Name______

Date______

NOCTI Review Test

  1. The form that is given to you every year by your employer that tells you how much your wages were and how much tax you paid. ______
  1. The form, you fill out when you get a job that gives the employer information to write your check and figure your deductions. ______
  1. The law that states a person must be paid over time. ______
  1. The terms of sale, 2/10, n/30 means ______
  1. When merchandise is returned to a vendor, debit______and credit______.
  1. When a customer returns merchandise, debit______and credit______.
  1. Bank service charge is recorded as a debit to______

and a credit to ______.

  1. The goods that are kept on hand to be sold to customers is called ______.
  1. When inventory is bought the account is called ______.
  1. The information used to prepare an Income Statement and a Balance Sheet is obtained from the ______.
  1. An income statement has two types of accounts ______and ______.
  2. A balance sheet has three types of accounts on it ______, ______and ______.
  1. The Five Special Journals used in corporations:
  1. A summary of an employee’s payroll data is maintained in a ______.
  1. True or False - Outstanding checks are subtracted from the balance on the bank statement.
  1. The source document when you make a payment is the ______.
  1. When an amount is automatically deducted from your checking account, it is called an ______.
  1. The tax that provides for Medicare and Medicaid (old) future SS income is ______.
  1. When the business owes money it is called Accounts ______.
  1. When the customer owes money it is called Accounts ______.
  1. An example of a subsidiary account is ______.
  1. Contra accounts are accounts that decrease other accounts and an example is ______.
  1. A qualified savings plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis is called a ______.
  1. To record a payroll, debit ______and credit ______.
  1. FIFO inventory control is ______. Grocery stores use this.
  2. LIFO inventory control is ______.
  1. The form to file income tax is ______.
  1. The date to file income tax is ______.
  1. True or False - Cost of merchandise sold: Beginning inventory + Purchases= merchandise available for sale – end inventory= cost of merchandise sold.
  1. The form to file interest income or interest paid is ______.
  1. The date when a (CD)certificate of deposit pays interest is called the ______.
  1. Controlling Accounts are the accounts that have the grand total of what you owe someone (Accounts Payable) or the grand total amount someone owes you (Accounts Receivable.)
  1. There are four quarters in a year the 1st one ends ______, the 2nd one ends ______, the 3rd one ends ______, and the 4th one ends ______.
  1. The form you sign that allows you to write checks in a business is called a ______.
  1. A report of Credit Card Sales is called a ______.
  1. P. O. S. stands for ______and is used to refer to when a credit card sale occurred or when a purchase was made.
  1. The tax form that Immigrants must fill out in order to work in the U.S. is ______.
  1. Closing Accounts are those accounts where balances must become zero and Income Summary closes into ______.