Exam (elaborations)
FPC Chapter 5.1 (1).
- Course
- Institution
FPC Chapter 5.1 (1).
[Show more]
Seller
Follow
lydiaomutho
Content preview
FPC Chapter 5.1An important communication step in resolving a late direct deposit is to:
A. notify upper management of the issue.
B. ignore employee phone calls until you can provide a correct answer.
C. post noncompliant banks on the bulletin board.
D. assure the employees that their monies are safe. - ANS-D. assure the employees that their
monies are safe.
***The first and most important step is to reassure the employee that their money is safe.***
Which of the following requirements governs the frequency of paying employees?
A. FLSA rules
B. State laws
C. Company procedures
D. IRS regulations - ANS-B. State laws
***Individual states control how and when payments are made to employees. ***
Which of the following payroll issues is governed only by state agencies?
A. Frequency of pay
B. Overtime
C. Minimum wage
D. Child labor - ANS-A. Frequency of pay
***Individual states control how and when payments are made to employees. ***
What is a disadvantage of EFT when compared to issuing paper checks?
A. Difficult to stop payment
B. Easier to handle vacation pay
C. Lower cost per paycheck
D. Funds are available to employees instantly - ANS-A. Difficult to stop payment
What is a disadvantage of EFT when compared to issuing paper checks?
A. Funds available to employees instantly
B. Lower cost per payment
C. Loss of the float on company funds
, D. No lost checks - ANS-C. Loss of the float on company funds
To correct a direct deposit payment made in error, within five banking days the employer must
generate a:
A. credit authorization.
B. single-entry reversal.
C. double-entry reversal.
D. debit authorization. - ANS-B. single-entry reversal.
***If a mistake is made, companies can generate a "single-entry reversal" through the ACH
network within five banking days from the settlement date of the original erroneous entry.***
The frequency of paying employees is governed by the:
A. FLSA.
B. IRS.
C. SSA.
D. state law. - ANS-D. state law.
***Individual states control how and when payments are made to employees. ***
What organization defines the data to be provided when electronically transferring an
employee's pay into the employee's bank account?
A. The employer
B. The employer's bank
C. The employee's bank
D. NACHA - ANS-D. NACHA
***The direct deposit and payroll card processes are regulated by the Federal Reserve Board's
Regulation E (now under the authority of the Consumer Financial Protection Bureau), NACHA
— The Electronic Payments Association's ACH operating rules, and state laws.***
The frequency of payments to employees is governed by:
A. State regulations only.
B. DOL regulations only.
C. Both DOL and state regulations.
D. No laws or regulations govern the frequency of pay to employees. - ANS-A. State
regulations only.
***Individual states control how and when payments are made to employees. ***
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76799 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now