Exam 7: Banking and Payroll

Salary or wages earned before deductions are made is called

Examples of voluntary deductions from pay include

The goal of detective internal controls is to reduce the loss of cash due to employee error or theft.

Bank deposits can be made electronically at some automated teller machines.

When preparing a check

Health insurance pays a benefit to a designated person or company in the event of the covered person's death.

Which of the following statements is true about a Roth IRA?

The balance shown on the bank statement is $25,304.75. There is one outstanding check for $2,005.53, and one outstanding deposit for $5000.00.  What should the adjusted bank statement balance be on the bank reconciliation?

A 403(b) retirement account is for employees of private companies.

When preparing a bank reconciliation, you should

Deductions from payroll that are required by law include

Many companies allow customers the option of having payments deducted directly from a bank account.

Electronic funds transfer

Insurance that helps pay for costs such as doctors' bills, medicine, and hospital stays is

Business checks should always be prepared by hand rather than printed via computer software.

Retirement accounts that are fully paid for by the employer are called

Under a salary plan, an employee is paid a certain amount per week, month, or year.

A bank reconciliation is a type of

A bank reconciliation is used to

COBRA is a law that gives many workers the right to continue their health insurance through a former employer's group plan for a limited time.