chapter 10 payroll setup quiz

True/False

Indicate whether the statement is true or false.

____ 1. Company Contributions are paid to the employee.

____ 2. Most QuickBooks users should prepare payroll manually.

____ 3. QuickBooks gives you the option to have employees accrue sick and vacation time with each paycheck or to receive all their vacation and sick time at the beginning of the year.

____ 4. Employees are identified by their social security number, therefore employees with the same first and last name do not cause a conflict.

____ 5. You can create all of your compensation items using Payroll Setup Interview.

____ 6. QuickBooks automatically creates Payroll Liability and Payroll Expense subaccounts when payroll is activated.

____ 7. You can enter the Year-to-date information for employees and payroll liabilities if you need to set payroll up mid-year.

____ 8. Once an employee is deactivated, you will need to create a new employee entry if the same person returns to the company.

____ 9. Medical Insurance payments are always made through Payroll Liability Payments.

____ 10. Companies that have a Paid Time Off (PTO) policy, can track PTO by setting up vacation or sick time and renaming it as Paid Time Off.

Multiple Choice

Identify the choice that best completes the statement or answers the question.

____ 11. Your company contributes a 50% match to each participating employees 401(k). This is represented by a

a.	Bonus Item.	c.	Addition Item.
b.	Company Contribution Item.	d.	Deduction Item.

____ 12. You can create custom fields to track specific information about

a.	employees.	c.	paychecks.
b.	payroll liabilities.	d.	all of the above.

__A__ 13. When setting up payroll, what should you do first?

a.	Run the Payroll Setup Interview.	c.	Set up Payroll accounts.
b.	Edit Payroll items to modify the vendor information.	d.	Set up Payroll items.

____ 14. In the Payroll Setup Interview you can set up

a.	Medical Insurance Deductions.	c.	Employee defaults.
b.	Custom Fields.	d.	All of the above.

____ 15. To release an employee

a.	check the box next to the Termination field in the Edit Employee window.	c.	enter a release date in the Release Date field.
b.	delete the employee.	d.	all of the above.

____ 16. When would you track medical insurance information through payroll?

a.	The company pays the entire expense for health insurance.	c.	The company does not offer health insurance.
b.	The employee pays the entire expense for health insurance.	d.	Either a or b.

____ 17. How many tax table downloads are available to QuickBooks users who do not subscribe to a payroll service through Intuit?

a.	none	c.	four
b.	one	d.	unlimited

____ 18. Why might you have two 401(k) items?

a.	You need to record both the 401(k) contribution and the taxes withheld from the 40(k) contribution.	c.	The tax code for 401(k) benefits requires that contributions are diversified so that the 401(k) isnt exclusively comprised of company stock.
b.	You need to record both the employee and the company contribution to the 401(k).	d.	Some employees may not be contributing to the 401(k).

____ 19. What are the advantages of setting up Employee Defaults?

a.	Employee Defaults enable you to set up the company and employee 401k contributions at the same time.	c.	Employee Defaults enable companies with many hourly employees to enter their hours each month without entering the timesheet information.
b.	The Employee Defaults feature allows you to define default entries for your Payroll records so that each time you add a new Employee, you dont have to enter the same information each time.	d.	The Employee Defaults feature ensures that you offer the same benefits to all employees by creating a standardized benefits package that cannot be edited.

____ 20. Your company wants to begin offering vacation time to all employees. You need to create the Hourly Vacation and Salary Vacation payroll items. Where can you create this?

a.	From the Payroll Item List	c.	From the Payroll Setup Interview
b.	From the Employee Item List	d.	a and c.

Completion

Complete each statement.

21. Each of your employees should fill out a(n) _W-4______________.

22. Payroll withholdings, company taxes, company contributions are called Payroll __________________.

23. __________________ Items are used to track funds that are included with a paycheck and exclude gross wages.

24. Use the __custom payroll item ______ to setup Payroll items.

25. When setting up payroll for a corporation, you should create an additional Compensation payroll item called __________________.

26. When an employee leaves your company, you should enter their last day of employment in the _Release_date___ field in the Edit Employee window.

27. If you are entering payroll information mid-year you will need to enter the __________________ payroll information.

28. The___Employee contact list___ report displays a list of employees and their contact information.

29. __________________ Items help track funds that are withheld from a paycheck.

