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MOM Ch 12
Side B
answer | question |
---|---|
Managerial accounting | the function of collecting and applying financial information within an organization in order to make sound business decisions |
financial accounting | the process of providing information to stockholders or creditors |
fixed cost | cost that remain the same no matter how many services are used or produced Ex: Rent |
budget | a list of planned expenses and revenues |
petty cash | a small amount of money kept in the medical office to pay for unexpected items; must be kept track of |
gross pay | amount earned before taxes or deduction are subtracted |
outsource | to send outside a business to another business for completion |
net pay | amount of wages remaining after deductions and taxes have been subtracted |
FICA (Federal Insurance Contribution Act) | law that addresses Social Security withholding taxes; mandated by law |
worker' compensation | insurance coverage for job-related illness or injury provided by employers |
W-4 form | U.S. Federal form that indicates employees' martial status and federal tax exemptions; shows what your withholding allowances are |
withholding allowances | number of exemptions declared on federal tax forms |
remain the same each pay period, no matter how many hours are worked, up to 40 hours in 1 week | The gross earnings of a salaried employee |
W-2 form | U.S. Federal form that annually documents the wages employees drew during the previous year |
repay loans, honor child or spousal support, or pay monetary judgments against employees | Wages may be garnished to |
endorsement stamp | a method of endorsing a check so that the office's name and account number and the bank's name are listed on the back; use for deposit only |
reconciling the bank statement | is done to make sure your check register is correct |