Chap 1 Terms

Question 1

ACA

Answer 1

Affordable Care Act of 2010. Mandated health care coverage for all Americans regardless of employment status.

Question 2

ADA

Answer 2

The Americans with Disabilities Act of 1990

Question 3

ADAAA

Answer 3

The Americans with Disabilities Act Amendments Act of 2008, which extended the definition of disabilties

Question 4

ADEA

Answer 4

The Age Discrimination in Employment Act of 1967 that protects workers over age 40 from age-based discrimination.

Question 5

ARRA

Answer 5

The American Recovery and Reinvestment Act of 2009

Question 6

ATRA

Answer 6

American Taxpayer Relief Act of 2012

Question 7

Certified Payroll

Answer 7

a report mandated for certain federal government contracts that verified the accuracy of labor expenses incurred during completion of contact-related activities.

Question 8

Circular E

Answer 8

see publication 15

Question 9

Civil Rights Act of 1964

Answer 9

Federal legislation that protects employees from discrimination based on race, color, religion, sex, or national origin.

Question 10

Civil Rights Act of 1991

Answer 10

Federal law that instituted monetary penalties for companies found guilty of discrimination as described under the Civil Rights Act of 1964

Question 11

COBRA

Answer 11

The Consolidated Omnibus Budget Reconciliation Act of 1985

Question 12

Consolidated Appropriations Act of 2018

Answer 12

Signed into law on March 2018, this act increased the funding for the E-Verify program, which is an internet-based system that offers employers instant verification of an employee’s eligibility to work in the US. It is important to note that the E-Verify system does not replace the need for the completion of Form I-9 upon employee hire because it is a voluntary service.

Question 13

Copeland Anti-Kickback Act

Answer 13

Federal legation enacted in 1934 that prohibits a federal contractor or subcontractor from including an employee to forgo a portion of the wager guaranteed by the contract.

Question 14

Current Tax Payment Act of 1943

Answer 14

Federal law enacted in 1943 that required employers to submit a timely remittance to the government of any taxes withheld from the employee pay.

Question 15

Davis-Bacon Act of 1931

Answer 15

Federal legislation enacted in 1931 that requires federal contractors to pay employees an amount commensurate with the prevailing local wage.

Question 16

DOMA

Answer 16

The Defense of Marriage Act of 1996, which was replaced in 2013.

Question 17

Due Care

Answer 17

the caution that a reasonable person would exercise to avoid being charged with negligence.

Question 18

EEOC

Answer 18

the Equal Employment Opportunity Commission

Question 19

Equal Pay Act of 1963

Answer 19

Federal legislation mandating that males and females receive equal compensation for comparable work.

Question 20

ERISA

Answer 20

The Employee Retirement Income Security Act of 1974

Question 21

Ethics

Answer 21

an individual’s definition of right and wrong.

Question 22

FICA

Answer 22

The Federal Insurance Contributions Act of 1935

Question 23

FLSA

Answer 23

Fair Labor Standard Act of 1938; this act regulates minimum wage. Guidelines define maximum hours, minimum age, pay rates; and mandatory break times.

Question 24

FMLA

Answer 24

Family and Medical Leave Act

Question 25

FUTA

Answer 25

Federal Unemployment Tax Act 1939

Question 26

HIPAA

Answer 26

Health Insurance Portability and Accountability Act of 1996

Question 27

Independence

Answer 27

The ability of an accountant to act professionally without external pressures that would cause a third party to question the integrity of actions and decisions

Question 28

Independent Contractor

Answer 28

an individual who contracts to do work for a firm using his or her own tools and processes without being subject to direction by a firm's management

Question 29

Integrity

Answer 29

Possessing honesty and high moral principles

Question 30

IRCA

Answer 30

Immigration Reform and Control Act of 1986

Question 31

Lily Ledbetter Fair Pay Act of 2009

Answer 31

Federal law that removed the 180-day statute of limitations in allegations of unfair pay practices.

Question 32

Medicare

Answer 32

a payroll tax mandated to be paid by all employees of a firm to fund the Medicare program.

Question 33

OASDI

Answer 33

Old-Age, Survivors, and Disability Insurance; synonymous with Social Security

Question 34

Objectivity

Answer 34

making decisions that are free from bias or subjectivity

Question 35

OSHA

Answer 35

Occupational Safety and Health Act of 1970

Question 36

Personal Responsibility, Work and Family Promotion Act of 2002

Answer 36

Act that reauthorized PRWOR when it expired

Question 37

Privacy Act of 1974

Answer 37

protecting employees by removing personal identifiers from payroll records and restricting access to personnel records

Question 38

Protecting Americans from Tax Hikes Act

Answer 38

PATH; an act to prevent tax fraud that extended the Work Opportunity Tax Credit

Question 39

Professional Competence

Answer 39

the continuing capability to perform professional duties with an agreed-upon standard of quality.

Question 40

Professionalism

Answer 40

a process reflecting the transparency and public accountability of accounting records

Question 41

PRWOR

Answer 41

Personal Responsibility and Work Opportunity Reconciliation Act of 1996

Question 42

Publication 15

Answer 42

Employer's Tax Guide published by the IRS

Question 43

SECURE

Answer 43

an act that incentivized small employers to offer retirement plans, other alone or collectively with other small employers, to improve retirement security for US workers.

Question 44

Sixteenth Amendment to the US Constitution

Answer 44

allowing the US government to levy and collect income taxes on individuals

Question 45

SSA

Answer 45

Social Security Act; an act that was passed to promote social welfare for old-age workers and surviving families of worker who had been disabled or deceased in the course of their employment

Question 46

SOX

Answer 46

the Sarbanes-Oxley Act of 2002. Public law 107-204, concerning publicly owned companies and auditing firms to ensure appropriate internal controls and the integrity of financial statements.

Question 47

SUTA

Answer 47

State Unemployment Tax Act of 1939

Question 48

Tax Cuts and Jobs Act

Answer 48

an act to provide a budget resolution that represented changes to individual and business tax rates.

Question 49

USERRA

Answer 49

Uniformed Services Employment and Reemployment Rights Act of 1994

Question 50

VPN

Answer 50

Virtual Private Network

Question 51

Walsh-Healey Public Contracts Act

Answer 51

legislation enacted in 1936 that required employers working on federal contacts in excess of $10k to pay employees the federal minimum wage and follow the overtime provisions of the Fair Labor Standards Act.

Question 52

Workers' Compensation

Answer 52

mandatory insurance policy paid by employers that provides wage replacement and medical benefits to employees who are injured in the course of the employment.