Question
Instructions : In the Answers column, place the letter from the list below that identifies the term that best matches the statement. No letter should
Instructions:In the Answers column, place the letter from the list below that identifies the term that best matches the statement. No letter should be used more than once.
a.Payroll functionh.Hourly-rate plano.Federal Insurance
b.Payroll recordi.Indirect laborContribution Act
c.Defined contribution plansj.Federal Unemploymentp.Piece-rate plan
d.Direct laborTax Actq.Magnetic card reader
e.Employee earningsk.Defined benefit plansr.Payroll taxes
recordl.Non-contributory planss.Bonuses, vacations,
f.Contributory plansm.Modified wage planand holiday pay
g.Bar codesn.Shift premiumt.Timekeeping
function
Answers
_____1.This is the labor charged to the product by a debit to the work-in-process account.
_____2.This consists of all other types of labor used in the manufacturing process and is charged to the factory overhead account.
_____3.This is a widely accepted wage plan that is simpler to use than other plans.
_____4.Under this type of wage plan, earnings are based on the workers quantity of production.
_____5.An example of this type of plan would be a set minimum wage plus an additional payment per piece if the established quota is exceeded.
_____6.The responsibilities of this area include determining the number of hours that the company should pay for the type of work the employees performed.
_____7.This area is assigned the responsibility of computing each employees gross earnings, the amount of withholding, and the net pay.
_____8.These are pension plans whose retirement benefit payments are based on the performance of the investment vehicles chosen by the employees.
_____9.This becomes the mechanism by which timekeeping data is transferred to a remote computer terminal.
_____10.Even though these are received at specific times during the year, their costs are accrued throughout the year.
_____11.This is a summary listing of employees earnings for a payroll period and includes such items as FICA taxable earnings, deductions, and net amount paid.
_____12.This is a record of the cumulative earnings of each employee.
_____13.These are symbols that can be processed electronically to identify numbers,letters, or special characters.
_____14.These are pension plans that require a partial contribution by the employees.
_____15.These are imposed on employers and include social security tax and federal and state unemployment taxes.
_____16.It requires employers to pay social security taxes on wages and salaries equal to the amount withheld from employee earnings.
_____17.This requires employers to pay an established rate of tax on wages and salaries to provide for compensation to employees if they should be laid off from their regular jobs.
_____18.This usually is added to the regular rate of pay for employees who do not work a normal day shift.
_____19.These are pension plans that specify the amount of benefits that an employee will receive based on earnings and length of service.
_____20.These are pension plans that are completely funded by the company.
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