FBLA Accounting 1 Exam Questions with Verified Solutions Latest Version 2025 Already Passed

FBLA Accounting 1 Exam Questions with Verified Solutions Latest Version 2025 Already Passed Return on investment - Answers The ration of the money earned on investment relative to the amount of the investment. Real property - Answers Land and anything attached to the land. Personal property - Answers All property not classified as real property. Assessed value - Answers The value of an asset determined by tax authorities for the purpose of calculating taxes. Plant asset record - Answers An accounting form on which a business records information about each plant asset. Gain - Answers An increase in equity resulting from activity other than selling goods or services. Gain on plant assets - Answers An increase in equity that results when a plant asset is sold for more than book value. Loss - Answers A decrease in equity resulting from activity other than selling goods or services. Loss on plant assets - Answers The decrease in equity that results when a plant asset is sold for less than book value. Accelerated depreciation - Answers Any method of depreciation which records greater depreciation expense in the early years and less depreciation expense in the later years. Declining-balance method of depreciation - Answers A type of accelerated depreciation that multiplies the book value of an asset by a constant depreciation rate to determine annual depreciation. Double-declining balance method of depreciation - Answers A declining-balance rate that is two times the straight-line rate. Intangible asset - Answers An asset that does not have physical substance. Amortization - Answers The spreading of the cost of an intangible asset over its useful life. real property - Answers land and anything attached to the land personal property - Answers all property not classified as real property assessed value - Answers The value of an asset determined by tax authorities for the purpose of calculating taxes plant asset record - Answers An accounting form on which a business records information about each plant asset. gain on plant assets - Answers Revenue that results when a plant asset is sold for more than book value. loss on plant assets - Answers The loss that results when a plant asset is sold for less than book value. payroll - Answers list of a business's employees and the payment due to each employee for a specific pay period pay period - Answers amount of time for which an employee is paid payroll clerk - Answers a person who is responsible for preparing the payroll gross earnings - Answers total amount of money earned by an employee in a pay period salary - Answers fixed amount of money paid to an employee for each pay period wage - Answers amount of money paid to an employee at a specificed rate per hour worked time card - Answers record of the time an employee arrives at work each time, the time the employee leaves, and the total number of hours worked each day electronic badge readers - Answers computer technology where each employee's time card has a magnetic strip on which is encoded certain employee information piece rate - Answers amount paid for each piece produced in a factory or manufacturing plant commission - Answers amount paid to an employee based on a percentage of the employee's salary overtime rate - Answers set by the Fair Labor Standards Act, is 1 and 1/2 times the employee's regular rate deduction - Answers the amount that is subtracted from gross earnings exemption - Answers an allowance claimed by a taxperson that reduces the amount of taxes that must be paid payroll register - Answers form that summarizes information about an employees' earnings for each pay period net pay - Answers amount of money left after all deductions are subtracted from gross earnings direct deposit - Answers the employee's net pay is deposited in her or his personal bank account employee's earnings record - Answers where the individual payroll record for each employee is recorded accumulated earnings - Answers each employee's year to date gorss earnings unemployment taxes - Answers based on a percentage of their employees' gross earnings and are collected to provide funds for workers who are temporarily out of work federal tax deposit coupon - Answers (Form 8109) prepared and sent with the check to show the amount of taxes being sent to the federal governement form 941 - Answers the employer's quarterly federal tax return form w-2 - Answers summarizes an employee's earnings and tax deductions for the previous calendar year form w-3 - Answers summarizes the information contained on the employee's form w-2 form 940 - Answers an employer's annual unemployment tax return internal controls - Answers those steps the business takes t