Business and Personal Finance © 2007

Chapter 21: Managing Payroll and Inventory

Practice Tests

1
A list of employees with payments due to each employee for a specific period of time is called _______.
A)gross earnings
B)salary
C)payroll
D)direct deposit
2
The total amount of money an employee earns in a pay period is the _______.
A)salary
B)gross earnings
C)commission
D)hourly wage
3
_______ is the amount paid above the normal rate, usually 1.5 times the employee's regular hourly wage.
A)overtime rate
B)salary
C)commission
D)gross earnings
4
_______ are various amounts that are subtracted from an employee's gross earnings.
A)direct deposit
B)commissions
C)hourly wages
D)deductions
5
Federal law requires that employers match the total amount deducted from employees' paychecks for _______.
A)health insurance premiums
B)FICA taxes
C)union dues
D)direct deposits
6
_______ is a costing method that assumes that the last items purchased are the first items sold.
A)last-in, first-out method (LIFO)
B)first-in, first-out method (FIFO)
C)specific identification method
D)periodic inventory system
7
With a _______, inventory records are updated only after someone takes a physical count of merchandise.
A)perpetual inventory system
B)periodic inventory system
C)point-of-sale terminal
D)last-in, first-out method (LIFO)
8
_______ are electronic cash registers.
A)inventories
B)periodic inventory systems
C)point-of-sale terminals
D)perpetual inventory systems
9
_______ is an inventory costing method in which the exact cost of each item is determined and assigned to an item.
A)perpetual inventory systems
B)periodic inventory systems
C)specific identification method
D)first-in, first-out method (FIFO)
10
Thanks to _______, the only information about employees an employer has to enter at the end of each pay period is hours worked.
A)periodic inventory systems
B)point-of-sale terminals
C)perpetual inventory systems
D)payroll computer software
Glencoe Online Learning CenterBusiness Administration HomeProduct InfoSite MapContact Us

The McGraw-Hill CompaniesGlencoe

Please read our Terms of Use and Privacy Policy before you explore our Web site. To report a technical problem with this Web site, please contact the Web Producer.