A Newer Product Is the Payroll Debit Card

question 203

True/False

A newer product is the payroll debit card. It is cheaper for employers to load your paycheck on a debit card than to cut a check. This is convenient for customers who do not qualify for a regular debit or credit card, because they can use it to pay bills, do online purchasing and even get cash from an ATM machine.

---

Definitions:

Journal Entries

Records of financial transactions in the double-entry bookkeeping system, showing debits and credits made in accounts to maintain the ledger.

Available-For-Sale Investments

Financial assets not classified as held-to-maturity or trading securities, which can be sold in the financial markets.

Unrealized Gain

The increase in the value of an investment that has not been sold yet, and thus, the gain is not yet realized as actual income.

Adjusting Entry

An accounting transaction recorded at the end of a financial period to adjust account balances in the ledgers.