A Payroll Clearing Account Is a Separate Bank Account Used

question 71

True/False

A payroll clearing account is a separate bank account used solely for payroll purposes. Funds are transferred into the account to cover payroll checks to be issued.

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Definitions:

Benefit To Consumers

The advantage or positive outcome that consumers receive from a product, service, or regulatory action, which may include cost savings, improved safety, or enhanced quality.

Competition Outweighs

The situation in which the benefits gained from competitive practices exceed any negative consequences.

State Consumer-Fraud Statute

A law enacted by a state aimed at protecting consumers against fraudulent, deceptive, and unfair business practices.

Actual Damages

Monetary compensation awarded to a plaintiff for proven harm, loss, or injury they have suffered due to the defendant's actions.