CPP Practice Exam 8

A meeting should conclude by summarizing and outlining the next steps because this allows all participants to have a clear understanding of what needs to be done after the meeting. It helps ensure that everyone is on the same page and can start working towards the agreed-upon goals. Additionally, summarizing and outlining next steps helps to wrap up the meeting in a productive and efficient manner.

A network is a system in which computers and terminals are linked together. This means that multiple devices, such as computers, laptops, and terminals, are connected to each other through a network infrastructure, allowing them to communicate and share resources. This enables users to access and share information, files, and services across the network, enhancing collaboration and productivity.

The Social Security Administration's Social Security Number Verification System (SSNVS) allows employers to verify the accuracy of employee's Social Security numbers. This system helps employers ensure that the Social Security numbers provided by their employees are valid and match the information on record with the Social Security Administration. This verification process helps prevent identity theft and ensures that employers have accurate information for tax and employment purposes.

Employee self-service refers to the ability of employees to access and update their personal information within the payroll or HR system. This allows employees to make changes to certain data, such as updating their contact information or viewing their pay stubs, without having to rely on HR or payroll personnel. It empowers employees to take control of their own information and reduces the administrative burden on HR and payroll departments.

A U.S. Passport is considered a valid document for both proving identity and right to work for Form I-9 verification purposes. This is because a U.S. Passport is a government-issued document that verifies the individual's identity and citizenship. It serves as proof that the individual is legally allowed to work in the United States.

The balance of $438.40 in the LTD general ledger liability account represents the amounts that have been deducted from employees' paychecks for long-term disability insurance but have not yet been paid to the insurance company. This indicates that the deductions have been made from the employees' salaries, but the payment to the insurance company has not been made yet.

Developing a plan of action is the first step in goal-setting because it involves analyzing the current situation, identifying the desired outcome, and determining the specific steps and strategies needed to achieve the goal. This step helps to clarify objectives, establish priorities, and create a roadmap for success. It sets the foundation for effective goal-setting by providing a clear direction and guiding the decision-making process. Asking other department managers for copies of their written plans, obtaining salary history, and reviewing performance appraisals may be relevant in certain contexts but are not directly related to the initial step of developing a plan of action.

Under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), individuals who voluntarily separate from employment are allowed to continue paying for their medical insurance at cost plus 2%. COBRA provides temporary continuation of group health coverage that would otherwise be terminated. This allows individuals to maintain their health insurance coverage even after leaving their job.

The journal entry represents the payment of state unemployment tax to one or more states. This is indicated by the debit to State Unemployment Tax Payable, which represents the liability for the tax, and the credit to Cash, which represents the payment made.

In the context of a systems conversion, "mapping" refers to the process of matching data from one system to the data of another. This involves identifying equivalent data fields in both systems and ensuring that the data is accurately transferred and integrated during the conversion process. Mapping helps to ensure that the data from the old system can be effectively and correctly utilized in the new system, minimizing any potential data loss or inconsistencies.

A statutory employee's wages are likely to be subject to FUTA. FUTA stands for Federal Unemployment Tax Act, which requires employers to pay unemployment taxes on behalf of their employees. Statutory employees are individuals who are treated as employees for tax purposes, even though they may be independent contractors under common law rules. Therefore, their wages are subject to FUTA taxes.

Business continuity refers to a plan that outlines how a company will continue its operations in the event of a major disaster. It involves strategies and procedures that ensure the organization can continue to function and provide essential services to its customers. This plan typically includes measures such as backup systems, alternate work locations, and communication protocols to minimize the impact of a disaster on the company's operations.

Workforce Management refers to the management of employee business functions. This includes tasks such as scheduling, time tracking, attendance management, and resource allocation. It involves ensuring that the right employees are in the right place at the right time to meet business needs and optimize productivity. Workforce Management also involves forecasting and planning for future staffing requirements, as well as monitoring and analyzing employee performance and productivity.

The prize is subject to FIT, FITW, FICA, and FUTA because it is paid from the sales manager's petty cash account and is not considered a de minimis gift or a gift of detached generosity.

Recruiting tests would not be included in the system testing stage of an implementation because they are not related to the functionality, performance, or reliability of the system being tested. System testing focuses on evaluating the system as a whole to ensure that it meets the specified requirements and functions correctly under normal and expected conditions. Recruiting tests, on the other hand, are used for assessing the skills and qualifications of potential candidates for job positions and are not directly related to the system being implemented.

Country club dues do not represent a deductible business expense because they are considered personal expenses and not directly related to the operation of a business. Deductible business expenses are expenses that are necessary and ordinary for carrying out business activities, such as lodging while on business travel, dry cleaning charges while out of town on business, and expenses directly related to a business meeting.

The correct form to be completed by an individual who is eligible for and wishes to receive advance payment of the earned income credit is the W-5. This form is specifically designed for individuals who want to receive advance payments of the earned income credit throughout the year instead of waiting until they file their tax return. It allows them to estimate their eligibility and receive the credit in advance, which can help with financial planning and budgeting.

The wages of a child under age 18 employed by a parent are likely to be exempt from FICA because the parent-child employment relationship is not subject to FICA taxes. FICA taxes are typically applied to wages earned by employees to fund Social Security and Medicare programs. However, there are exemptions for certain family employment situations, such as a child working for a parent. Therefore, it is likely that the wages of a child under age 18 employed by a parent would be exempt from FICA taxes.

Tipped employees must receive 100% of the federal minimum wage as their effective minimum hourly rate. This means that if their tips do not add up to meet the federal minimum wage, the employer must make up the difference.

To reconcile a payroll withholding account, it is important to identify which payees (tax agencies) have unpaid or overpaid tax amounts and determine the exact amount for each. This step allows for the identification and resolution of any discrepancies or errors in the tax payments made. By comparing the amounts owed or overpaid to the records and ensuring they match, the payroll withholding account can be accurately reconciled.

One advantage of client/server technology for payroll is that programs and databases do not need to be stored on the mainframe. This allows for more flexibility in storing and accessing data, as well as reducing the reliance on a single mainframe system. It also allows for easier scalability and the ability to distribute processing across multiple servers, improving performance and efficiency.

Large food and beverage establishments with monthly deposit obligations of more than $100,000 must submit form 8027 annually.

The correct answer is "Focus on customer satisfaction". This is a key concept in total quality management because it emphasizes the importance of meeting the needs and expectations of the customer. By focusing on customer satisfaction, organizations can ensure that they are delivering high-quality products and services that meet customer requirements. This concept also encourages continuous improvement and the involvement of all employees in understanding and meeting customer needs.

If an employer pays its state unemployment contributions after the due date of the Form 940, its FUTA credit is reduced by 10.0%.

A U.S. citizen working for a foreign employer outside the United States is subject to federal income tax withholding only. This means that they are still required to have federal income tax withheld from their wages, even though they are not working for a U.S. employer or physically present in the United States. They are not subject to Social Security, Medicare, or FUTA taxes in this scenario.