Self-assessment exam.Catalyst -- September/October 2004The self-assessment exam is provided as a convenient method for CPAs to earn CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment credit by reading Catalyst: The Leading Edge of Ohio Business. The exam consists of 25 multiple-choice questions covering information included in articles and columns in this issue of Catalyst. Those who complete the exam and return the answer sheet to The Ohio Society for grading, and earn a grade of 75 percent or better, will receive two (2) hours of CPE credit. Permission to provide CPE credit has been granted by the Accountancy Board of Ohio. The costs for the self-assessment exam are as follows:
ONLINE PRINT
MEMBERS $25 $30
NON-MEMBERS $35 $40
The grading process is handled in a confidential manner. Respondents will be notified by e-mail of their exam results. Print Instructions 1. Detach de·tach v. 1. To separate or unfasten; disconnect. 2. To remove from association or union with something. the exam insert from Catalyst and tear along the center perforation per·fo·ra·tion n. 1. The act of perforating or the state of being perforated. 2. An abnormal opening in a hollow organ or viscus, as one made by rupture or injury. Perforation A hole. . 2. Take the exam as an open-book test, recording your answers on the answer sheet by filling in the appropriate circle (pen or pencil is fine). 3. Then, write your name, SSN SSN abbr. Social Security Number and phone number on the lines directly below. Please print clearly. 4. Please include payment with the exam: $30 for members, $40 for non-members. Make checks payable to: The Ohio Society of CPAs. 5. Mail this page, along with your payment, in an envelope to: The Ohio Society of CPAs Catalyst Exam P.O. Box 1810 Dublin, OH 43017-7810 Online Instructions 1. Go to www.ohioscpa.com. 2. Click on the "CPE" tab; then click on "CPE Options." 3. Click on the link for "Self-Study Options," and then "Self-Assessment Exams." This will provide links to all the active exams. 4. Complete the exam and click "Submit" when you are finished. 5. Print the confirmation for your records. [GRAPHIC OMITTED] [GRAPHIC OMITTED] * This exam must be received by The Ohio Society by September 1, 2005. Exams postmarked after September 1, 2005 will be returned. Self Assessment Exam Results The Ohio Society sends test results via e-mail. Please provide a current e-mail address See Internet address. e-mail address - electronic mail address in the space provided. Respondents who passed with a grade of 75 percent or better qualify for two hours of CPE credit in specialized knowledge, as approved by the Accountancy Board of Ohio. Reader Critique Is the layout of Catalyst: a. Very easy to navigate b. Easy to navigate c. Somewhat easy to navigate d. Not easy to navigate How useful is the information presented in Catalyst? a. Very useful b. Useful c. Somewhat useful d. Not useful How pertinent to your professional responsibilities is the information presented in Catalyst? a. Very pertinent b. Pertinent c. Somewhat pertinent d. Not pertinent How timely is the information presented in Catalyst? a. Very timely b. Timely c. Somewhat timely d. Not timely How would you rate the depth of the articles? a. Very in-depth b. In-depth c. Slightly in-depth d. Not in-depth How would you rate the length of the articles in Catalyst? a. Too long b. Too short c. Just right Which article or department column did you find most useful in this issue? (Please circle all that apply.) a. Future CPAs: Reaching Today's Students for Tomorrow's Profession b. Student Stories: What Student Ambassadors Have to Say About Recruiting "the Best & Brightest" c. Becoming Financially Literate: National Initiative Offers Opportunities for Ohio CPAs d. New AICPA AICPA See American Institute of Certified Public Accountants (AICPA). Quality Center Provides Resources for ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). Audits e. Networking: Beyond the Business Cards f. A Matter of Trust: Does Your Organization Need An Ethics Officer? If you found any article or department column not useful at all, please circle all that apply. a. Future CPAs: Reaching Today's Students for Tomorrow's Profession b. Student Stories: What Student Ambassadors Have to Say About Recruiting "the Best & Brightest" c. Becoming Financially Literate: National Initiative Offers Opportunities for Ohio CPAs d. New AICPA Quality Center Provides Resources for ERISA Audits e. Networking: Beyond the Business Cards f. A Matter of Trust: Does Your Organization Need An Ethics Officer? What is your overall evaluation of this issue of Catalyst? a. Excellent b. Good c. Fair d. Poor What particular issues would you like to see addressed in future editions of Catalyst? What type of articles would you like to see in future editions of Catalyst? What can Catalyst do to improve? Exam Questions for Catalyst -- September/October 2004 (Please choose the best answer to each question.) Helping Americans Become Financially Literate: National Initiative Offers Opportunities for Ohio CPAs 1. Which of the following is a goal of the new "360 Degrees of Financial Literacy Financial literacy is the ability of individuals to make appropriate decisions in managing their personal finances. Raising levels of financial literacy is now a focus of government programmes in countries including[1] Australia, Japan, the United States and the UK. " campaign? a. Provide unique opportunities for CPAs to give back to the community. b. Improve the future financial security of millions of Americans. c. Provide unique opportunities for CPAs to grow their businesses. d. All of the above. 2. An average American family American Family is a photographic artwork exhibition by Renée Cox. See also
