Which of the Following Statements Is NOT True? I

question 110

Multiple Choice

Which of the following statements is NOT true? I. The increase in the minimum wage in Puerto Rico in 1938 did not affect Puerto Rico's unemployment rate. II. About 15 percent of all hourly workers in the United States earn the minimum wage. III. Raising the minimum wage is an effective method to combat poverty. IV. Raising the minimum wage decreases employment of low- skilled workers.

• A) I and II only
• B) II and III only
• C) I, II, and IV only
• D) IV only

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Definitions:

Double Payment

A financial error where a payment is mistakenly sent or processed twice for the same invoice or obligation.

Checks Cleared

The process by which banks settle transactions, transferring money from the check writer's account to the beneficiary's account once the check is presented for payment.

Bank Reconciliation

The practice of aligning and scrutinizing numbers from financial records with the ones on a bank statement to guarantee they match.

Outstanding Checks

Checks that have been issued and recorded in the account holder's ledger but have not yet been cashed or cleared by the bank.