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Financial Management
| Question | Answer |
|---|---|
| To whom does FICA provide benefits for? | retirees, disabled people, and children of deceased workers |
| FICA requires you to withhold two separate taxes from the wages you earn. Which taxes are withheld under FICA? | Social Security and Medicare |
| What does FICA stand for? | Federal Insurance Contributions Act |
| What term is defined as "money owed to a company by its debtors"? | Accounts Receivable |
| How often do employers pay FUTA (Federal Unemployment Tax Act) taxes? | On a quarterly basis |
| What are Profits (or Net Income)? | total of revenue minus total expenses in a given period |
| What "projects how much money the business will generate by projecting income and expenses, such as sales, cost of goods sold, expenses, and capital"? | Income statements |
| Which of the following insurances will cover you "if you are accused of causing property damage or bodily injury to a third-party; whether through your products or services, or because of your actions or your employees' actions"? | Gneral liability Insurance |
| What insurance covers "employees injured while at work on the job, and gives them coverage for medical benefits and wage replacements"? | Workers Comprensation insurance |
| True or false, the income statement shows whether revenue were sufficient to cover expenses | True |
| What is also known as the "Balance Sheet"? | Statement of financial position |
| What are the 3 different tests that determine whether an employer needs to pay the FUTA tax? | general test, household employees test, and farm workers test |
| An employee of a company should only receive a W-2. If you are an independent contractor or self-employed, the work you do may be the same as an employee, but you will receive an earnings statement on a _________, rather than a W-2. | Form 1099 |
| _________ is Arizona's Medicaid program that is federally-funded, state-funded, and administered by Arizona. This program provides long-term care services, at little to no cost. | ALTCS |
| What reports best summarizes a facility’s financial performance over a thirty day period of time? | income statement |
| The facility's possession to cash within 12 months is called: | Current assests |
| Overtime wages for non exempt employees are payable after how many hours? | 40 hours a week |
| The ________ is the amount Medicaid allows each person to retain each month. | Medicaid allowance |
| Where are FICA withholdings paid into? | Social Security |
| What type of accounting system is it when revenues are recorded when they are earned and expenses when they are incurred, regardless of the time cash transactions take place in? | accurial accounting |
| The report that best summarizes a facility financial performance over a thirty day period of time is the, | Income statement |
| Which of the following forms is completed by the employer to know how much money federal taxes are being withheld from an employee’s paycheck? | W-4 |
| The amount of job related orientation that is required before an employee is allowed to provide unsupervised direct care is. How many hours? | 10 hours |
| What are gross wages? | the total amount of income |
| What is a common insurance option for business owners? | Liability insurance |
| Employers are exempt from guaranteed job protection under FMLA if they have how many employees and radius | less than 50 employees within 75 miles radius |
| What is a summary of revenues and expenses within a specific time frame called? | profit and loss |
| The right of employees is to be free from discrimination in their compensation, which is protected under the | Equal pay act of 1963 |
| Employers are responsible for FICA payroll taxes. What does FICA stand for? | Federal Insurance Contribution Ac |
| Which of the following is a financial report showing a snapshot of what a company owns and owes at a fixed point in time? | Balance Sheet |
| Term for expected income and expenses for a given period in the future? | Budget |
| a form used for employment eligibility verification? | I-9 |
| Representative payee means | social security payments are sent directly to the facility on behalf of the resident |
| The maximum number of hours an employee can work per day is | no limit |
| How much in total are you responsible for both Social Security tax and Medicare tax as an employer with an employee? | Social Security 12.4%, Medicare 2.9% |
| What provides payments of unemployment compensation to workers who have lost their jobs? | FUTA |
| Gross wages are | total amount of income |
| What is revenue known as? | Top Line |
| What is net income known as? | Bottom line and net profit |
| All things owed by the facility are called | Liabilities |
Created by:
Chimdi24
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