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MRTS 1342 Exam 2 Study Guide with Complete Solutions $9.99   Add to cart

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MRTS 1342 Exam 2 Study Guide with Complete Solutions

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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,...

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  • September 15, 2024
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  • MRTS 1342
  • MRTS 1342
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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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