Submitted by: Submitted by applepie123
Views: 152
Words: 852
Pages: 4
Category: Business and Industry
Date Submitted: 03/15/2014 01:22 PM
1. An employee earns $ 2,000 for one month’s payroll (paid monthly). What will be the amount withheld from the employee as the employee’s Canada Pension contribution for that pay? (round to nearest .01)
a) $ 84.56.
b) $ 99.00.
c) $ 169.12.
d) $ 198.00.
2. An employee earns $ 800 for one week’s payroll (paid weekly). Assuming that the income tax on this amount is $ 100 and that only statutory deductions apply, what will be the net pay that the employee is paid for the week? (round to nearest .01)
a) $ 646.16.
b) $ 648.69.
c) $ 649.49.
d) $ 685.76.
3. Using only the information in question 2 above, what is the total expense for the business for this payroll? (round to nearest .01)
a) $ 51.31.
b) $ 57.33.
c) $ 721.06.
d) $ 857.33.
e) $ 872.37.
4. Using only the information in question 2 above, what will be the total amount remitted to the Receiver General for payroll related amounts for this payroll (round to nearest .01)?
a) $ 51.31.
b) $ 57.33.
c) $ 151.31.
d) $ 157.33.
e) $ 208.64.
5. In designing and using a chart of accounts, which of the following statements is not true?
a) the chart should be prepared with accounts in order that group current asset accounts separate from non-current asset accounts.
b) normally the accounts are listed in groupings that reflect the groups on specific financial statements (all assets together, all liabilities together, etc.).
c) all businesses will have retained earnings accounts to account for net earnings (net income minus net losses) since the commencement of the business that have not been distributed to the owners.
6. In value chain analysis, what is the activity of receiving and storing products from suppliers called?
a) outbound logistics.
b) inbound logistics.
c) shipping.
d) delivery.
7. An access-based strategic position involves?
a) trying to...