Question 1

Paycards represent a trend in employee compensation that alleviates the employee's need for:

Accepted Answer

A)   Filing data about time worked.
B)   Bank account establishment.
C)   Functional literacy.
D)   Workplace competence.

Question 2

Payroll accounting systems may involve an integrated software package that contains business-planning tools.

Accepted Answer

A) True 
 B)False

Question 3

The Worker's Compensation Act of 1935 legislated the payment of worker's compensation insurance.

Accepted Answer

A) True 
 B)False

Question 4

Employment legislation during the Great Depression included which of the following Acts:

Accepted Answer

A)   FLSA, FUTA, and FICA
B)   CTPA, Davis-Bacon Act, and FLSA
C)   Walsh-Healey Act, FICA, and ERISA
D)   FUTA, ADA, and FLSA

Question 5

Which Act governs the minimum wage that must be paid to workers?

Accepted Answer

A)   FICA
B)   FLSA
C)   FUTA
D)   SSA

Question 6

Which law requires a company to use certified payroll?

Accepted Answer

A)   Walsh-Healey Public Contracts Act
B)   Copeland Anti-Kickback Act
C)   Davis-Bacon Act
D)   Sarbanes-Oxley Act

Question 7

The Sarbanes-Oxley Act legislated penalties for violations of which Act?

Accepted Answer

A)   HIPAA
B)   ERISA
C)   PRWOR
D)   DOMA

Question 8

Peter is the owner of a fast-food franchise.When his payroll accountant quit,he hired his wife,Karen,to take over the payroll responsibilities.Peter prefers to review the payroll records prior to disbursement and often asks Karen to add or subtract amount from employee pay.Which ethical principle most closely describes Peter and Karen's unethical actions?

Accepted Answer

A)   Objectivity and Independence
B)   Integrity
C)   Public Interest
D)   Responsibilities

Question 9

___________________ is required under the Davis-Bacon Act for companies who do business with the Federal government.

Accepted Answer

A)   Manual payroll.
B)   Certified payroll.
C)   Outsourced payroll.
D)   Computerized payroll.

Question 10

What is the effect of payroll-related legislation on payroll practice?

Accepted Answer

A)   Legislation explicitly dictates the activities of payroll accountants.
B)   Legislation has prescribed the format and delivery of a payroll system.
C)   Legislation has alleviated the need for a company to design its own payroll system.
D)   Legislation highlights the need for firms to create well-designed payroll systems.

Question 11

Which of the following is not a payroll accountant's responsibility?

Accepted Answer

A)   Discussions of wages and hours with the employee and his or her manager.
B)   Contract negotiations with governmental entities.
C)   Preparation for accounting system audits.
D)   Remittance of all payroll tax deposits.

Question 12

Payroll taxes were instituted by the 16th Amendment to the United States Constitution:

Accepted Answer

A)   To pay for governmental salaries.
B)   To make money from businesses that had employees.
C)   To fund infrastructure improvements of booming cities.
D)   To penalize people who needed employment.

Question 13

If a company chooses to use computer-based accounting,which of the following is required?

Accepted Answer

A)   A standalone system that is dedicated to payroll processing.
B)   Annual software updates.
C)   Certification by a CPA prior to use for payroll processing.
D)   Certification and bonding of payroll personnel.

Question 14

What is the most significant challenge pertaining to payroll that small businesses face?

Accepted Answer

A)   Availability of trained personnel
B)   Availability of payroll resources
C)   Accessibility of computer programs
D)   Accessibility of payroll guidance

Question 15

Companies may use _____________ and ____________ to allow employees to have secure,rapid access to their compensation.

Accepted Answer

A)   Cash; Checks.
B)   Cash; Direct Deposit.
C)   Direct Deposit; Paycards.
D)   Paycards; Checks.

Question 16

Many large companies have website portals in which employees may view and change payroll data.Which of the following is the most significant concern about such websites?

Accepted Answer

A)   Accuracy of employee-entered data.
B)   Employer oversight of stored data.
C)   Employee website navigation issues.
D)   Security of personnel data.

Question 17

In the event of an ethical breach by a payroll accountant,which entity is ultimately liable for any monetary damages due to stakeholders?

Accepted Answer

A)   The payroll accountant
B)   The company's CEO or president
C)   The governmental entity associated with company oversight
D)   The entity that issued the license to the accountant

Question 18

The IRS uses EINs to track employers for tax purposes.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is not a payroll-related issue that is specific to large companies?

