 |
| 1 | |
Gross pay = hours worked x rate per hour. |
| | A) | True |
| | B) | False |
|
|
|
| 2 | |
Differential pay means that there is one fixed rate per unit that is produced. |
| | A) | True |
| | B) | False |
|
|
|
| 3 | |
An employee's commission is always based on total dollar sales. |
| | A) | True |
| | B) | False |
|
|
|
| 4 | |
The number of dependents one claims does not affect the amount of Social Security and Medicare tax paid. |
| | A) | True |
| | B) | False |
|
|
|
| 5 | |
The W-4 is strictly used to calculate Social Security and Medicare taxes. |
| | A) | True |
| | B) | False |
|
|
|
| 6 | |
FUTA Tax is computed by the Percentage Method. |
| | A) | True |
| | B) | False |
|
|
|
| 7 | |
Gross pay equals: |
| | A) | Projected hours worked x rate per hour |
| | B) | Net pay - deductions |
| | C) | Hours worked x rate per hour |
| | D) | Overtime + deductions |
| | E) | None of the above |
|
|
|
| 8 | |
A variable commission scale means: |
| | A) | Fixed level of sales |
| | B) | Fixed commission rates |
| | C) | Different levels of net sales has different commission rates |
| | D) | Different levels of gross sales has fixed commission rates |
| | E) | None of the above |
|
|
|
| 9 | |
Form W-4 is: |
| | A) | paid once a year |
| | B) | Completed only at year-end |
| | C) | Used in the calculation of FIT Taxes |
| | D) | None of the above |
|
|
|
| 10 | |
The employer's tax responsibility does not include: |
| | A) | Social Security and Medicare |
| | B) | FIT |
| | C) | FUTA |
| | D) | SUTA |
| | E) | None of the above |
|
|
|
| 11 | |
FUTA Tax is paid: |
| | A) | Always quarterly |
| | B) | Always semiannually |
| | C) | Six times per year |
| | D) | Sometimes once a year |
| | E) | None of the above |
|
|
|
| 12 | |
Jane Foss is a sales clerk at Mac's Department Store. She is paid $7.50 per hour plus a commission of 3 percent on all sales. Assuming Jane works 34 hours and has sales of $3,500, her gross pay is: |
| | A) | $105 |
| | B) | $255 |
| | C) | $360 |
| | D) | $465 |
| | E) | None of the above |
|
|
|
| 13 | |
VRO Corporation pays its employees on a graduated commission scale: 5 percent on 1st $30,000 sales; 6 percent on sales above $30,000 to $75,000; and 7 percent on sales greater than $75,000. Bill Burns had sales of $95,000. His commission is: |
| | A) | $1,500 |
| | B) | $2,700 |
| | C) | $1,400 |
| | D) | $5,600 |
| | E) | None of the above |
|
|
|
| 14 | |
Jill Hartman earns $750 per week plus 3 percent of sales in excess of $6,500. If Jill sells $25,000 in 1st week, her earnings are: |
| | A) | $945 |
| | B) | $1,305 |
| | C) | $1,500 |
| | D) | $1,503 |
| | E) | None of the above |
|
|
|
| 15 | |
Jim Smith is a salesman who receives a $1,100 draw per month. He receives a 12 percent commission on all sales. Sales for Jim were $205,000 for the month. Assuming a 4-week month, Jim's commission after the draw is: |
| | A) | $24,600 |
| | B) | $20,200 |
| | C) | $23,500 |
| | D) | $26,400 |
| | E) | None of the above |
|
|
.