Hi-1011 Chapter 22 & 23 Financial Management/Practice Management

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The Medical Administrative Assistant. Practice for certification exam.

Questions and Answers

1.

Fica was designed only for retirement
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
2.

Payroll records include the employees name, SS#, number of withholding allowances, salary or hourly wage and deductions.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
3.

Tax deductions are determined based on an employee completing a W-2 form.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
4.

A W-2 form is a six part form completed by the employee for tax purposes
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
5.

Quartely returns are due the last day of the month that follows the end of the quarter
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
6.

Payroll should always be done by a professional service
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
7.

Forecasting is looking at the present activity of the business
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
8.

All states have unemployment compensation laws
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
9.

Good planning helps a business grow and stay financially strong
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
10.

Every employee should receive thier own copy of the companies policy and procedure manual with a signature of receipt documented in their employee file
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
11.

Managers should perform all tasks to make sure they are done correctly
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
12.

Sometimes work relationships turn into close friendships. You should stay professional and the know the companies policies on dating and fraternizing with subordinates.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
13.

A manager must be able to effectively communicate in both oral and writtien communication while also possessing good listening skills.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
14.

OSHA requires all employees are trained within the first 30 days of employment
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
False. Any employee that may be at risk of exposure must be trained prior to their start date.

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15.

A charasmatic leader...
- A.
  
  Is fair and hardworking
- B.
  
  Inspires individuals
- C.
  
  Is a relationship builder
- D.
  
  Is effective for reorganization
Correct Answer
B. Inspires individuals
16.

Upon having to interview applicants to "know the details" is to know what the applicant has to offer
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
False. To "know the details" refers to what skills, qualities and abilities are required for the position. What the job responsibilities are. What the salary range is and how soon the position is to be filled.

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17.

Power is the ability to influence individuals to carry out duties as directed.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
18.

The laissez-faire style of management is
- A.
  
  Fair minded
- B.
  
  Demanding
- C.
  
  Easy going
- D.
  
  Asks for staff opinions
Correct Answer
C. Easy going
19.

Legitimate power is based on
- A.
  
  Positive use of power
- B.
  
  Manipulative
- C.
  
  Granted by others to those who lead
- D.
  
  A position or status
Correct Answer
D. A position or status

Explanation
Legitimate power is based on a position or status, like a president.

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Current Version
Mar 22, 2022

Quiz Edited by
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Apr 09, 2012

Quiz Created by
Dhardma1

Hi-1011 Chapter 22 & 23 Financial Management/Practice Management

Fica was designed only for retirement

Payroll records include the employees name, SS#, number of withholding allowances, salary or hourly wage and deductions.

Tax deductions are determined based on an employee completing a W-2 form.

A W-2 form is a six part form completed by the employee for tax purposes

Quartely returns are due the last day of the month that follows the end of the quarter

Payroll should always be done by a professional service

Forecasting is looking at the present activity of the business

All states have unemployment compensation laws

Good planning helps a business grow and stay financially strong

Every employee should receive thier own copy of the companies policy and procedure manual with a signature of receipt documented in their employee file

Managers should perform all tasks to make sure they are done correctly

Sometimes work relationships turn into close friendships. You should stay professional and the know the companies policies on dating and fraternizing with subordinates.

A manager must be able to effectively communicate in both oral and writtien communication while also possessing good listening skills.

OSHA requires all employees are trained within the first 30 days of employment

A charasmatic leader...

Upon having to interview applicants to "know the details" is to know what the applicant has to offer

Power is the ability to influence individuals to carry out duties as directed.

The laissez-faire style of management is

Legitimate power is based on