1) Every time payroll rates are changed by government legislation (example EI, CPP or Income Tax rates), the sage 50 accounting user:

a) must purchase a complete new version of the software

b) can be longer use the software for any modules until the PAYROLL module has been update

c) must resort to manual payroll preparation until they are ready to buy a new version of the software

d) most update the Payroll module of their existing release/version

2) Which or the following is true? An advance of salary/wages is:

a) offered at the discreation of the employer to employees who meet managment guidelines

b) a government legislated requirement for businesses to provide to employees

c) the opposite of a "release" of pay

d) is subject to CPP contributions, E.I premiums but not income taxes

3) The term "retain vacation" in the "employee and payroll" module of Sage 50 refers to:

a) accured pay paid between payroll dates to terminated employees

b) an option to keep accumulated vacation pay until the employee makes a written request to receive the vacation pay

c) an option to release vacation pay with each paycheque

d) an option to release vacation pay accumulated from prior periods

4) Regarding payroll, which of the following statments is false?

a) a TD1 form is prepared by employees to calculate their basic income exception

b) NET PAY is the amount of pay the employee takes home (amount on the cheque given to the employee)

c) a T4 slip is prepared by the employer and given to the employee by the last day of february stating employee earnings and deductions

d) sage 50 accounting usees the letters "WCC" to refer to the workers safety insurance board (WSIB)

5) Vacation pay owed is always equal to the amount paid in the previous year

a) True

b) False

6) Federal Claim on the TD1 is the amount the employee is allowed to earn Tax Free

a) true

b) false