banking and payroll Flashcards
(19 cards)
What is an audit?
To verify or check facts on procedures.
What is bonding?
Insurance for financial loss due to employee theft or fraud.
What is an endorsement?
A name placed on the back of a check that authorizes a bank to cash or deposit the check.
What is electronic funds transfer?
Using a computer network to send money from one party to another.
What is a bank reconciliation?
A report used to compare bank and company account records.
What is gross pay?
Salary or wages earned before deductions.
What is overtime?
Hours worked beyond the set standard hours.
What is a commission?
Payment based on an amount of items sold or produced.
What is compensation?
Pay or benefits given for a service.
What is insurance?
A process in which a company agrees to pay compensation for loss in return for payments by the insured.
What is a premium?
The payment for an insurance plan.
What is payroll?
A list of the amount of salary, wages, or other payments owed to employees.
What is net pay?
Wages or salary after deductions for taxes and other items.
What is a check?
A written order to a bank to make a payment using funds from the depositor’s bank account.
What is a debit card?
A kind of bank card used to make payments from a depositor’s bank account.
What does it mean to forge?
To imitate or counterfeit for illegal purposes.
What is a blank endorsement?
The signature of the payee is written on the back of the check, providing little protection.
What is a restrictive endorsement?
An endorsement that limits the use of the check.
What is a special endorsement?
An endorsement that specifies who the check is to be paid to.
