Essential Book Keeping - Qp11

10 Questions | Total Attempts: 31

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Essential Book Keeping - Qp11

Questions and Answers
  • 1. 
    Writing cheques and recording information on the counterfoil is historically referred to as nominal items.
    • A. 

      True

    • B. 

      False

  • 2. 
    When companies deal with each other on a credit basis there is no need to issue a receipt, as a range of other documents are used to detail movements of goods and funds between the two trading companies.
    • A. 

      True

    • B. 

      False

  • 3. 
    Every individual is entitled to earn an amount of money before paying any tax. This is known as your personal allowance.
    • A. 

      True

    • B. 

      False

  • 4. 
    If an individual has an Annual salary of £26,000  Tax rate is 25% Tax Allowance is £8,000 the net pay is ______
    • A. 

      1591.67

    • B. 

      1691.67

    • C. 

      1791.67

    • D. 

      1891.67

  • 5. 
    In the case of a salaried individual, no calculations need to be carried out to determine pay as the amount paid is the same each month.
    • A. 

      True

    • B. 

      False

  • 6. 
    Any individual who earns under the basic minimum level for national insurance in a week, has to pay a national insurance contribution.
    • A. 

      True

    • B. 

      False

  • 7. 
    Overtime is payment for working extra hours over and above the normal level.
    • A. 

      True

    • B. 

      False

  • 8. 
    The Data Protection Act details some key principals that should help in formulating that policy which includes: (Select four)
    • A. 

      All information held must be obtained and processed lawfully and fairly.

    • B. 

      Personal data can be held only for lawful purposes that have been specified.

    • C. 

      Data held for a purpose can only be used or disclosed for that purpose.

    • D. 

      Data must be excessive or irrelevant for the purpose for which it is held.

    • E. 

      Data must be accurate and up to date.

    • F. 

      Data should be kept longer than is necessary.

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