a. $.90 b. $1.22 c. $.95 d. $.85 3. The IRS's Stakeholder stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. Partnerships, Education and Communications program Software that manages the transmission of data between computers, typically via modem and the serial port. Such programs were very popular for connecting to BBSs before the Internet took off. is designed to help low-income taxpayers: a. Qualify for education credits, including the Hope Scholarship The HOPE Scholarship, created in 1993 by the state of Georgia legislature, is a university scholarship program that has been adopted by several other states. HOPE (a reverse acronym for "helping outstanding pupils educationally") is funded entirely by the revenue from the Georgia . b. Better budget their finances. c. File their tax returns. d. Save more of the money they earn. New AICPA Quality Center Provides Resources for ERISA Audits 4. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the AICPA, the main benefits of the Employee Benefit Plan Audit Quality Center include: a. Periodic updates on current issues through news alerts and Web casts. b. An online forum for member interaction and sharing. c. The client referral service. d. Both a and b. 5. According to Anita F. Baker, CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , the Employee Benefit Plan Audit Quality Center was created in response to: a. The passage of the Sarbanes-Oxley Act See SOX. . b. Department of Labor concerns. c. The AICPA's peer review results related to employee benefit plan audits. d. Demands from AICPA members. 6. Federal law requires audits of employee benefit plans. For this law to be effective, how many employees must be covered by the plan? a. 50 or more b. 75 or more c. More than 100 d. 100 or more 7. In order to join the Employee Benefit Plan Audit Quality Center, an accounting firm must: a. Have a designated audit partner with firm-wide responsibility for the quality of the firm's audit practice, including both financial and ERISA employee benefit plan audits. b. Establish a quality control training program for all staff handling ERISA audits. c. Establish internal inspection procedures, including practice specific reviews by those partners not currently involved with ERISA audits. d. Publicly distribute peer review information to all of their affected clients. Networking: Beyond the Business Cards 8. To be effective, networking requires that you: a. Be yourself. b. Focus on those you are networking with. c. Be creative. d. All of the above. 9. According to John Rosan, vice president and manager of public funds See Fund, 3. See also: Public for Fifth Third Bank, a big part of managing relationships involves: a. Promptly returning phone calls. b. Keeping your word. c. Being on time. e. Always having time for others. A Matter of Trust: Does Your Organization Need An Ethics Officer? 10. An ethics officer is someone who: a. Enforces a company's code of conduct. b. Fosters positive ethical values and standards. c. Has limited access to the ultimate leadership of the organization. d. Needs to have legal training to be effective. 11. What is the difference between ethics and compliance? a. Compliance deals with assuring that certain written standards or rules are met; ethics deals with establishing values and procedures that promote "doing the right thing." b. Compliance deals with issues that are broader in scope than those dealt with by ethical reasoning. c. There is no difference; these two concepts are the same. d. Ethics can be ignored when compliance occurs. 12. An ethics officer helps an organization: a. Communicate company standards, but not set standards. b. Alter the culture of the business to assure compliance with company policies. c. Set ethical standards. d. All of the above. 13. An ethics officer should have an administrative reporting relationship with the: a. Company's board of directors. b. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. or the company's General Counsel. c. Someone below the CEO. d. A company's outside General Counsel. 14. Can someone within the firm assume the added responsibilities of ethics officer? a. Yes, if that person is given the necessary time and resources to perform the job. b. No, an ethics officer needs be devoted full-time to that position. c. Yes, even if the needed time and resources to do the job are not available. d. Yes, if the firm is small in size, no otherwise. 15. The majority of the issues that come before an ethics officer are: a. Legal issues. b. Audit related issues. c. Human resource related issues. d. Governance related issues. 