Payroll Card Accounts Established Directly or Indirectly by an Employer

question 189

Multiple Choice

Payroll card accounts established directly or indirectly by an employer for the purpose of electronically transferring an employee's wages, salary, or other compensation on a recurring basis, are covered by:

• A) Regulation E
• B) Regulation T
• C) Regulation CC
• D) Regulation Z

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Definitions:

Ordinary Annuity

A series of equal payments made at regular intervals over a set period.

Interest Rate

The cost of borrowing money, typically expressed as an annual percentage of the principal amount.

Payments

Transactions that involve the transfer of money from one party to another, often in exchange for goods or services.

Mutual Fund

An investment vehicle that pools money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities.