Exam (elaborations)
College Accounting A Career Approach 12e Cathy J Scott
- Module
- College Accounting
- Institution
- College Accounting
College Accounting A Career Approach 12e Cathy J Scott
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,Chapter 071. A person who performs a service for a fixed amount and is not under the specific direction of the party being served is
called
a. an employer.
b. an employee.
c. an independent contractor.
d. either an employer or an employee.
e. a company's manager.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJE CACC.NSMB.13.7-1 - LO: 7-1
CTIVES:
NATIONAL STAN United States - AACSB: Reflective Thinking
DARDS:
STATE STANDAR United States - AK - ACBSP: Payroll/Other Compensatio - ACBSP: Payroll/Other Compensation
DS: United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Knowledge
2. Types of compensation that an employee might receive include
a. a bonus.
b. cost of living adjustments.
c. profit sharing.
d. a commission.
e. all of these.
ANSWER: e
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJE CACC.NSMB.13.7-2 - LO: 7-2
CTIVES:
NATIONAL STAN United States - AACSB: Reflective Thinking
DARDS:
STATE STANDAR United States - AK - ACBSP: Payroll/Other Compensatio - ACBSP: Payroll/Other Compensation
DS: United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Knowledge
3. The total amount of employee compensation before deductions are taken out is referred to as
a. gross pay.
b. net pay.
c. compensation after withholdings.
d. take-home pay.
e. merit pay.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
Copyright Cengage Learning. Powered by Cognero. Page 1
,Chapter 07
LEARNING OBJE CACC.NSMB.13.7-2 - LO: 7-2
CTIVES:
NATIONAL STAN United States - AACSB: Reflective Thinking
DARDS:
STATE STANDAR United States - AK - ACBSP: Payroll/Other Compensatio - ACBSP: Payroll/Other Compensation
DS: United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Knowledge
4. Mindy receives an annual salary of $25,500 plus a 5 percent commission on all sales during the year in excess of
$100,000. Her sales for the year total $210,000. Her total earnings amount to
a. $31,000.
b. $26,775.
c. $36,000.
d. $30,500.
e. $25,500.
ANSWER: a
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJE CACC.NSMB.13.7-2 - LO: 7-2
CTIVES:
NATIONAL STAN United States - AACSB: Analytic
DARDS:
STATE STANDAR United States - AK - ACBSP: Payroll/Other Compensatio - ACBSP: Payroll/Other Compensation
DS: United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Application
5. Roscoe's employer pays time-and-a-half for all hours worked in excess of 8 hours per day and double time for all hours
worked on Sundays. Roscoe's regular hourly rate is $9 per hour. During the week, Roscoe worked the following hours:
Monday, 8; Tuesday, 8; Wednesday, 9; Thursday, 10; Friday, 8; Sunday, 6. Total gross wages are
a. $661.50.
b. $540.00.
c. $441.00.
d. $481.50.
e. $508.50.
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJE CACC.NSMB.13.7-2 - LO: 7-2
CTIVES:
NATIONAL STAN United States - AACSB: Analytic
DARDS:
STATE STANDAR United States - AK - ACBSP: Payroll/Other Compensatio - ACBSP: Payroll/Other Compensation
DS: United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Application
6. An employer may withhold portions of an employee's total earnings for
Copyright Cengage Learning. Powered by Cognero. Page 2
, Chapter 07
a. state and county sales taxes.
b. charitable contributions.
c. local property taxes.
d. state unemployment taxes.
e. federal unemployment taxes.
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJE CACC.NSMB.13.7-3 - LO: 7-3
CTIVES:
NATIONAL STAN United States - AACSB: Reflective Thinking
DARDS:
STATE STANDAR United States - AK - ACBSP: Payroll/Other Compensatio - ACBSP: Payroll/Other Compensation
DS: United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Comprehension
7. An amount of an individual's earnings that is exempt from income taxes is called a(n)
a. bonus.
b. employee deduction.
c. withholding allowance.
d. salary.
e. premium.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJE CACC.NSMB.13.7-3 - LO: 7-3
CTIVES:
NATIONAL STAN United States - AACSB: Reflective Thinking
DARDS:
STATE STANDAR United States - AK - ACBSP: Payroll/Other Compensatio - ACBSP: Payroll/Other Compensation
DS: United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Knowledge
8. Regarding the federal income tax withholding tables, the amount of each employee's earnings withheld is affected by
the
a. number of exemptions claimed.
b. age of the employee.
c. number of years working for the company.
d. state where the employer is located.
e. number of years the company has been in business.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJE CACC.NSMB.13.7-3 - LO: 7-3
CTIVES:
Copyright Cengage Learning. Powered by Cognero. Page 3
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