30. You can create up to 15 ____custom______________ fields for employees, customers and vendors.

True/False

Indicate whether the statement is true or false.

____ 1. Company Contributions are paid to the employee.

____ 2. Most QuickBooks users should prepare payroll manually.

____ 3. QuickBooks gives you the option to have employees accrue sick and vacation time with each paycheck or to receive all their vacation and sick time at the beginning of the year.

____ 4. Employees are identified by their social security number, therefore employees with the same first and last name do not cause a conflict.

____ 5. You can create all of your compensation items using Payroll Setup Interview.

____ 6. QuickBooks automatically creates Payroll Liability and Payroll Expense subaccounts when payroll is activated.

____ 7. You can enter the Year-to-date information for employees and payroll liabilities if you need to set payroll up mid-year.

____ 8. Once an employee is deactivated, you will need to create a new employee entry if the same person returns to the company.

____ 9. Medical Insurance payments are always made through Payroll Liability Payments.

____ 10. Companies that have a Paid Time Off (PTO) policy, can track PTO by setting up vacation or sick time and renaming it as Paid Time Off.

Multiple Choice

Identify the choice that best completes the statement or answers the question.

____ 11. Your company contributes a 50% match to each participating employees 401(k). This is represented by a

a.	Bonus Item.	c.	Addition Item.
b.	Company Contribution Item.	d.	Deduction Item.

____ 12. You can create custom fields to track specific information about

a.	employees.	c.	paychecks.
b.	payroll liabilities.	d.	all of the above.

__A__ 13. When setting up payroll, what should you do first?

a.	Run the Payroll Setup Interview.	c.	Set up Payroll accounts.
b.	Edit Payroll items to modify the vendor information.	d.	Set up Payroll items.

____ 14. In the Payroll Setup Interview you can set up

a.	Medical Insurance Deductions.	c.	Employee defaults.
b.	Custom Fields.	d.	All of the above.

____ 15. To release an employee

a.	check the box next to the Termination field in the Edit Employee window.	c.	enter a release date in the Release Date field.
b.	delete the employee.	d.	all of the above.

____ 16. When would you track medical insurance information through payroll?

a.	The company pays the entire expense for health insurance.	c.	The company does not offer health insurance.
b.	The employee pays the entire expense for health insurance.	d.	Either a or b.

____ 17. How many tax table downloads are available to QuickBooks users who do not subscribe to a payroll service through Intuit?

a.	none	c.	four
b.	one	d.	unlimited

____ 18. Why might you have two 401(k) items?

a.	You need to record both the 401(k) contribution and the taxes withheld from the 40(k) contribution.	c.	The tax code for 401(k) benefits requires that contributions are diversified so that the 401(k) isnt exclusively comprised of company stock.
b.	You need to record both the employee and the company contribution to the 401(k).	d.	Some employees may not be contributing to the 401(k).

____ 19. What are the advantages of setting up Employee Defaults?

a.	Employee Defaults enable you to set up the company and employee 401k contributions at the same time.	c.	Employee Defaults enable companies with many hourly employees to enter their hours each month without entering the timesheet information.
b.	The Employee Defaults feature allows you to define default entries for your Payroll records so that each time you add a new Employee, you dont have to enter the same information each time.	d.	The Employee Defaults feature ensures that you offer the same benefits to all employees by creating a standardized benefits package that cannot be edited.

____ 20. Your company wants to begin offering vacation time to all employees. You need to create the Hourly Vacation and Salary Vacation payroll items. Where can you create this?

a.	From the Payroll Item List	c.	From the Payroll Setup Interview
b.	From the Employee Item List	d.	a and c.

Completion

Complete each statement.

21. Each of your employees should fill out a(n) _W-4______________.

22. Payroll withholdings, company taxes, company contributions are called Payroll __________________.

23. __________________ Items are used to track funds that are included with a paycheck and exclude gross wages.

24. Use the __custom payroll item ______ to setup Payroll items.

25. When setting up payroll for a corporation, you should create an additional Compensation payroll item called __________________.

26. When an employee leaves your company, you should enter their last day of employment in the _Release_date___ field in the Edit Employee window.

27. If you are entering payroll information mid-year you will need to enter the __________________ payroll information.

28. The___Employee contact list___ report displays a list of employees and their contact information.

29. __________________ Items help track funds that are withheld from a paycheck.

