WorksheetsOST 147: Chapter 16 Assignment
Total questions: 20
Worksheet time: 40mins
Fill in the blank: The final step in reconciling a bank statement is to make corrections to the ________.
bank statement
checkbook register
financial report
account balance
What should you ensure about all checks when the account does not balance?
Ensure all checks are signed
Ensure all checks are recorded
Ensure all checks are voided
Ensure all checks are deposited
What should you check regarding the totals on the deposits?
The accuracy of the totals
The currency used
The date of the deposit
The bank branch location
What should be accounted for in terms of electronic transactions?
Security measures
Transaction speed
User interface
All of the above
What charges need to be factored in when the account does not balance?
Bank fees and service charges
Interest charges
Overdraft fees
All of the above
What should be verified about worksheet calculations?
Accuracy of formulas
Formatting of cells
Presence of comments
Use of macros
You can request help from whom if needed when the account does not balance?
Your manager
A colleague
The IT department
The finance team
The first step in creating a payroll record is:
Collecting employee information
Calculating taxes
Issuing paychecks
Recording hours worked
Why is it important to check the approved I-9 documentation?
To verify the identity and employment authorization of individuals hired for employment in the United States
To ensure compliance with tax regulations
To maintain employee records
To track employee performance
What information should be recorded along with the employee's Social Security number?
Employee's name
Employee's address
Employee's date of birth
Employee's job title
What form must an employee complete related to tax withholding?
Form W-2
Form W-4
Form 1099
Form 1040
Calculating payroll involves:
Tracking employee hours and wages
Managing employee benefits
Ensuring compliance with tax laws
All of the above
Identify the method to determine employment tax rates.
Consult the IRS guidelines
Ask a colleague
Guess based on previous experience
Use a random number
What steps are involved in calculating net salary?
Identify gross salary, deduct taxes, subtract other deductions, and add any bonuses.
Calculate gross salary, add taxes, and subtract bonuses.
Only deduct taxes from gross salary.
Add gross salary and bonuses without deductions.
The purpose of using information kept in a payroll record is to:
calculate employee salaries and deductions
track employee performance
manage company inventory
plan company events
Which of the following is a function of computerized payroll?
Generating reports based on employee database information
Providing third-party services
Passing IRS Assurance Testing System
None of the above.
The process of calculating payroll includes employment tax rates. Which of the following is NOT a step in the payroll calculation process?
Calculating gross pay
Determining tax withholdings
Issuing paychecks
Conducting employee performance reviews
How do you calculate net salary?
By subtracting taxes and deductions from gross salary
By adding bonuses to gross salary
By multiplying gross salary by tax rate
By dividing gross salary by number of working days
Payroll taxes are:
A type of tax levied on employers and employees, usually calculated as a percentage of the salaries that employers pay their staff.
A tax on the sale of goods and services.
A tax on the ownership of property.
A tax on the import and export of goods.
An employer identification number is important because it is used for:
Identifying a business entity for tax purposes
Tracking employee performance
Registering a business trademark
Applying for business loans
