FPC EXAM PREP TEST QUESTIONS WITH COMPLETE SOLUTIONS
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Course
FPC
Institution
FPC
FPC EXAM PREP TEST QUESTIONS WITH COMPLETE SOLUTIONS
Federal Rounding rule - Answer-less than $.50 round down; round up for $.50 or more
Direct Deposit - Answer-the electronic transfer of an employees net pay to a financial institution of their choice
CHROME - Answer-Child Labor
Hours Work...
Interface - Answer-the point where two distinct data-processing elements meet
Real Time Processing - Answer-data entered in the system updates records and
immediately returns the results
Simple Simon Marries Tooth Fairy - Answer-Saturday, Sunday Monday or Tuesday >
deposit Friday
Weird Thomas Freezes Worms - Answer-Wed, Thurs or Fri > deposit Wednesday
ADA - Answer-Americans with Disabilities Act
ADEA - Answer-Age Discrimination in Employment Act
After-tax deduction - Answer-A deduction from an employee's pay that does not reduce
the employee's taxable wages. It is taken out only after all applicable taxes and other
deductions have been withheld (e.g., union dues, garnishments, charitable
contributions).
, Escheat - Answer-In the context of payroll, the turning over of unclaimed wages to the
state after a period of time determined by state law.
Fluctuating workweek - Answer-An arrangement between an employer and a
nonexempt employee to pay the employee a fixed weekly salary even though the
employee's hours may vary from week to week.
FPC - Answer-Fundamentals of Payroll Certification
Validity Checks - Answer-Shows whether or not data entered meets the requirements
set forth by a company
White Collar Employees - Answer-In the context of the Federal Wage-Hour Law,
executive, administrative, professional (including computer-related professionals), or
outside sales employees who are exempt from the law's minimum wage, overtime pay,
and certain record-keeping requirements.
Worker Classification - Answer-The process of determining whether an individual
performing services for a business is either an employee or an independent contractor
Working Condition Fringe - Answer-Benefits provided to an employee that are required
for the employee's job. These benefits are not taxable.
De minimis fringe benefit - Answer-An item provided infrequently by an employer to an
employee that is of small value. De minimis fringe benefits are never cash or cash
equivalents.
Constructive Receipt - Answer-An IRS rule that considers wages to be received by an
employee when the employee has access to the wages without substantial limitation or
restriction
Batch Processing - Answer-Processing data as a group, either to increase controls or
processing efficiency
Common Law Test - Answer-A test that measures the right to control and direction that
an employer has the authority to exercise over a worker. Where the employer has the
right to direct the worker as to how, where, and when the work will be completed, in
addition to controlling the result of the work, the worker is a common law employee
Discretionary Bonus - Answer-Bonus paid for services performed. In order to be
considered discretionary, the bonus cannot be paid because of a promise made in
advance, a contract, or another agreement.
GTL - Answer-Group-term life insurance
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