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28 Cards in this Set

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  • Back
Chapter 5 Multiple 9
Which of the follwoing states follows federal Regulation E regarding the choice of financial institutions by participating employees?
Chapter 5 Multiple Answer 9
Alabama
Chapter 5 Multiple 10
Which of the follwoing participants in the direct deposit process distributes EFT payents to the receiving financial institutions?
Chapter 5 Multiple Answer 10
ACH
Chapter 5 Multiple 11
Which of the following steps must an employer take before initiating an International ACH Transaction (IAT)?
Chapter 5 Multiple Answer 11
Add coding to the transaction that identifies it as an IAT.
Chapter 5 Multiple 12
Which of the follwoing features is a possible disadvbantage of the direct deposit system to the employer?
Chapter 5 Multiple Answer 12
Loss of float
Chapter 5 T/F Question 1
The Fair Labor Standards Act regulates how often employees must be paid by their employer or how soon they must be paid after performing services.
Chapter 5 T/F Answer 1
False - These matters are left up to the individual states
Chapter 5 T/F Question 2
Direct deposit is one area where the federal and state governments share regulatory responsibility.
Chapter 5 T/F Answer 2
True
Chapter 5 T/F Question 3
The Fair Labor Standards Act regulates the payment of wages on termination of employment.
Chapter 5 T/F Answer 3
False - Most states have a separate set of rules governing when employees must be paid when they separate from employment, either through discharge, layoff, or resignation.
Chapter 5 T/F Question 4
All states regulate the payment of wages owed to deceased employees.
Chapter 5 T/F Answer 4
False - More than 15 states have no statutory provisions dealting with paying wages owed to deceased employees.
Chapter 5 T/F Question 5
A worker who is regulary paid on a weekly basis may receive 53 paychecks in a year.
Chapter 5 T/F Answer 5
True
Chapter 5 T/F Question 6
Under an electronic funds transfer system (EFTS), the employees' wages are deposited directly into their personal accoutns in one or more financial institutions.
Chapter 5 T/F Answer 6
True
Chapter 5 T/F Question 7
A biweekly salary is paid twice a month, usually on the 15th an day of the month.
Chapter 5 T/F Answer 7
False - A biweekly salary is paid every two weeks.
Chapter 5 T/F Question 8
On payday, the RDFI is responsible for crediting the employee's account when direct deposit is used as a method of payment.
Chapter 5 T/F Answer 8
True
Chapter 5 T/F Question 9
Federal Reserve Board Regulation E establishes the basic rights, requirements and liabilities for the protection of emplyees being paid through EFT.
Chapter 5 T/F Answer 9
True
Chapter 5 T/F Question 10
If 250 or more employees consent to direct deposit, then all employees must comply.
Chapter 5 T/F Answer 10
False - There is no minimum number required. Each state has its own regulations and requirements regarding mandartory direct deposit.
Chapter 5 T/F Question 11
The Fair Labor Standards Adt requires that employees be paid at least monthly.
Chapter 5 T/F Answer 11
False - The FLSA does not regulate the frequency of wage payments. Each state regultes when employees must be paid
Chapter 5 T/F Question 12
A paycheck is classified as a negotiable instrument.
Chapter 5 T/F Answer 12
True
Chapter 5 Multiple Question 1
According to NACHA-The Electronic Payments Association, what was the portion of the U.S. workforce that had their pay directly deposited in 2005?
Chapter 5 Multiple Answer 1
More than 71%
Chapter 5 Multiple Question 2
The employer prepares an automated file of direct deposit records that indictes where its employees' pay is to be deposited. What is the njame of the financial institution where this file is then sent?
Chapter 5 Multiple Answer 2
Originting depository Financial Institiution
Chapter 5 Multiple Question 3
How mahy years must an employer keep the authorization agreement for direct deposit after revocation by the employee?
Chapter 5 Multiple Answer 3
At least two years
Chapter 5 Multiple Question 4
What are "escheat" laws?
Chapter 5 Multiple Answer 4
State laws governing the treatment of unclaimed wages as abandoned property.
Chapter 5 Multiple Question 5
Which day of the week occurs 53 times in 2010?
Chapter 5 Multiple Answer 5
Friday
Chapter 5 Multiple Question 6
Once an employee has give authorization for EFT and the employer creates electronic pay transaction for deposit, where does the employer send them?
Chapter 5 Multiple Answer 6
ODFI
Chapter 5 Multiple Question 7
Under the EFT system, what participating party receives the individual transaction and posts them to the customers'/employees' accounts?
Chapter 5 Multiple Answer 7
RDFI
Chapter 5 Multiple Question 8
Which of the following laws and regulations does not regulate EFT?
Chapter 5 Multiple Answer 8
Fair labor Standards Act
Chapter 5 Multiple Question 9
Which of the following states follows federal Regulation E regarding the choice of financial institutions by participating employees?
Chapter 5 Multiple Answer 9
Alabama
Chapter 5 Multiple Question 10
Which of the following participants in the direct deposit process distributes EFT payments to the receiving financial institutions?
Chapter 5 Multiple Answer 10
ACH
Chapter 5 Multiple Question 11
Which of the follwoing steps must an employer take before initiating an International ACH Transaction (IAT)?
Chapter 5 Multiple Answer 11
Add coding to the tranaction that identifies it as an IAT
Chapter 5 Multiple Answer 12
Which of the follwoing features is a possible disadvantage of the direct deposit system to the employer?
Chapter 5 Multiple Answer 12
Loss of float