DECA+ Business Management and Administration Practice Exam

What type of records provide information regarding employee payments over a specific time period?

1. Time Cards

2. Payroll Records

3. Tax Records

4. Expense Reports

The correct answer is: Payroll Records

Payroll records are essential documents that detail all employee payments over a specific time period. These records typically include information about wages, bonuses, withholding taxes, and other deductions. They serve not only as a comprehensive summary of an employee's earnings but also ensure compliance with labor laws and payroll regulations. Furthermore, payroll records are crucial for tax reporting and are often used for auditing purposes. In contrast, time cards primarily track the hours employees work, while tax records provide information on taxes owed and paid, not specifically focusing on payment history. Expense reports are used to log costs incurred by employees for business-related activities, which do not pertain to employee payments directly. Thus, payroll records are the accurate choice for understanding total employee compensation over a designated timeframe.