Accepted Answer

A)   Geographic dispersion.
B)   Multiple departments.
C)   Homogeneous workforce.
D)   Increased task variation.

Question 20

The Age Discrimination in Employment Act prohibits discrimination in employment practices for workers who are older than age 50.

Accepted Answer

A) True 
 B)False

Exam 1: Payroll Practices and System Functions

The IRS uses EINs to track employers for tax purposes.

Correct Answer
verified

Companies may use _ and to allow employees to have secure,rapid access to their compensation.

Correct Answer
verified

Correct Answer
verified

What is the most significant challenge pertaining to payroll that small businesses face?

Correct Answer
verified

Which Act governs the minimum wage that must be paid to workers?

Correct Answer
verified

The Sarbanes-Oxley Act legislated penalties for violations of which Act?

Correct Answer
verified

The Worker's Compensation Act of 1935 legislated the payment of worker's compensation insurance.

Correct Answer
verified

Payroll accounting systems may involve an integrated software package that contains business-planning tools.

Correct Answer
verified

Which law requires a company to use certified payroll?

Correct Answer
verified

Many large companies have website portals in which employees may view and change payroll data.Which of the following is the most significant concern about such websites?

Correct Answer
verified

The Age Discrimination in Employment Act prohibits discrimination in employment practices for workers who are older than age 50.

Correct Answer
verified

Which of the following is not a payroll-related issue that is specific to large companies?

Correct Answer
verified

___________________ is required under the Davis-Bacon Act for companies who do business with the Federal government.

Correct Answer
verified

Paycards represent a trend in employee compensation that alleviates the employee's need for:

Correct Answer
verified

Employment legislation during the Great Depression included which of the following Acts:

Correct Answer
verified

In the event of an ethical breach by a payroll accountant,which entity is ultimately liable for any monetary damages due to stakeholders?

Correct Answer
verified

Payroll taxes were instituted by the 16^th Amendment to the United States Constitution:

Correct Answer
verified

What is the effect of payroll-related legislation on payroll practice?

Correct Answer
verified

If a company chooses to use computer-based accounting,which of the following is required?

Correct Answer
verified

Which of the following is not a payroll accountant's responsibility?

Correct Answer
verified

Exam 1: Payroll Practices and System Functions

The IRS uses EINs to track employers for tax purposes.

Correct AnswerverifiedShow Answer

Companies may use _____________ and ____________ to allow employees to have secure,rapid access to their compensation.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What is the most significant challenge pertaining to payroll that small businesses face?

Correct AnswerverifiedShow Answer

Which Act governs the minimum wage that must be paid to workers?

Correct AnswerverifiedShow Answer

The Sarbanes-Oxley Act legislated penalties for violations of which Act?

Correct AnswerverifiedShow Answer

The Worker's Compensation Act of 1935 legislated the payment of worker's compensation insurance.

Correct AnswerverifiedShow Answer

Payroll accounting systems may involve an integrated software package that contains business-planning tools.

Correct AnswerverifiedShow Answer

Which law requires a company to use certified payroll?

Correct AnswerverifiedShow Answer

Many large companies have website portals in which employees may view and change payroll data.Which of the following is the most significant concern about such websites?

Correct AnswerverifiedShow Answer

The Age Discrimination in Employment Act prohibits discrimination in employment practices for workers who are older than age 50.

Correct AnswerverifiedShow Answer

Which of the following is not a payroll-related issue that is specific to large companies?

Correct AnswerverifiedShow Answer

___________________ is required under the Davis-Bacon Act for companies who do business with the Federal government.

Correct AnswerverifiedShow Answer

Paycards represent a trend in employee compensation that alleviates the employee's need for:

Correct AnswerverifiedShow Answer

Employment legislation during the Great Depression included which of the following Acts:

Correct AnswerverifiedShow Answer

In the event of an ethical breach by a payroll accountant,which entity is ultimately liable for any monetary damages due to stakeholders?

Correct AnswerverifiedShow Answer

Payroll taxes were instituted by the 16th Amendment to the United States Constitution:

Correct AnswerverifiedShow Answer

What is the effect of payroll-related legislation on payroll practice?

Correct AnswerverifiedShow Answer

If a company chooses to use computer-based accounting,which of the following is required?

Correct AnswerverifiedShow Answer

Which of the following is not a payroll accountant's responsibility?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Companies may use _ and to allow employees to have secure,rapid access to their compensation.

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Payroll taxes were instituted by the 16^th Amendment to the United States Constitution:

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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