Question 1

What is purpose of Federal Form 940?

Accepted Answer

A) Summarize the amount of unemployment tax paid and due by the company 
B) Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter 
C) Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the year 
D) Summarize of all your W-2 forms 
A) Summarize the amount of unemployment tax paid and due by the company 
B) Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter 
C) Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the year 
D) Summarize of all your W-2 forms A

Question 2

To turn on QuickBooks time tracking feature,the following steps must be completed:

Accepted Answer

A) Click QuickBooks Menu > Time Tracking 
B) Click Edit > Preferences > Time and Expenses > Time Tracking 
C) Click Employees > Payroll > Time Tracking 
D) Click Employees > Payroll and Employees > Time Tracking 
A) Click QuickBooks Menu > Time Tracking 
B) Click Edit > Preferences > Time and Expenses > Time Tracking 
C) Click Employees > Payroll > Time Tracking 
D) Click Employees > Payroll and Employees > Time Tracking B

Question 3

The payment to a stockholder who is not an employee of the company is a:

Accepted Answer

A) Dividend 
B) Paycheck 
C) Vendor payment 
D) None of these 
A) Dividend 
B) Paycheck 
C) Vendor payment 
D) None of these A

Question 4

To include a charge for labor on an invoice,labor as a service item must be recorded in the:

Accepted Answer

A) Item List 
B) Vendor List 
C) Inventory List 
D) Employee List 
A) Item List 
B) Vendor List 
C) Inventory List 
D) Employee List

Question 5

Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier?

Accepted Answer

A) Time Single Activity 
B) Weekly Timesheet 
C) Time clock 
D) Online Timesheets 
A) Time Single Activity 
B) Weekly Timesheet 
C) Time clock 
D) Online Timesheets

Question 6

The Payroll Center has the following sections except:

Accepted Answer

A) Pay Employees 
B) Write Checks 
C) Pay Scheduled Liabilities 
D) File Tax Forms 
A) Pay Employees 
B) Write Checks 
C) Pay Scheduled Liabilities 
D) File Tax Forms

Question 7

Which of the following is not a payroll report:

Accepted Answer

A) Form W-2 
B) Form 1065 
C) Form 940 
D) Form 941 
A) Form W-2 
B) Form 1065 
C) Form 940 
D) Form 941

Question 8

Name 3 (three)types of payroll liabilities and indicate who funds each one.

Accepted Answer

Federal Income Tax - funded by

Question 9

An individual's status determines how to record payment to that individual.Which of the following status and payment method is incorrect?

Accepted Answer

A) Vendor;Bill 
B) Employee;Payroll 
C) Stockholder;Dividend 
D) None of these 
A) Vendor;Bill 
B) Employee;Payroll 
C) Stockholder;Dividend 
D) None of these

Question 10

All of the following are QuickBooks Payroll Services,except:

Accepted Answer

A) Basic 
B) Assisted 
C) Advanced 
D) Enhanced 
A) Basic 
B) Assisted 
C) Advanced 
D) Enhanced

Question 11

In QuickBooks,time data is listed on customer invoices using the:

Accepted Answer

A) Timesheet icon 
B) Pay Sales Taxes icon 
C) Pay Employees button 
D) Time/Costs button 
A) Timesheet icon 
B) Pay Sales Taxes icon 
C) Pay Employees button 
D) Time/Costs button

Question 12

Which form summarizes payments made to subcontractors?

Accepted Answer

A) Form 940 
B) Form 1065 
C) Form 1099 
D) W-4 
A) Form 940 
B) Form 1065 
C) Form 1099 
D) W-4

Question 13

A company is required to withhold payroll taxes for:

Accepted Answer

A) Employees 
B) Vendors 
C) Subcontractors 
D) All of these 
A) Employees 
B) Vendors 
C) Subcontractors 
D) All of these

Question 14

The following are payroll liabilities except:

Accepted Answer

A) Federal income taxes 
B) Unemployment taxes 
C) Sales taxes 
D) FICA 
A) Federal income taxes 
B) Unemployment taxes 
C) Sales taxes 
D) FICA

Question 15

Which one of the following is paid by both the employee and company?

Accepted Answer

A) Federal income taxes 
B) State income taxes 
C) FICA 
D) All of these 
A) Federal income taxes 
B) State income taxes 
C) FICA 
D) All of these

Question 16

Which of the following is typically used to track time for a single activity?

