CHFP STUDY SET - DISBURSEMENT FUNCTION EXAM
QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS
GRADED A++
Payroll forms
I-9 Employment Eligibility Verification: Citizen?
W-4: Allowances
SS8 Determination of Worker Status
W-2 Wage and Tax Statement
1099 Misc Income
Annualized Method for FTE Calculation
The equivalent of one 2,080-hour employee. productive only for 239 days (or 1,912
hours) when weekends, holidays and unproductive time is removed.
Scheduled Position Method for FTE Calculation
Often used for a position that requires more or less than 40 hours to fill. Add up the
hours in a week to fill the position, then divide by 40.
2/10 N/30
two 10 net 30 - if payment received within 10 days, 2% is deducted from bill, otherwise,
the total is due in 30 days.
Uses for accounts payable checks
payment for invoices for items purchased without a purchase order
petty cash payments
business travel and meal reimbursement
QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS
GRADED A++
Payroll forms
I-9 Employment Eligibility Verification: Citizen?
W-4: Allowances
SS8 Determination of Worker Status
W-2 Wage and Tax Statement
1099 Misc Income
Annualized Method for FTE Calculation
The equivalent of one 2,080-hour employee. productive only for 239 days (or 1,912
hours) when weekends, holidays and unproductive time is removed.
Scheduled Position Method for FTE Calculation
Often used for a position that requires more or less than 40 hours to fill. Add up the
hours in a week to fill the position, then divide by 40.
2/10 N/30
two 10 net 30 - if payment received within 10 days, 2% is deducted from bill, otherwise,
the total is due in 30 days.
Uses for accounts payable checks
payment for invoices for items purchased without a purchase order
petty cash payments
business travel and meal reimbursement
