NAB Finance Practice Test
Questions and Answers All
Correct
Who requires accurate payroll and time records? - Answer-Wage and Hour Division
Time records must be retained for __________. - Answer-2 years
Payroll records must be retained for ____. - Answer-3 years
Faciliites must retain date of birth for all employees under the age of _____. - Answer-
19
Statutes allow employees to file claims regarding minimum wage and overtime for up to
_________. - Answer-2 years
Statutes alllow employees to file claims against employers for will violation regarding
payroll for up to____. - Answer-3 years
A facility's requirement to deposit tax money is determined by__________. - Answer-
total amount of taxes; under $50k in the 4 qtr lookback then deposits are to be made
monthly; of over $50K deposits are to be made semi weekly
Federal Income Tax - Answer-mandated by IRS; determined by # of dependants listed
on the W4 that employee fills out
When are W2s distributed and what should they include? - Answer-annually by Jan
31st; includes gross earnings, income tax, M'Care and social security tax
FICA - Answer-Federal Insurance Contributors Act - social security tax 50% paid by
employer
M'Care Tax - Answer-seperate from social security - organizations exempt from social
security tax must withhold, match and remit mcare tax. 50% paid by employer
Which two taxes does the employee and employer match equally? - Answer-FICA and
M'Care tax
, Aside from FICA and M'Care tax, what two other taxes are employers responsible for? -
Answer-FUTA (unemployment tax) and Worker's Comp
The first step to developing a risk mgt program is to ________. - Answer-identify and
enumerate the risk by each dept
Respondant Superior - Answer-"let the master answer" - employer is responsible for
actions of employees on duty
Vicarious Liability - Answer-employer may be responsible for the actions of noncontract
workers while on duty (doctors, NPs, PA)
Resident funds over $50 must be deposited_____. - Answer-in an interest bearing acct
(individually or pooled)
Residents funds less that $50 must be kept how? - Answer-can be kept in a non-interest
bearing acct such as petty cash
For M'Care Part A OBRA states that funds over $100 must be deposited in______. -
Answer-an interest bearing acct
Individual resident records of funds must be made available_____. - Answer-through
quarterly reports or at the request
When a resident dies, the facility must convey an accounting of funds with how many
days? - Answer-30
Facility must notify residents when account balance becomes _______ than the
supplemental security income - Answer-$200 or less
Who requires a surety bond? - Answer-OBRA
No charges can be made against residents personal funds for those items in which payt
is made under M'Care and M'Caid - Answer-TRUE
Facility may charge for requested services more expensive or in excess of covered
services - Answer-TRUE
You cannot charge residnets for the following: - Answer-Nursing, Dietary, Activities,
Room/bed/maintenance or personal hygeine items
Cost Benefit Analysis - Answer-determining whether you'll get your money out of
purchase
Questions and Answers All
Correct
Who requires accurate payroll and time records? - Answer-Wage and Hour Division
Time records must be retained for __________. - Answer-2 years
Payroll records must be retained for ____. - Answer-3 years
Faciliites must retain date of birth for all employees under the age of _____. - Answer-
19
Statutes allow employees to file claims regarding minimum wage and overtime for up to
_________. - Answer-2 years
Statutes alllow employees to file claims against employers for will violation regarding
payroll for up to____. - Answer-3 years
A facility's requirement to deposit tax money is determined by__________. - Answer-
total amount of taxes; under $50k in the 4 qtr lookback then deposits are to be made
monthly; of over $50K deposits are to be made semi weekly
Federal Income Tax - Answer-mandated by IRS; determined by # of dependants listed
on the W4 that employee fills out
When are W2s distributed and what should they include? - Answer-annually by Jan
31st; includes gross earnings, income tax, M'Care and social security tax
FICA - Answer-Federal Insurance Contributors Act - social security tax 50% paid by
employer
M'Care Tax - Answer-seperate from social security - organizations exempt from social
security tax must withhold, match and remit mcare tax. 50% paid by employer
Which two taxes does the employee and employer match equally? - Answer-FICA and
M'Care tax
, Aside from FICA and M'Care tax, what two other taxes are employers responsible for? -
Answer-FUTA (unemployment tax) and Worker's Comp
The first step to developing a risk mgt program is to ________. - Answer-identify and
enumerate the risk by each dept
Respondant Superior - Answer-"let the master answer" - employer is responsible for
actions of employees on duty
Vicarious Liability - Answer-employer may be responsible for the actions of noncontract
workers while on duty (doctors, NPs, PA)
Resident funds over $50 must be deposited_____. - Answer-in an interest bearing acct
(individually or pooled)
Residents funds less that $50 must be kept how? - Answer-can be kept in a non-interest
bearing acct such as petty cash
For M'Care Part A OBRA states that funds over $100 must be deposited in______. -
Answer-an interest bearing acct
Individual resident records of funds must be made available_____. - Answer-through
quarterly reports or at the request
When a resident dies, the facility must convey an accounting of funds with how many
days? - Answer-30
Facility must notify residents when account balance becomes _______ than the
supplemental security income - Answer-$200 or less
Who requires a surety bond? - Answer-OBRA
No charges can be made against residents personal funds for those items in which payt
is made under M'Care and M'Caid - Answer-TRUE
Facility may charge for requested services more expensive or in excess of covered
services - Answer-TRUE
You cannot charge residnets for the following: - Answer-Nursing, Dietary, Activities,
Room/bed/maintenance or personal hygeine items
Cost Benefit Analysis - Answer-determining whether you'll get your money out of
purchase
