Summative Activity 1: Knowledge Questionnaire
Indicate whether the following statements are true or false.
1. Key budget indicators are very important in budget control.
2. Equipment selling and transfer is the same activity.
3. An adverse variance would be when the costs are lower than expected.
4. The master budget is the most important budget.
5. A budget report is only about variances.
6. Budget variance analyses also considers “causes”.
7. With a Zero budget you actually “start with zero funds”.
8. Stock levels can give an indication when to order.
9. Stock taking is a method of stock control.
10. The safest way to prepare a budget is by using a computer.
11. The budgeting process starts with the Sales Budget.
12. The Overhead Budgets considers items such as material and labour.
13. A good budget will have no variances.
14. It is a good practice to always have maximum stock available.
15. Always change the inventory list with equipment transfer.
16. Budget control is a summary of the end budget result.
17. An office budget should also “consider” Water & Lights.
18. An adverse budget variance is “always bad”.
19. SARS requires regular budget reports.
20. It is the cause and significance of a budget variance that matters.
21. The EMP201 must be submitted on the request of SARS.
22. Don’t share the contents of your pay slip with co-workers.
23. Good record keeping can save time.
24. Always follow up variances on a payroll.
25. Only the Tax Act is applicable to payrolls.
26. R21 per hour is a salary rate.
27. You can claim UIF when you resign.
28. An attendance register is a source document for payrolls.
29. “Cost to company” exclude bonuses.
30. Gross income is the money that I can take home.
31. A statutory deduction refers to a deduction described by an Act.
32. A payroll system can make deductions automatically.
33. The Cost-to-Company includes travel allowances.
34. You have to know the tax category to compile a personal salary.
35. A company must provide an official pay slip to employees.
36. Employee records only refers to salary matters.
37. A staff budget period is always over one year.
38. Staff appraisal is usually done annually.
39. For salary workers, “days of” can be used for overtime.
40. Performance bonus and a 13th cheque is the same.
Read the following statements and match the statement in Column A with the Statement in Column C and provide your answer in Column B
1. Defend the expenditure in a
2. Could help with the control of the office
3. Not a good budget variable.
4. The office budget is usually included in
5. Usually the initial (first) budget.
5. Inventory list
6. usage will determine the order
7. Determine the level of budget funding.
8. A type of budgeting approach.
8. Key indicators
9. Always a budget when variances
9. Zero budget
10. Can be used in budget control.
11. A possible reason for inaccurate data.
12. Very important in handling personal
13. Ensuring that data is “clean”.
14. Assess retention value.
15. A data classification method.
16. Assemble data in a standard order.
17. A basic principle requesting information.
18. Searching for documents or data.
19. Very important in collating data.
20. Assessed feedback is feedback.
21. Disposal of records could mean .
22. Could be an automatic identification and data capture.
23. Chronological ordering considers this.
24. Feedback should be to the request.
25. Searching for documents and/or
26. Arranging information in a logical order.
27. Salary after deductions.
28. It is in the BCE Act.
29. Very important for payrolls.
29. Non conformance
30. Can result in tax penalties.
30. Work hours
31. A gratitude for excellent work.
32. A statutory deduction.
33. Compulsory for tax purposes.
34. The EE Act eliminate practices.
35. Difference between budgeted and actual.
36. The method mostly used to pay
36. Pass words
37. Total staff cost for a business.
38. Payroll security can be enhanced by .
39. Production bonus considers .
40. A possible allowance on a payroll.
State and explain two reasons why a business should have a financial plan.
Name three advantages of budgeting.
Define Zero-Based Budgeting.
Explain what is meant by “Budget Security”.
Name and explain the two most important factors that would assist you in the ordering of office supplies – the amount.
Explain what “Transfer of Office Equipment” is and also explain the importance to monitor the transfer of equipment.
Name the basic steps in office budget control.
Explain the term Budget Variance.
Explain the effect of an Adverse Variance on
Practical budget situation. You are an Office Administrator responsible for the budgeting process in a large office. Develop a comprehensive Standard Working Procedure (SWP) to control the budget – budget expenses throughout the year.
Explain the HR term Information System.
Explain Accuracy as used in HR information Systems.
With an example explain what is meant by Character Check Validation.
Explain the difference between Data Entry and Data capture.
State two categories of possible data errors.
What is the main objective of an HR Information System review?
What is meant by System Availability Factors as used in access control to stored information?
What is meant by Information Retrieval as used in HR Information Systems?
Clearly distinguish between Active Documents and Semi-active Documents.
Explain what Relevance Feedback of HR information is.
Name three typical Information items that Management would request on HR information.
Name two typical Confidential HR Information items.
Explain why confidentiality is of the utmost importance in the handling of payroll information.
Name and briefly describe TWO “Impacts” on an organisation if the payroll does not conform to budgetary or legal requirements
Briefly explain the difference between Gross Pay and Net Pay.
Briefly explain the difference between a Bonus and Commission.
State two reasons why records should be kept for payrolls.
Employers must declare PAYE, SDL and/or UIF on the EMP201 and EMP501 forms.
Explain the basic difference between these two SARS forms.
Name a method that an employer can use to give financial recognition to an employer for “work done with excellence”./