Microsoft SL 7.0 Project Series Set 3

1.

Which setup will calculate cost amounts correctly, given the following situation? The client pays employees on a semi-monthly basis.

The Salary Factor = number of working days in a week divided by the working days in the month. The employee's Salary amount = their monthly salary. The Salary Factor = number of working days in a week divided by the working days in the month. Theemployee's Salary amount = their weekly salary. The Salary Factor = number of working days the week divided by the normal working days in the week.The employee's Salary amount = their monthly salary. The Salary Factor = number of working days in the week divided by the normal working days in theweek. The employee's Salary amount = their weekly salary.

2.

A marine services company has 150 union employees, for whom a Timekeeper turns in a hand-written log on a daily basis, which records the employees names, hours worked, labor classification and pay rate. What is the best option for time entry?

Timecard Entry Time Detail Project Timesheet Project Timesheet with Rate/Amount Entry

3.

Assume the option to Cost Labor on Entry radio button is selected in Time and Expense Setup. When entering labor using Timecard with Rate/Amount Entry, labor cost amounts are displayed for which employee pay type?

Regular Salary Exempt (S1) Hourly (HR) Salary Non Exempt (S2)

4.

A marine services company has 150 union employees, longshoremen, who unload ship's cargo. The company needs to invoice its customers for each pallet or automobile that is unloaded and also for cranes and hustlers used during the unloading process. How can this be achieved most efficiently?

Using the Project Timesheet Units of Production option to record pallets and automobiles unloaded and equipment usage. Creating a Travel and Expense Report entry for pallets and automobiles unloaded and equipmentusage. Creating a Project Charge Entry batch to record equipment usage, pallets and automobiles unloaded. Using the Project Timesheet Units of Production to record pallets and automobiles and loggingEquipment as a timesheet line item.

5.

How can an incorrect Timecard be corrected? Choose the 3 that apply.

If the status is 'In Process' it can be changed by the employee. If the status is 'Posted' a Timecard Correction must be entered. If the status is 'In Process' or 'Completed', a supervisor, manager or approver must reject it. If the status is 'Completed' a supervisor, manager, or approver must reject it.

6.

Can Committed costs be allocated?

Only actual costs can be allocated, therefore committed costs cannot be allocated. Only committed labor costs can be allocated. Only purchase order commitments can be allocated. Yes, all committed costs can be allocated.

7.

An Allocation Method for a Time and Materials project would likely contain which of the following steps?

Application of labor overhead rates to labor and costs for purposes of billing. Time and Material Contracts would not use Allocation Methods. Calculation of the billing amount based on a rate applied per hour of labor. Calculation of burden related to labor for purposes of billing.

8.

In any one Allocation Method Step, postings can be created for which of the following?

The General Ledger only. Project Controller only. Either Project Controller or General Ledger or both. Project Controller and optionally General Ledger.

9.

Within a Rate Table, how many keys can be used for a rate lookup?

Only one Up to two Exactly two Up to three

10.

In an Allocation Method Step, what is the difference between Calculate and Post and Subtotal and Post?

'Calculate and Post' is based on a Rate Type; Subtotal and Post is based on an Allocation Rate. 'Calculate and Post' uses Account Categories for selection; Subtotal and Post uses previous AllocationMethod Steps. 'Calculate and Post' posts each transaction separately; Subtotal and Post summarizes postings. 'Calculate and Post' posts transactions during the Allocation process; Subtotal and Post poststransactions after the Allocation process is completed successfully.

Microsoft SL 7.0 Project Series Set 3

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Microsoft SL 7.0 Project Series Set 3

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Congratulations

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