Dunbar Footwear Corporation's flexible budget cost formula for supplies, a variable cost, is $2.67 per unit of output. The company's flexible budget performance report for last month showed a $9,604 favorable spending variance for supplies. During that month, 19,600 units were produced. Budgeted activity for the month had been 19,200 units. The actual cost per unit for indirect materials must have been closest to:
A. $1.69
B. $2.67
C. $1.73
D. $2.18
Answer: D
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The chief executive officer earns $20,000 per month. As of June 30, her gross pay was $120,000. The tax rate for Social Security is 6.2% of the first $127,200 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 4.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of FICA - Medicare withheld from this employee for the month of July?
A. $290.00 B. $7,347.00 C. $1,147.00 D. $1,240.00 E. $268.25
Celia, a social worker, reports on her time sheet that she was visiting clients Wednesday afternoon when she was really doing personal errands. Which level of dishonesty does this action exemplify?
a. nothing but the truth (highest) b. to tell the truth (middle) c. the whole truth (lowest) d. none of the above
TriColor, Inc. purchased a piece of land from HBC, Inc. Hazardous waste was subsequently discovered on the land. Even though TriColor did nothing illegal, it may be liable under CERCLA for the cleanup costs.
Answer the following statement true (T) or false (F)
What are the characteristics of SAAS? (Choose all that apply)
a. Costs are calculated on a "use" basis b. Software is installed remotely with no local involvement c. User data is stored and isolated on central computers d. Services are usually available during specified time periods e. Little, if any, software is installed on the user's computer f. SAAS company often deploys an on sight employee to assist the client