Payroll Foundation Day 1 part 3 (5 Modules)

Question 1

Debts, something that is owed and not yet paid is called _______.

Accepted Answer

Liability

Question 2

________ track job costs for labor and materials, and allocate overhead for printing equipment.

Accepted Answer

Printing and Design Agency

Question 3

________ track labor materials, and factory overhead for a batch of products.

Accepted Answer

Manufacturing Company

Question 4

It is used to prove to the IRS that an individual is eligible to work in the US.

Accepted Answer

I-9

Question 5

It is the cost of company's operation.

Accepted Answer

Expenses

Question 6

Which of the following does NOT how Class Tracking works?

Accepted Answer

Pull employee tax forms.

Question 7

W2 and 1099 reports the income of the worker to the IRS.

Accepted Answer

True

Question 8

It is a cost directly related to running the business.

Accepted Answer

Operating Expense

Question 9

W-2 provided to contract workers by the business they completed work for.

Accepted Answer

False

Question 10

1099 is responsible for all of their own taxes to the IRS.

Accepted Answer

True

Question 11

All businesses spend money on things like labor, materials, and overhead to keep business operations, is called ______.

Accepted Answer

Expenses

Question 12

________ track costs per event, including food and service labor, to increase profit.

Accepted Answer

Catering Company

Question 13

Which is NOT a long-term liability?

Accepted Answer

Invoices and Accounts

Question 14

Which is NOT an example of Overhead Expense?

Accepted Answer

Overhead

Question 15

W-2 is intended for?

Accepted Answer

Employee

Question 16

It is a cost NOT directly related to production of goods an services.

Accepted Answer

Overhead Expense

Question 17

Which is NOT a short-term liability?

Accepted Answer

Loans and mortgages

Question 18

It is an expense tracking method that allows businesses to track expenses related to a specific project or job.

Accepted Answer

Job Costing

Question 19

Why would property management company find class tracking to be beneficial?

Accepted Answer

Class Tracking helps track income and expenses for each property.

Question 20

Job costing involves tracking expenses for:

Accepted Answer

A specific job

Question 21

A documentation of the total annual wages, tips, other compensation, & taxes withheld of an employee (FIT, SS, Medicare)

Accepted Answer

W-2

Question 22

Which is NOT an example of Operating Expense.

Accepted Answer

Rent

Question 23

Which of the following examples best demonstrates how Class Tracking works?

Accepted Answer

Non-Profit that need to track income and expenses by grant event or project

Question 24

Liability that is paid overtime, more than one year is called _______.

Accepted Answer

Long-Term Liability

Question 25

________ track labor and painting supplies used on a job to bill customer for overages.

Accepted Answer

Painting Contractor

Question 26

It lets the employer know the correct federal income tax to withhold an employee’s pay.

Accepted Answer

W-4

Question 27

1099, employer will already have taxes, social security and medicare withheld.

Accepted Answer

False

Question 28

1099 is intended for?

Accepted Answer

Contractor

Question 29

Job costing involves keeping track of the costs or expenses associated with specific job (materials, labor, overhead).

Accepted Answer

True

Question 30

Liability that is paid quickly, within one year is called _______.

Accepted Answer

Short-Term Liability

Question 31

A report of payments made if a business or an individual person is not an employee, or to an unincorporated business.

Accepted Answer

1099

Question 32

It is used to track different segments of business.

Accepted Answer

Class Tracking

Question 33

It is the obligations and debts a company owes.

Accepted Answer

Liability

Payroll Foundation Day 1 part 3 (5 Modules)

Questions 33

Payroll Foundation Day 1 part 3 (5 Modules)

Questions 33