NEW
Font size
WorksheetsBusiness Finance Final Review Part 3
Total questions: 16
Worksheet time: 8mins
The Accumulated Earnings column of the employee earnings record
shows net pay for the year.
is the total earnings since the first of the year.
shows net pay for one quarter.
is the gross earnings for one quarter.
The withholding allowances of an employee affect
social security tax withheld.
federal income tax withheld.
federal unemployment tax owed.
state unemployment tax owed.
Until the amounts withheld from employee salaries are paid by the employer, they are recorded as
assets.
liabilities.
salary expense.
revenue.
The total earnings subject to federal unemployment tax is referred to as
unemployment taxable earnings.
taxable earnings.
gross earnings.
total earnings.
Each employer must file a federal tax return showing the federal income tax, social security tax, and Medicare tax due the government.
monthly
quarterly
yearly
semiannual
Employers are required to furnish each employee with an annual statement of earnings and withholdings before
December 31 of the current year.
January 1 of the following year.
January 15 of the following year.
January 31 of the following year.
Which type of contract involves both parties promising to do something?
Unilateral contract
Implied contract
Express contract
Bilateral contract
Which of the following would end an offer because the offeree changes the terms?
Revocation
Rejection
Counteroffer
Expiration of time
Which group of people is generally allowed to disaffirm (get out of) a contract?
Married adults
Minors
Business owners
People with high credit scores
Which situation is an example of a contract that must be in writing?
Buying a shirt for $25
A contract that will take more than one year to complete
Borrowing a pencil from a friend
A verbal promise to mow a lawn once
What is fraud in a contract?
An honest mistake that causes confusion
A deliberate lie or deception for unfair gain
A disagreement about contract terms
A contract completed under legal supervision
What is the main purpose of employment law?
To help businesses earn more profit
To protect workers’ rights and promote fair treatment
To encourage employees to compete with each other
To reduce federal taxes
Which of the following is an example of workplace discrimination?
Being asked to work a weekend
Paying women less than men for the same job
Being required to follow safety guidelines
Getting feedback from a supervisor
Which act established minimum wage and child labor laws?
Equal Pay Act
Fair Labor Standards Act
Davis-Bacon Act
Fair Pay Act
Workers’ compensation laws help employees by providing support when they are:
Promoted
Injured while performing job duties
Given performance reviews
Working overtime
What is the main goal of workplace safety and health laws?
To punish employers for mistakes
To keep employees free from harm and reduce accidents
To limit how many hours employees can work
To require employees to purchase special insurance
