet time: 12mins

Name
Class
Date
1.

A qualified retirement plan that provides most individuals with a deferred federal income tax benefit.

a)

Tax Base

b)

Direct Deposit

c)

Withholding Allowance

d)

Individual Retirement Account

2.

A federal tax paid for old-age, survivors, and disability insurance.

a)

Social Security Tax

b)

Medicare Tax

c)

Commission Tax

d)

401(k)

3.

A device used to record the dates and time of every employee's arrivals and departures.

a)

time clock

b)

401(k)

c)

payroll clerk

d)

pay period

4.

A method of paying an employee based on the amount of sales the employee generates.

a)

tax base

b)

witholding allowance

c)

net pay

d)

commission

5.

A qualified retirement plan that allows tax-free withdrawals from the account.

a)

Roth individual retirement account

b)

qualified retirement plan

c)

401(k)

d)

individual retirement account

6.

A federal tax paid for hospital insurance.

a)

social security tax

b)

Medicare tax

c)

tax base

d)

commission

7.

The total earnings paid to an employee after payroll taxes and other deductions.

a)

electronic funds transfer

b)

individual retirement account

c)

commission

d)

net pay

8.

The maximum amount of gross earnings on which a tax is calculated.

a)

net pay

b)

tax base

c)

withholding allowance

d)

social security tax

9.

A qualified retirement plan sponsored by an employer.

a)

401(k)

b)

Roth individual retirement account

c)

direct deposit

d)

qualified retirement plan

10.

The payment of an employee's net pay using electronic funds transfer.

a)

electronic funds transfer

b)

withholding allowance

c)

direct deposit

d)

net pay

11.

The total amount paid by a business for an employee's work, earned by a wage, salary, or commission.

a)

pay period

b)

total earnings

c)

payroll

d)

accumulated earnings

12.

The amount paid to an employee for every hour worked.

a)

pay period

b)

payroll

c)

wage

d)

salary

13.

The accounting staff position that compiles and computes payroll data and then prepares, journalizes, and posts payroll transactions.

a)

payroll clerk

b)

payroll register

c)

payroll taxes

d)

payroll

14.

A fixed annual sum of money divided among equal pay periods.

a)

tax base

b)

total earnings

c)

wage

d)

salary

15.

The number of days or weeks of work covered by an employee's paycheck.

a)

pay period

b)

time clock

c)

employee earnings record

d)

accumulated earnings

16.

The total amount earned by all employees for a pay period.

a)

total earnings

b)

salary

c)

payroll

d)

wage

17.

Taxes based on the payroll of a business.

a)

payroll register

b)

payroll clerk

c)

payroll

d)

payroll taxes

18.

A deduction from total earnings for each peson legally supported by a taxpayer, including the employee

a)

net pay

b)

payroll deduction

c)

withholding allowance

d)

payroll taxes

19.

An accounting form that summarizes the earnings, deductions, and net pay of all employees for one pay period

a)

voucher check

b)

payroll register

c)

time clock

d)

payroll deduction

20.

A check which has a detachable stub that contains detailed information about the cash payment.

a)

direct deposit

b)

payroll register

c)

voucher check

d)

payroll deduction

21.

The total gross earnings year to date for an employee.

a)

accumulated earnings

b)

commission

c)

total earnings

d)

payroll

22.

Any amount withheld from an employee's gross earnings.

a)

withholding allowance

b)

payroll deduction

c)

tax base

d)

Social Security tax

23.

A business form used to record details of an employee's earnings and deductions.

a)

employee earnings record

b)

payroll register

c)

qualified retirement plan

d)

payroll

24.

A retirement savings plan approved by the Internal Revenue Service that provides individuals with a tax benefit.

a)

401(k)

b)

Roth individiual retirement account

c)

payroll deduction

d)

qualified retirement plan