FPC Chapter 5.1
An important communication step in resolving a late direct deposit is to:
A. notify upper management of the issue.
B. ignore employee phone calls until you can provide a correct answer.
C. post noncompliant banks on the bulletin board.
D. assure the employees that their monies are safe. - ANS-D. assure the employees that their
monies are safe.
***The first and most important step is to reassure the employee that their money is safe.***
Which of the following requirements governs the frequency of paying employees?
A. FLSA rules
B. State laws
C. Company procedures
D. IRS regulations - ANS-B. State laws
***Individual states control how and when payments are made to employees. ***
Which of the following payroll issues is governed only by state agencies?
A. Frequency of pay
B. Overtime
C. Minimum wage
D. Child labor - ANS-A. Frequency of pay
***Individual states control how and when payments are made to employees. ***
What is a disadvantage of EFT when compared to issuing paper checks?
A. Difficult to stop payment
B. Easier to handle vacation pay
C. Lower cost per paycheck
D. Funds are available to employees instantly - ANS-A. Difficult to stop payment
What is a disadvantage of EFT when compared to issuing paper checks?
A. Funds available to employees instantly
B. Lower cost per payment
C. Loss of the float on company funds
, D. No lost checks - ANS-C. Loss of the float on company funds
To correct a direct deposit payment made in error, within five banking days the employer must
generate a:
A. credit authorization.
B. single-entry reversal.
C. double-entry reversal.
D. debit authorization. - ANS-B. single-entry reversal.
***If a mistake is made, companies can generate a "single-entry reversal" through the ACH
network within five banking days from the settlement date of the original erroneous entry.***
The frequency of paying employees is governed by the:
A. FLSA.
B. IRS.
C. SSA.
D. state law. - ANS-D. state law.
***Individual states control how and when payments are made to employees. ***
What organization defines the data to be provided when electronically transferring an
employee's pay into the employee's bank account?
A. The employer
B. The employer's bank
C. The employee's bank
D. NACHA - ANS-D. NACHA
***The direct deposit and payroll card processes are regulated by the Federal Reserve Board's
Regulation E (now under the authority of the Consumer Financial Protection Bureau), NACHA
— The Electronic Payments Association's ACH operating rules, and state laws.***
The frequency of payments to employees is governed by:
A. State regulations only.
B. DOL regulations only.
C. Both DOL and state regulations.
D. No laws or regulations govern the frequency of pay to employees. - ANS-A. State
regulations only.
***Individual states control how and when payments are made to employees. ***
An important communication step in resolving a late direct deposit is to:
A. notify upper management of the issue.
B. ignore employee phone calls until you can provide a correct answer.
C. post noncompliant banks on the bulletin board.
D. assure the employees that their monies are safe. - ANS-D. assure the employees that their
monies are safe.
***The first and most important step is to reassure the employee that their money is safe.***
Which of the following requirements governs the frequency of paying employees?
A. FLSA rules
B. State laws
C. Company procedures
D. IRS regulations - ANS-B. State laws
***Individual states control how and when payments are made to employees. ***
Which of the following payroll issues is governed only by state agencies?
A. Frequency of pay
B. Overtime
C. Minimum wage
D. Child labor - ANS-A. Frequency of pay
***Individual states control how and when payments are made to employees. ***
What is a disadvantage of EFT when compared to issuing paper checks?
A. Difficult to stop payment
B. Easier to handle vacation pay
C. Lower cost per paycheck
D. Funds are available to employees instantly - ANS-A. Difficult to stop payment
What is a disadvantage of EFT when compared to issuing paper checks?
A. Funds available to employees instantly
B. Lower cost per payment
C. Loss of the float on company funds
, D. No lost checks - ANS-C. Loss of the float on company funds
To correct a direct deposit payment made in error, within five banking days the employer must
generate a:
A. credit authorization.
B. single-entry reversal.
C. double-entry reversal.
D. debit authorization. - ANS-B. single-entry reversal.
***If a mistake is made, companies can generate a "single-entry reversal" through the ACH
network within five banking days from the settlement date of the original erroneous entry.***
The frequency of paying employees is governed by the:
A. FLSA.
B. IRS.
C. SSA.
D. state law. - ANS-D. state law.
***Individual states control how and when payments are made to employees. ***
What organization defines the data to be provided when electronically transferring an
employee's pay into the employee's bank account?
A. The employer
B. The employer's bank
C. The employee's bank
D. NACHA - ANS-D. NACHA
***The direct deposit and payroll card processes are regulated by the Federal Reserve Board's
Regulation E (now under the authority of the Consumer Financial Protection Bureau), NACHA
— The Electronic Payments Association's ACH operating rules, and state laws.***
The frequency of payments to employees is governed by:
A. State regulations only.
B. DOL regulations only.
C. Both DOL and state regulations.
D. No laws or regulations govern the frequency of pay to employees. - ANS-A. State
regulations only.
***Individual states control how and when payments are made to employees. ***