HR Management and Immigration Reform

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Questions and Answers

Which one of the following is the correct definition of the accounting equation?

Assets plus Liabilities equals Owner's Equity (correct)

Assets minus Liabilities equals Owner's Equity

Assets plus Owner's Equity equals Liabilities

Assets minus Owner's Equity equals Liabilities

What does the term 'accounts payable' refer to?

Income earned during an accounting period but not yet received

An unwritten promise to pay creditors for property purchased on credit (correct)

An unwritten promise by a customer to pay for goods sold

An expense incurred in operating a business but not yet paid

What does the term 'amortization' mean?

Recording applicable expenses, whether paid or not, and income earned, whether collected or not

The average time required to collect receivables

The paying off of a debt in regular installments over a period of time (correct)

The average time required to sell inventory

Which one of the following is a definition of 'break-even analysis' based on the text?

The point at which total sales revenue equals total operating costs Signup and view all the answers

Which one of the following is a definition of 'cash flow' based on the text?

The amount of cash a company generates and uses during a period Signup and view all the answers

Which one of the following is a definition of 'corporation' based on the text?

An entity that has a distinct existence separate and apart from the existence of its individual members Signup and view all the answers

Which one of the following is a definition of 'current ratio' based on the text?

Current assets divided by current liabilities Signup and view all the answers

Which federal legislation created the governmental agency responsible for regulating and enforcing safety and health matters for most United States employees?

Occupational Safety and Health Act (OSHA) Signup and view all the answers

What is the term for a line of credit that may be used over and over again up to a certain borrowing limit?

Open-end Credit (revolving account) Signup and view all the answers

What are costs related to marketing and selling a firm’s product or service, general and administrative expenses, and depreciation called?

Operating expense (overhead expense) Signup and view all the answers

What is the term for a comparison of profit and expense items in the income statement expressed as a percentage of sales income, which can be compared to industry standards to measure the possible growth of a business?

Ratio analysis Signup and view all the answers

Which one of these is the definition of job analysis?

The process of determining the critical components of a job for purposes of selecting, training, and rewarding personnel Signup and view all the answers

Which one of these is the definition of net income?

The difference between gross profit and expenses when gross profit is larger Signup and view all the answers

Which one of these is the definition of liquidation value approach?

The anticipated value of an asset that would be realized in case of liquidation of the business Signup and view all the answers

Which one of these is the definition of independent contractor?

A person who agrees to perform a service for a fee and is not subject to the control of those for whom the service is performed Signup and view all the answers

Which of the following is the correct definition of depreciation?

The loss in value of a fixed asset due to wear and tear and the passage of time Signup and view all the answers

Which of the following is the correct definition of earnings before interest, taxation, depreciation, and amortization (EBITDA)?

A firm's profits after subtracting cost of goods sold and cash operating expenses, but before subtracting interest expense, taxes, depreciation, and amortization Signup and view all the answers

Which of the following is the correct definition of equal employment opportunity?

Federal legislation designed to eliminate employment discrimination based on race, color, religion, sex, or national origin Signup and view all the answers

Which of the following is the correct definition of fixed expenses?

A cost that, for a given period of time and range of activity, called the relevant range, does not change in total, but becomes progressively smaller on a per unit basis as volume increases Signup and view all the answers

Which one of the following statements is true about variable expenses?

Variable expenses are costs that fluctuate in direct proportion to changes in total activity or volume. Signup and view all the answers

Which one of the following definitions best describes the term 'useful life'?

Useful life refers to the estimated lifespan of a fixed asset. Signup and view all the answers

Which one of the following statements accurately describes the purpose of the W-2 form?

The W-2 form is a report furnished by the employer for each employee indicating gross earnings and deductions. Signup and view all the answers

Study Notes

Accounting Principles

Accounting Equation: Assets = Liabilities + Equity; foundational concept in accounting.
Accounts Payable: Represents money owed by a company to its creditors for purchases made on credit.
Amortization: The gradual reduction of a debt or the gradual write-off of an intangible asset over time.
Break-even Analysis: A financial assessment to determine when a business will be able to cover its expenses and become profitable.
Cash Flow: The total amount of money being transferred into and out of a business, crucial for operational sustainability.
Corporation: A legal entity that is separate and distinct from its owners, providing limited liability protection.
Current Ratio: A financial metric used to evaluate a company’s ability to pay short-term obligations, calculated as current assets divided by current liabilities.

Regulation and Finance

Federal Legislation: Occupational Safety and Health Act created OSHA, responsible for enforcing safety and health regulations for U.S. employees.
Revolving Line of Credit: A flexible loan option allowing borrowing, repayments, and re-borrowing up to a specified limit.
Selling, General and Administrative Expenses: Costs associated with marketing and selling products, management, and depreciation.
Percentage of Sales Analysis: A comparative method for analyzing profit and expense items as percentages of sales, aiding growth assessment.

Employment and Financial Terms

Job Analysis: Systematic process of gathering information about jobs to determine their duties and requirements.
Net Income: The total profit of a company, calculated as total revenues minus total expenses, taxes, and costs.
Liquidation Value: An estimate of the net cash that could be obtained by selling assets quickly if a business is liquidated.
Independent Contractor: An individual or entity contracted to provide services for another entity, but not considered an employee.
Depreciation: The allocation of an asset's cost over its useful life to account for wear and tear.
EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization; a measure of a company's overall financial performance.
Equal Employment Opportunity (EEO): A legal framework ensuring that all individuals have equal chances for employment and advancement without discrimination.
Fixed Expenses: Costs that do not fluctuate with the level of production or sales, such as rent and salaries.
Variable Expenses: Costs that vary directly with the level of production or sales, such as materials and labor.

Useful Life and Employment Documentation

Useful Life: The estimated duration for which an asset is expected to be usable by a business.
W-2 Form: A tax document summarizing an employee's annual wages, taxes withheld, and relevant income details for tax filing.

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Description

Test your knowledge of Human Resource Management and Immigration Reform Act with this quiz. Learn about the process of acquiring and managing qualified employees, as well as the federal legislation related to job applicant screening.