16. Would a lawyer make a good ethics officer? a. Yes, because legal training can prove helpful in settling issues faced by an ethics officer. b. No, because ethics is substantially broader than legal compliance. c. No, because lawyers are not trained to be ethical. d. Yes, because lawyers must meet certain rigorous ethical standards to maintain their law license. 17. Some of the core benefits of an ethics officer include their ability to: a. Help a company set appropriate legal standards. b. Help a company set appropriate ethical standards. c. Help a company communicate their legal standards to their employees. d. Act as a go-between for management and a disgruntled dis·grun·tle tr.v. dis·grun·tled, dis·grun·tling, dis·grun·tles To make discontented. [dis- + gruntle, to grumble (from Middle English gruntelen; see employee. 18. There are seven critical questions that must be answered as part of the development of a successful ethics program. These questions include those related to: a. How the company defines success. b. The company's accountability. c. The organization's core values. d. All of the above. A Down-to-Earth Look at Satellite Broadband 19. Which of the following is NOT an area where satellite broadband solutions excel? a. Voice and audio streaming See streaming audio. b. Cost c. Accessibility d. E-learning A New Health Insurance Tax Credit 20. The Health Insurance Tax Credit (HITC HITC Hughes Information Technology Corporation HITC Half-Inch Tape Cartridge ) provides a financial incentive to continue to maintain health insurance coverage by offsetting the cost of coverage against what? a. Prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, costs. b. The individual's tax liability. c. Long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. expenses. d. None of the above. 21. Pre-tax savings have been provided to the American worker through what? a. Health Savings Accounts A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. b. Flexible Spending Accounts flexible spending account, n an employee reimbursement account primarily funded with employee-designated salary reductions. Funds are reimbursed to the employee for health care (medical and/or dental), dependent care, and/or legal expenses and are c. Health Reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. Arrangements d. Flexible Reimbursement Arrangements 22. HITC is a refundable credit Refundable Credit A tax credit that is not limited by the amount of an individual's tax liability. Typically a tax credit only reduces an individual's tax liability to zero. Refundable credits go beyond this and so really can be considered the same as a payment. equivalent to what percent of the amount of health insurance premiums paid by the individual? a. 50 percent b. 40 percent c. 75 percent d. 65 percent 23. Who is NOT eligible for the Health Insurance Tax Credit? a. Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. recipients b. Pension Benefit Guaranty Corporation Pension Benefit Guaranty Corporation (PBGC) A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation). Pension Benefit Guaranty Corporation retiree c. Trade Adjustment Assistance recipients d. Alternative Trade Adjustment Assistance recipients 24. Which of the following is a condition that must be met in order for a married couple living separately to receive the Health Insurance Tax Credit? a. The taxpayer and spouse lived apart for the last six months of the tax year. b. The couple filed a separate tax return. c. The taxpayer furnished fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. over half of the cost of maintaining the home during the tax year. d. All of the above. 25. Qualified health insurance does NOT include payments to which of the following types of coverage? a. Insurance provided by the taxpayer's spouse b. Independent health insurance purchased by the taxpayer c. Medicare or Medicaid d. COBRA cobra, name for African and Asian snakes of the family Elapidae that are equipped with inflatable neck hoods. The family also includes the African mambas, the Asian kraits, the New World coral snakes and a large number of Australian snakes. Answers -- Self-Assessment Exam Catalyst: The Leading Edge of Ohio Business -- September-October, 2003 1. c 2. a 3. b 4. d 5. a 6. b 7. c 8. d 9. a 10. b 11. a 12. d 13. c 14. b 15. b 16. d 17. a 18. d 19. b 20. c 21. a 22. d 23. c 24. c 25. d In Memoriam In Memoriam Tennyson’s tribute to his friend, A. H. Hallam. [Br. Lit.: Harvey, 808] See : Grief In memory of our friends and colleagues: Elizabeth Bonney, CPA Bedford, MA Albert C. Eisenberg, CPA Cleveland, OH Jeffrey D. Finkelstein, CPA Canton, OH John M. Kambeitz, CPA Springfield, OH Robert S Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. . Latham, CPA Berea, OH Charles H. McCrate, CPA Sidney, OH Charles R. Mullet mullet: see silversides. mullet Any of fewer than 100 species (family Mugilidae) of abundant, commercially valuable schooling fishes found in brackish or fresh waters throughout tropical and temperate regions. , CPA Sugar Creek Sugar Creek may refer to: Cities and towns:
Larry A. Roether, CPA Olmstead Falls, OH Joseph E. Schmidhammer, CPA Lancaster, OH Robert G. Skinner, CPA Naples, FL Howard G. Snyder, CPA Melmore, OH A grade of 75 percent or better qualifies for two hours of CPE credit in specialized knowledge. |
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