Requiring Two Signatures on Any Check in Excess of $10,000

question 11

Multiple Choice

Requiring two signatures on any check in excess of $10,000 is an example of which type of control?

• A)Input control.
• B)Preventive control.
• C)Detective control.
• D)Processing control.

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Definitions:

Medicare Tax

A federal tax that funds Medicare, the U.S. government's health care program for seniors and certain individuals with disabilities, withheld from an employee's paycheck.

Gross Pay

The total amount of money an employee earns before any deductions are taken out.

Net Pay

The amount of an employee's earnings after all deductions, such as taxes and retirement contributions, have been subtracted.

Social Security Tax

A tax that funds the Social Security program, deducted from employees' salaries and matched by employers, supporting retirees, disabled workers, and survivors.