Accepted Answer

A) Employee Tracker 
B) Stopwatch 
C) Timesheet 
D) QuickTime 
A) Employee Tracker 
B) Stopwatch 
C) Timesheet 
D) QuickTime

Question 17

All of the following automatically calculate payroll tax withholdings in QuickBooks except:

Accepted Answer

A) Basic Payroll 
B) Assisted Payroll 
C) Enhanced Payroll 
D) All of these automatically calculate payroll tax withholdings 
A) Basic Payroll 
B) Assisted Payroll 
C) Enhanced Payroll 
D) All of these automatically calculate payroll tax withholdings

Question 18

When tracking time for subcontractors,which QuickBooks window is used to enter subcontractor information?

Accepted Answer

A) Vendor List 
B) Item List 
C) Payroll Setup 
D) Employee List 
A) Vendor List 
B) Item List 
C) Payroll Setup 
D) Employee List

Question 19

The order of steps to process payroll is:

Accepted Answer

A) Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms 
B) Enter Time > Pay Employees > Process Payroll Forms > Print Payroll Report 
C) Pay Employees > Process Payroll Forms > Pay Payroll Liabilities 
D) Enter Time > Pay Payroll Liabilities > Process Payroll Forms > Print Liabilities Report 
A) Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms 
B) Enter Time > Pay Employees > Process Payroll Forms > Print Payroll Report 
C) Pay Employees > Process Payroll Forms > Pay Payroll Liabilities 
D) Enter Time > Pay Payroll Liabilities > Process Payroll Forms > Print Liabilities Report

Question 20

Which of the following activities and QuickBooks window used to record it is incorrect?

Accepted Answer

A) Enter time worked;Weekly Timesheet 
B) Pay payroll liabilities;Write Check 
C) Enter employee information;Employee List 
D) Pay payroll taxes;Pay Liabilities 
A) Enter time worked;Weekly Timesheet 
B) Pay payroll liabilities;Write Check 
C) Enter employee information;Employee List 
D) Pay payroll taxes;Pay Liabilities

What is purpose of Federal Form 940?

To turn on QuickBooks time tracking feature,the following steps must be completed:

The payment to a stockholder who is not an employee of the company is a:

To include a charge for labor on an invoice,labor as a service item must be recorded in the:

Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier?

The Payroll Center has the following sections except:

Which of the following is not a payroll report:

Name 3 (three)types of payroll liabilities and indicate who funds each one.

An individual's status determines how to record payment to that individual.Which of the following status and payment method is incorrect?

All of the following are QuickBooks Payroll Services,except:

In QuickBooks,time data is listed on customer invoices using the:

Which form summarizes payments made to subcontractors?

A company is required to withhold payroll taxes for:

The following are payroll liabilities except:

Which one of the following is paid by both the employee and company?

Which of the following is typically used to track time for a single activity?

All of the following automatically calculate payroll tax withholdings in QuickBooks except:

When tracking time for subcontractors,which QuickBooks window is used to enter subcontractor information?

The order of steps to process payroll is:

Which of the following activities and QuickBooks window used to record it is incorrect?

Introduction to PFP

Time Value of Money

Beginning the Planning Process

Household Finance

Financial Statements Analysis

Debt

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Retirement Planning

Filters

Exam 6: Cash Flow Planning

What is purpose of Federal Form 940?

To turn on QuickBooks time tracking feature,the following steps must be completed:

The payment to a stockholder who is not an employee of the company is a:

To include a charge for labor on an invoice,labor as a service item must be recorded in the:

Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier?

The Payroll Center has the following sections except:

Which of the following is not a payroll report:

Name 3 (three)types of payroll liabilities and indicate who funds each one.

An individual's status determines how to record payment to that individual.Which of the following status and payment method is incorrect?

All of the following are QuickBooks Payroll Services,except:

In QuickBooks,time data is listed on customer invoices using the:

Which form summarizes payments made to subcontractors?

A company is required to withhold payroll taxes for:

The following are payroll liabilities except:

Which one of the following is paid by both the employee and company?

Which of the following is typically used to track time for a single activity?

All of the following automatically calculate payroll tax withholdings in QuickBooks except:

When tracking time for subcontractors,which QuickBooks window is used to enter subcontractor information?

The order of steps to process payroll is:

Which of the following activities and QuickBooks window used to record it is incorrect?

Introduction to PFP

Time Value of Money

Beginning the Planning Process

Household Finance

Financial Statements Analysis

Debt

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Retirement Planning

Filters