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WorksheetsTopic 14 Review
Total questions: 35
Worksheet time: 18mins
What is the term used to describe the money paid to an employee for each hour of work provided?
Salary
Wage
Commission
Payroll
What is the term used to describe money paid to an employee as a percentage of revenue they helped generate?
Salary
Wage
Commission
Payroll
What term describes a fixed annual amount of money paid to an employee, normally in equal regularly scheduled increments?
Wage
Salary
Commission
Payroll
What is the primary purpose of the Fair Labor Standards Act (FLSA)?
To provide health and safety regulations in the workplace
To enforce minimum wage and overtime pay standards
To compensate employees for workplace injuries
To regulate workplace discrimination
Which act is responsible for providing a comprehensive and exclusive workers' compensation program?
Occupational Safety and Health (OSH) Act
U.S. Department of Labor (DOL)
The Federal Employees' Compensation Act (FECA)
Fair Labor Standards Act (FLSA)
According to the image, what is the minimum overtime pay required by law over an employee's normal wage?
50% more
75% more
Double the normal wage
The same as the normal wage
What is the minimum hourly wage that Company XYZ must pay Sandra, considering the local, state, and federal minimum wage rates provided?
A) $13.00/hour
B) $16.00/hour
C) $7.50/hour
D) The average of all three hourly wages
Which type of salaried worker can receive overtime pay for hours worked over 40 per week?
A) Exempt
B) Non-exempt
C) Wage earners
D) Commission workers
A lump sum payment to an employee based on achieving certain performance-oriented goals is called a/an __________.
wage
salary
bonus
pay period
What is the term used for the earnings an employee receives after all payroll deductions have been subtracted from their gross pay?
Total earnings
Involuntary deductions
Net pay
Gross pay
Which of the following is classified as amounts withheld from an employee's total earnings?
Payroll deductions
Retirement plan contributions
Net pay
Salary increments
Social Security tax is an example of which type of payroll deduction?
Involuntary deductions
Voluntary deductions
Net adjustments
Bonus allocations
What type of deduction are union dues classified as under payroll regulations?
Voluntary payroll deduction
Health insurance plan
Involuntary payroll deduction
Court-mandated garnishment
Which of the following is considered a voluntary payroll deduction?
Medicare tax
Union dues
Health insurance plan
Court-mandated garnishment
What is the nature of the Medicare tax according to payroll deduction rules?
Voluntary contribution
Involuntary payroll deduction
Optional insurance payment
Court-ordered payment
What is a 401(k) retirement plan employee contribution classified as?
Post-tax payroll deduction
Involuntary deduction
Pre-tax payroll deduction
Employee tax
Which of the following is not an example of an involuntary payroll deduction?
Income tax
Social Security tax
Health Insurance
Medicare tax
Which of the following is not considered a voluntary payroll deduction?
Retirement plans
Health insurance
Union dues
Social Security Tax
Which of the following is NOT an example of a pre-tax payroll deduction?
Health insurance premiums
Wage garnishments
401(k) retirement plan contributions
All of the above
Which of the following is NOT an example of a post-tax payroll deduction?
Roth 401(k) retirement plan contributions
401(k) retirement plan contributions
Union dues
Wage garnishments
What is a 401(k) plan best described as?
A) A tax-deferred retirement plan sponsored by employers
B) A personal savings account
C) A government-provided pension
D) A health insurance plan
Which retirement account allows direct deductions from an employee's paycheck?
A) Individual Retirement Account (IRA)
B) Roth IRA
C) Roth 401(k)
D) Health Care Plan
Which of the following is NOT a form of a qualified retirement plan?
A) Individual Retirement Account (IRA)
B) Roth IRA
C) Roth 401(k)
D) Health Care Plan
What happens if funds are withdrawn from a 401(k) plan prior to the allowed withdrawal age?
They incur a tax, but not a penalty
They incur a penalty, but not a tax
They don’t incur a penalty
They incur a tax and a penalty
What is commonly referred to as a/an when employers perform their regularly scheduled calculations necessary to pay their employees?
Salary run
Wage run
Payroll run
Total Points
Which of the following is NOT a part of the payroll process?
Calculate employee earnings
Onboard new employees
Remit income taxes to the government
Make the proper withholdings
What is the term for a report that summarizes the total earnings, deductions, and net pay for all employees in a single payroll period?
Payroll register
Payroll run
Pay stub
Total Points
What is a payroll register primarily used for?
To record employee attendance
To summarize total earnings, deductions, and net pay for all employees in a payroll period
To track stock inventory
To manage customer transactions
What is the purpose of a voucher check in the context of payroll?
To provide a detailed report of employee performance
To serve as a receipt for customer purchases
To outline an employee's total earnings and deductions with a detachable summary for transaction
To track business expenses only
Which of the following is not typically included in a payroll register?
Employee earnings
Payroll journal entry
Employee deductions
Net pay
What is a pay stub?
A document for tracking work hours only
A detailed invoice for client transactions
A summary of an employee's earnings and deductions for pay periods
A legal contract between employer and employee
A check with a detachable summary of the transaction attached is called:
Blank check
Paycheck
Pay stub
Voucher check
When processing payroll and using the matching principle of accounting, employers must match their payroll expense with the time period _______.
the expense occurred
cash was available in the payroll checking account
revenue was earned
revenue increased
The account called Salaries and Wages is a/an _______.
contra-expense account with a normal debit balance
contra-expense account with a normal credit balance
expense account with a normal debit balance
expense account with a normal credit balance
When journalizing a payroll run, which one isn’t a credit entry?
Health Insurance Premiums Payable
401(k) Contributions Payable
Health Insurance Premium Payable
