THE PAYROLL SOURCE CPP EXAM WITH
QUESTIONS AND CORRECT ANSWERS ||
ALREADY GRADED A+ | GUARANTEED PASS |
LATEST VERSION
Which of the following items represents an input interface to the payroll system?
A. general ledger
B. time and attendance
C. benefit payments
D. material usage records - ANSWER-B. time and attendance
A company has a gross payroll of $120,589.36 that is taxable for federal income,
social security, and Medicare taxes. Federal income tax withheld is $24,117.87;
combined social security and Medicare taxes withheld are $9,225.09. What is the
company's total payroll tax liability for this pay period?
A. $33,342.96
B. $42,568.05
C. $40,156.26
D. $66,685.92 - ANSWER-B $42,568.05
$24,117.87 + $9,225.09 + $9,225.09 = $42,568.05
One reason many companies use a Zero Balance Checking Account is that:
,A. cash is available for investment until items are presented for payment at the
company's bank
B. funds do not have to be deposited until the employee cashes the check
C. the company receives interest on the account
D. bank reconciliations are not required - ANSWER-A. cash is available for
investment until items are presented for payment at the company's bank
In a customer service situation, Payroll should:
A. assure the caller everything is okay, even when it is not
B. gets in the last word
C. avoid addressing stressful issues
D remain assertive and stay focused - ANSWER-D. Remain assertive and stay
focused
Each of the following items qualifies as a de minimis fringe benefit EXCEPT:
A. occasional parties and picnics for employees
B. occasional supper money for working overtime
C. traditional holiday gifts, such as food items
D. group legal services worth less than $100 annually - ANSWER-D. group legal
services worth less than $100 annually
All of the following steps are required when initiating direct deposit for an
employee EXCEPT:
A. prenotification
B. receiving financial institution routing number
C. getting authorization from the employee
D. receiving employee's bank account number - ANSWER-A. Prenotification
,A team comprised of members of a department's staff with the intention of
improving their own process is a:
A. cross-functional team
B. conversion team
C. functional team
D. management team - ANSWER-C. Functional Team
An employee who works for more than one employer and has exceeded the social
security wage base may:
A. take a credit against federal income tax on Form 1040
B. demand that the employer refunds the overage
C. apply the social security tax to next year's withholdings
D. apply the overage to benefits paid at age 65 - ANSWER-A. take a credit against
federal income tax on form 1040
When determining the value of employer-provided parking, which of the following
valuations methods is allowed?
A. employer's cost
B. employee's cost
C. lower of employee's cost or fair market value
D. fair market value - ANSWER-D. Fair Market Value
What is the purpose of the payroll accrual entry?
A. to recognize expenses in the period in which they were incurred
B. to reverse an entry made in error
C. to recognize expenses in the period in which they were paid
, D. to reverse an entry from a previous period - ANSWER-A. To recognize
expenses in the period in which they were incurred
Which of the following is LEAST likely to be considered when looking at the
security of a new payroll system?
A. regular data back-up and storage
B. protection against computer viruses
C. limited system access
D. system edits - ANSWER-D. system edits
Company deadlines for payroll data input documents are essential for:
A. timely processing of the payroll
B. accurate entry of data
C. guaranteeing that all information is processed
D. adequate auditing purposes - ANSWER-A. timely processing of the payroll
An employee earns $9 per hour and an additional 10 cents per hour for hours
worked after 7:00 p.m. If an employee works from 2:00 p.m. to 11:00 p.m., with an
unpaid meal break from 6:00 p.m. to 7:00 p.m., Monday through Friday, what is
the employee's weekly gross pay under the Fair Labor Standards Act?
A. $360
B. $361
C. $362
D. $364 - ANSWER-C. $362 (40x$9) +(20x$.10) =$362
The BEST reason for tracking pay-related problem statistics is to enable Payroll to:
A. identify root causes and take actions to prevent similar recurrences
QUESTIONS AND CORRECT ANSWERS ||
ALREADY GRADED A+ | GUARANTEED PASS |
LATEST VERSION
Which of the following items represents an input interface to the payroll system?
A. general ledger
B. time and attendance
C. benefit payments
D. material usage records - ANSWER-B. time and attendance
A company has a gross payroll of $120,589.36 that is taxable for federal income,
social security, and Medicare taxes. Federal income tax withheld is $24,117.87;
combined social security and Medicare taxes withheld are $9,225.09. What is the
company's total payroll tax liability for this pay period?
A. $33,342.96
B. $42,568.05
C. $40,156.26
D. $66,685.92 - ANSWER-B $42,568.05
$24,117.87 + $9,225.09 + $9,225.09 = $42,568.05
One reason many companies use a Zero Balance Checking Account is that:
,A. cash is available for investment until items are presented for payment at the
company's bank
B. funds do not have to be deposited until the employee cashes the check
C. the company receives interest on the account
D. bank reconciliations are not required - ANSWER-A. cash is available for
investment until items are presented for payment at the company's bank
In a customer service situation, Payroll should:
A. assure the caller everything is okay, even when it is not
B. gets in the last word
C. avoid addressing stressful issues
D remain assertive and stay focused - ANSWER-D. Remain assertive and stay
focused
Each of the following items qualifies as a de minimis fringe benefit EXCEPT:
A. occasional parties and picnics for employees
B. occasional supper money for working overtime
C. traditional holiday gifts, such as food items
D. group legal services worth less than $100 annually - ANSWER-D. group legal
services worth less than $100 annually
All of the following steps are required when initiating direct deposit for an
employee EXCEPT:
A. prenotification
B. receiving financial institution routing number
C. getting authorization from the employee
D. receiving employee's bank account number - ANSWER-A. Prenotification
,A team comprised of members of a department's staff with the intention of
improving their own process is a:
A. cross-functional team
B. conversion team
C. functional team
D. management team - ANSWER-C. Functional Team
An employee who works for more than one employer and has exceeded the social
security wage base may:
A. take a credit against federal income tax on Form 1040
B. demand that the employer refunds the overage
C. apply the social security tax to next year's withholdings
D. apply the overage to benefits paid at age 65 - ANSWER-A. take a credit against
federal income tax on form 1040
When determining the value of employer-provided parking, which of the following
valuations methods is allowed?
A. employer's cost
B. employee's cost
C. lower of employee's cost or fair market value
D. fair market value - ANSWER-D. Fair Market Value
What is the purpose of the payroll accrual entry?
A. to recognize expenses in the period in which they were incurred
B. to reverse an entry made in error
C. to recognize expenses in the period in which they were paid
, D. to reverse an entry from a previous period - ANSWER-A. To recognize
expenses in the period in which they were incurred
Which of the following is LEAST likely to be considered when looking at the
security of a new payroll system?
A. regular data back-up and storage
B. protection against computer viruses
C. limited system access
D. system edits - ANSWER-D. system edits
Company deadlines for payroll data input documents are essential for:
A. timely processing of the payroll
B. accurate entry of data
C. guaranteeing that all information is processed
D. adequate auditing purposes - ANSWER-A. timely processing of the payroll
An employee earns $9 per hour and an additional 10 cents per hour for hours
worked after 7:00 p.m. If an employee works from 2:00 p.m. to 11:00 p.m., with an
unpaid meal break from 6:00 p.m. to 7:00 p.m., Monday through Friday, what is
the employee's weekly gross pay under the Fair Labor Standards Act?
A. $360
B. $361
C. $362
D. $364 - ANSWER-C. $362 (40x$9) +(20x$.10) =$362
The BEST reason for tracking pay-related problem statistics is to enable Payroll to:
A. identify root causes and take actions to prevent similar recurrences
