The Proper Use of Prenumbered Termination Forms by the Payroll

question 40

Multiple Choice

The proper use of prenumbered termination forms by the payroll department should provide assurance that all:

• A)Uncashed payroll checks were issued to employees who have not been terminated.
• B)Personnel files are kept up to date.
• C)Employees who have not been terminated receive their payroll checks.
• D)Terminated employees are removed from payroll.

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Definitions:

Quarterly Contributions

Payments or deposits made into an account or investment fund every three months.

RRSP

A Registered Retirement Savings Plan, which is a retirement savings and investing plan for employees and the self-employed in Canada.

Compounded Semi-Annually

The process of applying interest to a principal sum twice a year, resulting in interest earning interest over time.

Monthly Payments

Recurring payments made every month towards the repayment of loans or financial obligations, such as mortgages or personal loans.