Question 1

SIP full form is

Accepted Answer

SIP is Systematic Investment Plan.

Question 2

The interest-rate effect suggests that

Accepted Answer

The interest-rate effect suggests that an increase in the price level will increase the demand for money, increase interest rates, and decrease consumption and investment spending.

Question 3

A decline in the real interest rate will

Accepted Answer

The real interest rate is the percentage increase in purchasing power that the lender receives on a loan. A decline in the real interest rate will increase the amount of investment spending.

Question 4

Public policy tools involve a combination of

Accepted Answer

penalties & incentives

Question 5

The internal rate of return is defined as the

Accepted Answer

The Internal Rate of Return (IRR) is defined as the measure of an investment’s rate of return It is also called the discounted cash flow rate of return

Question 6

Which of the following most impacts your credit score?

Accepted Answer

Paying off your credit card bill most impacts your credit score.

Question 7

Smart money is a term used for

Accepted Answer

Smart money is a term used for credit card.

Question 8

On what basis currency value depends?

Accepted Answer

In economy, the currency value depends on imports and exports, inflation, employment, interest rates, growth rate, trade deficit, performance of equity markets, foreign exchange reserves, macroeconomic policies, foreign investment inflows, banking capital, commodity prices.

Question 9

A budget is best described as

Accepted Answer

A Budget is a financial plan of expected cash inflows and outflows that a business generates. It is generally a long-term statement involving ammual updates. It is best described as A formal statement of a company's future plans usually expressed in monetary terms.

Question 10

State Bank of India recently launched 'SBI Exclusif'. It is a ____ product.

Accepted Answer

Wealth Management

Question 11

Loan and Advances of a bank come under the category of______________.

Accepted Answer

Assets

Question 12

What Payroll Forms Are You Familiar With?

Accepted Answer

Payroll administrators must understand the function and proper usage of various payroll forms Forms related to payroll include personal data forms, overtime or absence approval forms, expense reimbursement forms and time sheets

Question 13

How Would You Handle an Employee Who Fails to Report Time Records Before the Payroll Deadline?

Accepted Answer

Employees who do not complete their required payroll forms make the payroll administrator's job more challenging Asking this question allows the applicant to explain how she would handle this to ensure the worker still gets paid

Question 14

What Is Your Experience with Computerized Payroll Systems or Software?

Accepted Answer

Payroll systems accurately maintain data related to payroll processing Familiarity with formal payroll systems and computerized software ensure the candidate has experience with current payroll technology

Question 15

Can You Describe Typical IRS Forms Such as Form W-2 and W-4?

Accepted Answer

Payroll administrators process payroll tax information IRS forms W-2 and W-4 provide employers with the information needed to withhold income taxes from employees' wages Familiarity with these forms ensure the candidate understands how to properly prepare these documents

Question 16

What are the benefits achieved by computerized payroll system?

Accepted Answer

With the computerised payroll systems - =>You saved a lot of your time, =>Your accuracy and efficiency is increased by many times =>Your are free from small and small human mistakes in calculation and linking etc =>Once master data is updated(CTC,Reimbursement), rest is taken care by the systems once input is given as and when salary is processed =>Better control is exercised

Question 17

How to define payroll?

Accepted Answer

Payroll is defined as its a remuneration given for work done by individuals on daily,monthly,weekly etc

Question 18

Who is contingent worker? can we run payroll for a contingent worker?

Accepted Answer

Contingent or temporary workers have little or no job security as their employment is based on a temporary Contingent workers are not committed to the organization for a long run, as they know that they will be out of there in very short period of time

Question 19

What report are provided to accounting dept. from payroll every month? What reports are generate at end month, qtr & year end in payroll dept?

Accepted Answer

For making accounting entries the accounting dept will need the total transactions of the particular payroll run grouped into various expenditure/liability/Income items like salary,loans,ees pension,ers pension,tax, PF/NI etc This information should be employee wise & relevant cost center of the employee(in a large organisation) Mostly payroll will have expenses/liabilities only Few payrolls might have Income also To be specific to the reports bit of your question following reports are produced 1) Net pay reconciliations report 2) Deductions report comprising all voluntary and non voluntary deductions 3) Payments report 4) Costing report 5) Exceptions report 6) High pay salary report 7) No pay salary report

Question 20

What are Payroll source documents?

Accepted Answer

The Payroll source documents are the employee Time Sheets (or equivalent) that record when the employee worked and generally what they did These records are subject to audit by the Labor Department, EEOC and probably others that I haven't encountered These should be bound into a Payroll Source Document folder However, there are other employee documents that need to be retained, eg, their original employment application, employee reviews (if you do them),that record their federal/state tax exemption choices,reporting their annual wages and withholdings, etc These can be filed in separate Employee files (by employee name or number) -- or simply integrated into the Payroll Source Document folders (in the week in which they occur) I very much favor the latter -- especially if you're doing computer accounting -- in keeping with my "always file chronological" bias

Accounting and Finance Questions