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Multiple Choice Quiz
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1
A loan that is to be paid within one year is classified as a:
A)Long-term Liability
B)Current Asset
C)Other Current Liability
D)None of these
2
QuickBooks offers all of the following payroll services except:
A)QuickBooks Basic Payroll Service
B)QuickBooks Enhanced Payroll Service
C)QuickBooks Assisted Payroll Service
D)QuickBooks Manual Payroll Service
3
To enable manual payroll in QuickBooks:
A)Click Edit > Preferences > Payroll and Employees > Company Preferences
B)Click Vendors > Preferences > Payroll and Employees > Company Preferences
C)Click Employees > Preferences > Payroll and Employees > Company Preferences
D)Click Banking > Preferences > Payroll and Employees > Company Preferences
4
The employer must match which one of the following taxes paid by an employee?
A)State Income
B)Medicare
C)Federal Income
D)Federal Unemployment
5
Which one of the following items is not needed when calculating employee net pay?
A)Extra Withholdings
B)Federal Unemployment Withholding
C)Length of service
D)Number of Allowances
6
The steps for creating paychecks using QuickBooks are:
A)Review/Create Paychecks, Enter Payroll Information, Print Paychecks
B)Enter Payroll Information, Review/Create Paychecks, Print/Distribute Paychecks
C)Review Paychecks, Enter Payroll Information, Distribute Paychecks
D)None of these
7
All of the following are payroll liabilities owed to outside agencies except:
A)Net Pay
B)Federal Income taxes
C)State Income taxes
D)Unemployment taxes
8
The following taxes are reported on Form 941 except:
A)FICA-Medicare (employer and employee)
B)State income taxes withheld from the employee paychecks
C)Federal income taxes withheld from the employee paychecks
D)FICA-Social Security (employer and employee)
9
For small businesses, when is Form 941 filed with the IRS?
A)Weekly
B)Quarterly
C)Annually
D)Monthly
10
Net Pay is equal to:
A)Gross pay minus deductions for federal and state income taxes and unemployment taxes
B)Gross pay minus federal and state income taxes, but not FICA taxes
C)Gross pay plus deductions for FICA taxes and federal and state income taxes
D)Gross pay minus deductions for FICA taxes and federal and state income taxes





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