Which of the Following Is Not True Regarding Payroll Cards

question 61

Multiple Choice

Which of the following is not true regarding payroll cards?

• A) The employer can require employees to accept their wages on these cards.
• B) Employers use payroll cards because they are cheaper than issuing payroll checks.
• C) Fees are frequently associated with the cards.
• D) The cards are convenient for employees who lack bank accounts.

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Definitions:

Periodic Instalment

Regular, scheduled payments made over time to repay a debt.

Unpaid Balance

The remaining amount of money that has not been paid on a loan or debt.

Contingent Liability

A potential financial obligation that depends on a future event that is not certain to happen.

ASPE

Accounting Standards for Private Enterprises; a set of accounting principles and guidelines designed specifically for private companies in Canada.