30. You can create up to 15 ____custom______________ fields for employees, customers and vendors.

QuickBooks 2015 Payroll Setup True/False Indicate whether the statement is true or false. ____ 1. Company Contributions are paid to the employee. ____ 2. Most QuickBooks users should prepare payroll manually. ____ 3. QuickBooks gives you the option to have employees accrue sick and vacation time with each paycheck or to receive all their vacation and sick time at the beginning of the year. ____ 4. Employees are identified by their social security number, therefore employees with the same first and last name do not cause a conflict. ____ 5. ____ 6. QuickBooks automatically creates Payroll Liability and Payroll Expense subaccounts when payroll is activated. ____ 7. You can enter the Year-to-date information for employees and payroll liabilities if you need to set payroll up mid-year. ____ 8. Once an employee is deactivated, you will need to create a new employee entry if the same person returns to the company. ____ 9. ____ 10. Companies that have a Paid Time Off (PTO) policy, can track PTO by setting up vacation or sick time and renaming it as Paid Time Off. You can create all of your compensation items using Payroll Setup Interview. Medical Insurance payments are always made through Payroll Liability Payments. Multiple Choice Identify the choice that best completes the statement or answers the question. ____ ____ __A__ ____ ____ 11. Your company contributes a 50% match to each participating employees 401(k). This is represented by a a. Bonus Item. c. Addition Item. b. Company Contribution Item. d. Deduction Item. 12. You can create custom fields to track specific information about a. employees. c. paychecks. b. payroll liabilities. d. all of the above. 13. When setting up payroll, what should you do first? a. Run the Payroll Setup Interview. c. Set up Payroll accounts. b. Edit Payroll items to modify the vendor d. Set up Payroll items. information. 14. In the Payroll Setup Interview you can set up a. Medical Insurance Deductions. c. Employee defaults. b. Custom Fields. d. All of the above. 15. To release an employee a. check the box next to the Termination c. enter a release date in the Release Date field in the Edit Employee window. field. b. delete the employee. d. all of the above. ____ ____ ____ ____ ____ 16. When would you track medical insurance information through payroll? a. The company pays the entire expense for c. The company does not offer health health insurance. insurance. b. The employee pays the entire expense for d. Either a or b. health insurance. 17. How many tax table downloads are available to QuickBooks users who do not subscribe to a payroll service through Intuit? a. none c. four b. one d. unlimited 18. Why might you have two 401(k) items? a. You need to record both the 401(k) c. The tax code for 401(k) benefits requires contribution and the taxes withheld from that contributions are diversified so that the 40(k) contribution. the 401(k) isn't exclusively comprised of company stock. b. You need to record both the employee and d. Some employees may not be contributing the company contribution to the 401(k). to the 401(k). 19. What are the advantages of setting up Employee Defaults? a. Employee Defaults enable you to set up c. Employee Defaults enable companies with the company and employee 401k many hourly employees to enter their contributions at the same time. hours each month without entering the timesheet information. b. The Employee Defaults feature allows you d. The Employee Defaults feature ensures to define default entries for your Payroll that you offer the same benefits to all records so that each time you add a new employees by creating a standardized Employee, you don't have to enter the benefits package that cannot be edited. same information each time. 20. Your company wants to begin offering vacation time to all employees. You need to create the Hourly Vacation and Salary Vacation payroll items. Where can you create this? a. From the Payroll Item List c. From the Payroll Setup Interview b. From the Employee Item List d. a and c. Completion Complete each statement. 21. Each of your employees should fill out a(n) _W-4______________. 22. Payroll withholdings, company taxes, company contributions are called Payroll __________________. 23. __________________ Items are used to track funds that are included with a paycheck and exclude gross wages. 24. Use the __custom payroll item ______ to setup Payroll items. 25. When setting up payroll for a corporation, you should create an additional Compensation payroll item called __________________. 26. When an employee leaves your company, you should enter their last day of employment in the _Release_date___ field in the Edit Employee window. 27. If you are entering payroll information mid-year you will need to enter the __________________ payroll information. 28. The___Employee contact list___ report displays a list of employees and their contact information. 29. __________________ Items help track funds that are withheld from a paycheck. 30. You can create up to 15 ____custom______________ fields for employees, customers and vendors