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banking and payroll Flashcards

(19 cards)

1
Q

What is an audit?

A

To verify or check facts on procedures.

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2
Q

What is bonding?

A

Insurance for financial loss due to employee theft or fraud.

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3
Q

What is an endorsement?

A

A name placed on the back of a check that authorizes a bank to cash or deposit the check.

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4
Q

What is electronic funds transfer?

A

Using a computer network to send money from one party to another.

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5
Q

What is a bank reconciliation?

A

A report used to compare bank and company account records.

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6
Q

What is gross pay?

A

Salary or wages earned before deductions.

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7
Q

What is overtime?

A

Hours worked beyond the set standard hours.

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8
Q

What is a commission?

A

Payment based on an amount of items sold or produced.

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9
Q

What is compensation?

A

Pay or benefits given for a service.

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10
Q

What is insurance?

A

A process in which a company agrees to pay compensation for loss in return for payments by the insured.

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11
Q

What is a premium?

A

The payment for an insurance plan.

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12
Q

What is payroll?

A

A list of the amount of salary, wages, or other payments owed to employees.

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13
Q

What is net pay?

A

Wages or salary after deductions for taxes and other items.

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14
Q

What is a check?

A

A written order to a bank to make a payment using funds from the depositor’s bank account.

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15
Q

What is a debit card?

A

A kind of bank card used to make payments from a depositor’s bank account.

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16
Q

What does it mean to forge?

A

To imitate or counterfeit for illegal purposes.

17
Q

What is a blank endorsement?

A

The signature of the payee is written on the back of the check, providing little protection.

18
Q

What is a restrictive endorsement?

A

An endorsement that limits the use of the check.

19
Q

What is a special endorsement?

A

An endorsement that specifies who the check is to be paid to.