MRTS 1342 Exam 2 Study Guide with Complete Solutions
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Course
MRTS 1342
Institution
MRTS 1342
MRTS 1342 Exam 2 Study Guide with
Complete Solutions
What are endorsements - Answer️️ --where you sign the check (blank, special,
qualified, restrictive)
define payee - Answer️️ -one to whom the check is payable, a person or company
who will receive payment on a promissory note, check,...
MRTS 1342 Exam 2 Study Guide with
Complete Solutions
What are endorsements - Answer✔️✔️--where you sign the check (blank, special,
qualified, restrictive)
define payee - Answer✔️✔️-one to whom the check is payable, a person or company
who will receive payment on a promissory note, check, draft or money order
Define outstanding check - Answer✔️✔️-check not yet presented to the bank for payment
or deducted from the bank balance
Deposit in transit - Answer✔️✔️--deposits not yet added to the bank balance
Service Charge - Answer✔️✔️-a fee a bank charges for handling a checking account
NSF - Answer✔️✔️-non sufficient funds, check that has been returned, drawer did not
have enough $ to pay check
What is the petty cash fund - Answer✔️✔️--an asset on the balance sheet, dedicated to
paying small expenses
Overtime pay and federal law - Answer✔️✔️--time and one half, over 40 hours, seven-
day period
Purpose of social security - Answer✔️✔️-a contributory welfare program into which
working Americans contribute a percentage of their wages and from which they receive
cash benefits after retirement or if they become disabled
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