Quickbooks 2014 Flashcards Chapter 6

The payment to a stockholder who is not an employee of the company is a: A. Dividend B. Paycheck C. Vendor payment D. None of these

A. Dividend

A company is required to withhold payroll taxes for: A. Employees B. Vendors C. Subcontractors D. All of these

A. Employees

The order of steps to process payroll is: A. Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms B. Enter Time > Pay Employees > Process Payroll Forms > Print Payroll Report C. Pay Employees > Process Payroll Forms > Pay Payroll Liabilities D. Enter Time > Pay Payroll Liabilities > Process Payroll Forms > Print Liabilities Report

A. Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms

To include a charge for labor on an invoice, labor as a service item must be recorded in the: A. Item List B. Vendor List C. Inventory List D. Employee List

A. Item List

What is purpose of Federal Form 940? A. Summarize the amount of unemployment tax paid and due by the company B. Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the quarter C. Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the year D. Summarize of all your W-2 forms

A. Summarize the amount of unemployment tax paid and due by the company

When tracking time for subcontractors, which QuickBooks window is used to enter subcontractor information? A. Vendor List B. Item List C. Payroll Setup D. Employee List

A. Vendor List

To turn on QuickBooks time tracking feature, the following steps must be completed: A. Click QuickBooks Menu > Time Tracking B. Click Edit > Preferences > Time and Expenses > Time Tracking C. Click Employees > Payroll > Time Tracking D. Click Employees > Payroll and Employees > Time Tracking

B. Click Edit > Preferences > Time and Expenses > Time Tracking

Which of the following is not a payroll report: A. Form W-2 B. Form 1065 C. Form 940 D. Form 941

B. Form 1065

When setting up a new employee where do you get their filing status and allowances information? A. Form W-5 B. Form W-4 C. Form W-3 D. Form W-2

B. Form W-4

The Payroll Center: A. Contains the employee list B. Manages payroll and tax information C. Is where employees enter time worked D. Is located in the Banking Center

B. Manages payroll and tax information

Which of the following activities and QuickBooks window used to record it is incorrect? A. Enter time worked; Weekly Timesheet B. Pay payroll liabilities; Write Check C. Enter employee information; Employee List D. Pay payroll taxes; Pay Liabilities

B. Pay payroll liabilities; Write Check

Which of the following is typically used to track time for a single activity? A. Employee Tracker B. Stopwatch C. Timesheet D. QuickTime

B. Stopwatch

What is the purpose of Federal Form 941? A. Summarize the amount of unemployment tax paid and due by the company B. Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the quarter C. Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the year D. Summarize of all your W-2 forms

B. Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the quarter

Each year employees are sent Form ______ to summarize tax withholdings for the year. A. 1099 B. W-2 C. W-3 D. W-4

B. W-2

The Payroll Center has the following sections except: A. Pay Employees B. Write Checks C. Pay Scheduled Liabilities D. File Tax Forms

B. Write Checks

All of the following are QuickBooks Payroll Services, except: A. Basic B. Assisted C. Advanced D. Enhanced

C. Advanced

Which one of the following is paid by both the employee and company? A. Federal income taxes B. State income taxes C. FICA D. All of these

C. FICA

Which form summarizes payments made to subcontractors? A. Form 940 B. Form 1065 C. Form 1099 D. W-4

C. Form 1099

What QuickBooks activity comes next in this string of payroll activities: Enter Time > Pay Employees > ______ > Process Payroll Forms. A. Reconcile Payroll B. Print Payroll Report C. Pay Payroll Liabilities D. None of these

C. Pay Payroll Liabilities

The following are payroll liabilities except: A. Federal income taxes B. Unemployment taxes C. Sales taxes D. FICA

C. Sales taxes

Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier? A. Time Single Activity B. Weekly Timesheet C. Time clock D. Online Timesheets

C. Time clock

Which of the following may be billed to a specific customer job? A. Mileage B. Hours C. Expenses D. All of these

D. All of these

All of the following automatically calculate payroll tax withholdings in QuickBooks except: A. Basic Payroll B. Assisted Payroll C. Enhanced Payroll D. All of these automatically calculate payroll tax withholdings

D. All of these automatically calculate payroll tax withholdings

An individual's status determines how to record payment to that individual. Which of the following status and payment method is incorrect? A. Vendor; Bill B. Employee; Payroll C. Stockholder; Dividend D. None of these

D. None of these

In QuickBooks, time data is listed on customer invoices using the: A. Timesheet icon B. Pay Sales Taxes icon C. Pay Employees button D. Time/Costs button

D. Time/Costs button