If a Company Uses a Special Payroll Bank Account

question 27

Multiple Choice

If a company uses a special payroll bank account:

• A)The company does not need to issue paychecks.
• B)The company draws one check for the entire payroll on the regular bank account and deposits it in the payroll bank account.
• C)The company must use a federal depository bank for the payroll.
• D)There is no need for a payroll register.
• E)There is no need to issue W-2's.

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Definitions:

Top Managers

Describes individuals who hold the highest level of managerial positions within an organization, responsible for setting strategic goals and making critical decisions.

Supervisors

Individuals within an organization responsible for managing and overseeing the work of a group of employees, ensuring tasks are completed efficiently and effectively.

Organizations

Entities comprised of multiple people working together towards common goals or objectives, often structured and managed according to a system.

Arbitration

A form of dispute resolution where an independent third party makes a binding decision to resolve a disagreement between parties.