Unit Test — Unit test Answers

If total employee benefits are calculated as a percentage of their gross pay, which of the following employees receives the largest percentage of their gross pay in employee benefits?

Richard’s checkbook register as of 02/19:Check #DateDescription of TransactionPayment/Debit (-)Fee (-)Deposit/Credit (+)Balance 02/03Deposit $900.00$900.00 02/05Deposit - Paycheck $390.36$1,290.3620102/05Blue Sky Apartments$455.00 $835.3620202/07Renter’s Insurance$125.40 $709.9620302/18Online Clothing Purchase$155.44 $554.52 02/19 Deposit - Paycheck $390.36$944.88 Enter the following transactions into Richard’s checkbook register and state his ending balance:DateTypeDescriptionAmount03/01Check #204Blue Sky Apartments$455.0003/05DEPPayroll automatic deposit$390.3603/08DebitBenny’s Hamburgers and Fries$9.2003/15Check #205Car payment$251.5903/19DEPPayroll automatic deposit$390.36

Leroy's total job benefits were $50,150 last year. His total job expenses for traveling and for professional development for the year were $3,500. Which of the following represents his total employment compensation?

Roberta's monthly bank statement says that she has a balance of 386.29, but Roberta's check register says that her balance is 370.77. Which of the following are still outstanding?I. A $78.17 check to the electric companyII. A $16.15 deposit from Roberta's roommateIII. A $22.67 check to the grocery storeIV. A $62.65 deposit from Roberta's tax return

Faye’s bank charges her a $2.25 service fee every time she uses an out-of-network ATM. If Faye uses an out-of-network ATM twice a week, how much money does she pay in service fees every year?

Martha earned a gross pay of $1,215.60 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social security tax deducted from Martha’s gross pay.

Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Mario has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Mario would have $13 more in his take home pay. How many withholding allowances does Mario currently claim?

Manny has just filled out his deposit ticket for his savings account. He hands it to the teller and the teller hands it back to Manny. The teller explains to Manny that the deposit ticket cannot be accepted in its current form. What must Manny do to the deposit ticket in order for the teller to process the deposit ticket?

Having a savings account can contribute to a person’s overall financial well-being. Which one of the following is NOT a benefit of maintaining a savings account?

Sue’s bank account has a balance of $899.83 before she starts spending money. She makes the following transactions:TransactionCost ($)Rent353.76Video game32.79Bike maintenance60.26Jacket55.62Rug80.40Night out35.77Sue is considering splitting the cost of a new TV with her roommate. Her share would be $305.22. Can Sue afford this?

A statement of an employee's biweekly earnings is given below. EarningsDeductions Week Ended Regular FED. SOC. MED STATEWITH. WITH. CARE. WITH.NET PAY9/10$_____ $98.00 $52.88 $12.37 $22.54$667.17What is the employee's gross pay?

Anna has $274.00 in her account on Sunday. Over the next week, she makes the following changes to her balance via deposits and purchases: Day Debit ($) Credit ($) Monday 194.62 35.45 Tuesday --- 11.20 Wednesday 145.86 24.75 Thursday 53.35 33.80 Friday 31.60 45.77 Saturday 12.90 61.63 Anna gets an overdraft fee if her balance at the end of the day is negative. On which day or days does Anna get charged an overdraft fee? I. Wednesday II. Thursday III. Friday

Which of the following items are elements of a monthly checking account statement?I. A period (beginning date and ending date)II. A beginning balance and ending balance.III. A detailed list of debits and credits during the period.

Consider the following incomplete deposit ticket where "X" represents an unknown number: How much did Kay deposit in cash and coins?

What does PIN stand for?

Nika earns a gross pay of $73,000. Her total employee benefits are 22% of her gross pay and she has no job expenses. If Nika gets an increase in pay of $5,000, what will her total employment compensation be? (Note: Employee benefits are based on Nika's original gross pay.)

Ronald is trying to reconstruct his spending pattern from May. He knows that he had $315 in his account on May 1, but after that, his receipts and balance statements are all scrambled. Here are Ronald’s records:DateTransaction TypeAmount ($)5/25Purchase665/18Purchase905/30Purchase1885/24Deposit1515/22Purchase1525/8Deposit1045/3Purchase1755/6Purchase82Assuming that this is a complete, if scrambled, record of Ronald’s May spending and that any overdraft fees incurred do not affect the running total, how many times did Ronald overdraw his account in May?

Marilyn has a biweekly gross pay of $810 and claims 3 federal withholding allowances. Marilyn has all of the following deductions from her gross pay: federal tax from the following table Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay state tax that is 21% of her federal tax Determine how Marilyn’s net pay will be affected if she increases her federal withholding allowances from 3 to 4. a. Her net pay will increase by $15.00. b. Her net

Liam uses checks and a debit card, but does not always write all the transactions in his checkbook register. He has lost track of his checkbook balance. Liam looks up the “available balance” using online banking, and writes it on the next line as his new checkbook balance available to spend. What is wrong with Liam’s method?

Which of the following is always a true statement?