What are endorsements
-:- -where you sign the check (blank, special, qualified, restrictive)
define payee
-:- 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
-:- check not yet present...
✓ -:- non sufficient funds, check that has been returned, drawer did not have enough
$ to pay check
What is the petty cash fund
✓ -:- -an asset on the balance sheet, dedicated to paying small expenses
Overtime pay and federal law
✓ -:- -time and one half, over 40 hours, seven-day period
Purpose of social security
✓ -:- 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
federal income tax supports what?
✓ -:- -federal budget, federal programs
Workers' compensation
2|Page | Grade A+| 2024/2025
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