Question 1

A bank reconciliation is a report used to compare bank and company account records.

Accepted Answer

A) True 
 B)False

Question 2

Social Security benefits are paid

Accepted Answer

A)  when a person retires 
B)  if a person becomes disabled 
C)  to a surviving spouse in the vent of that person's death 
D)  All of the above 
A)  when a person retires 
B)  if a person becomes disabled 
C)  to a surviving spouse in the vent of that person's death 
D)  All of the above

Question 3

Match between columns
                        Premises: Imitate or counterfeit for illegal purposes
A process in which a company agrees to pay compensation for loss in return for payments by the individual
A list of the amount of salary, wages, or other payments for work due to employees
A written order to a bank to make a payment using funds from the depositor's bank account
Salary or wages earned before deductions are made
Pay or benefits given for a service or a loss
To verify or check facts or procedures
Payment based on an amount of items sold or produced
Insurance for financial loss due to employee theft or fraud
A name placed on the back of a check that authorizes a bank to cash or deposit the check
Hours worked beyond the set standard hours per week
A type of card used to make payments from a depositor's bank account
The payment for an insurance plan

Accepted Answer

The Answer of compensation and forge and check and endorsement is...

Question 4

A salesperson is paid $500 per week plus 5 percent commission on sales. The sales for the week were $2,500. What is this person's gross pay for the week?

Accepted Answer

A)  $3,000 
B)  $625 
C)  $750 
D)  $650 
A)  $3,000 
B)  $625 
C)  $750 
D)  $650

Question 5

Audits are done to see whether internal controls are being applied correctly.

Accepted Answer

A) True 
 B)False

Question 6

A document that shows the earnings and deductions for all employees for the payroll period is

Accepted Answer

A)  an employee earnings record 
B)  a payroll register 
C)  a wage and tax statement 
D)  both A and C 
A)  an employee earnings record 
B)  a payroll register 
C)  a wage and tax statement 
D)  both A and C

Question 7

A deposit form or slip is used to record

Accepted Answer

A)  currency, coins, and checks to be added to a bank account 
B)  only checks to be added to a bank account 
C)  cash but not checks to be added to a bank account 
D)  none of the above 
A)  currency, coins, and checks to be added to a bank account 
B)  only checks to be added to a bank account 
C)  cash but not checks to be added to a bank account 
D)  none of the above

Question 8

Before depositing a check, you should carefully stamp or write an endorsement on the right edge of the back of the check.

Accepted Answer

A) True 
 B)False

Question 9

A type of internal control that seeks to find losses that have taken place is a

Accepted Answer

A)  preventive internal control 
B)  detective internal control 
C)  corrective internal control 
D)  both A and C 
A)  preventive internal control 
B)  detective internal control 
C)  corrective internal control 
D)  both A and C

Question 10

Electronic funds transfer (EFT) is the use of a computer network to transfer funds from

Accepted Answer

A)  one company to another company 
B)  a company to an individual 
C)  an individual to an individual 
D)  All of the above 
A)  one company to another company 
B)  a company to an individual 
C)  an individual to an individual 
D)  All of the above

Question 11

Which of the following are not detailed on a bank statement?

Accepted Answer

A)  Any automatic withdrawals 
B)  The balance on the closing date of the statement 
C)  The amount of the checks that are outstanding 
D)  both A and C 
A)  Any automatic withdrawals 
B)  The balance on the closing date of the statement 
C)  The amount of the checks that are outstanding 
D)  both A and C

Question 12

An IRA (individual retirement arrangement) account is a personal savings plan.

Accepted Answer

A) True 
 B)False

Question 13

Federal income tax deductions from pay are recommended but not required by law.

Accepted Answer

A) True 
 B)False

Question 14

A certified check is a check written by a bank on its own funds and can be purchased with cash or with an ordinary check

Accepted Answer

A) True 
 B)False

Question 15

The type of internal control to reduce loss of cash due to employee error or theft is a

Accepted Answer

A)  preventative 
B)  detective 
C)  corrective 
D)  deductive 
A)  preventative 
B)  detective 
C)  corrective 
D)  deductive

Question 16

Which type of check endorsement provides little protection because anyone who has the check can easily transfer it to another person or cash the check?

Accepted Answer

A)  blank endorsement 
B)  restrictive endorsement 
C)  special endorsement 
D)  none of the above 
A)  blank endorsement 
B)  restrictive endorsement 
C)  special endorsement 
D)  none of the above

Question 17

Overtime pay is

Accepted Answer

A)  for hours worked beyond the set standard hours per week 
B)  typically for workers paid on a salary plan 
C)  typically for workers paid on an hourly wage plan 
D)  both A and C 
A)  for hours worked beyond the set standard hours per week 
B)  typically for workers paid on a salary plan 
C)  typically for workers paid on an hourly wage plan 
D)  both A and C

Question 18

Proving cash (balancing a cash register drawer) is an important type of internal control.

Accepted Answer

A) True 
 B)False

A bank reconciliation is a report used to compare bank and company account records.

Social Security benefits are paid

A salesperson is paid $500 per week plus 5 percent commission on sales. The sales for the week were $2,500. What is this person's gross pay for the week?

Audits are done to see whether internal controls are being applied correctly.

A document that shows the earnings and deductions for all employees for the payroll period is

A deposit form or slip is used to record

Before depositing a check, you should carefully stamp or write an endorsement on the right edge of the back of the check.

A type of internal control that seeks to find losses that have taken place is a

Electronic funds transfer (EFT) is the use of a computer network to transfer funds from

Which of the following are not detailed on a bank statement?

An IRA (individual retirement arrangement) account is a personal savings plan.

Federal income tax deductions from pay are recommended but not required by law.

A certified check is a check written by a bank on its own funds and can be purchased with cash or with an ordinary check

The type of internal control to reduce loss of cash due to employee error or theft is a

Which type of check endorsement provides little protection because anyone who has the check can easily transfer it to another person or cash the check?

Overtime pay is

Proving cash (balancing a cash register drawer) is an important type of internal control.

The Office Environment

Office Competencies

Managing Information to Enhance Productivity

Communicating in Written Form

Communicating Orally

Telephone Communications

Financial Reports and Procedures

Time and Workstation Management

Meetings and Travel

Records Management

Processing Mail

Planning and Advancing Your Career

Ongoing Processional Development

Compilation of Business and Office Management

Filters

Exam 7: Banking and Payroll

A bank reconciliation is a report used to compare bank and company account records.

Social Security benefits are paid

A salesperson is paid $500 per week plus 5 percent commission on sales. The sales for the week were $2,500. What is this person's gross pay for the week?

Audits are done to see whether internal controls are being applied correctly.

A document that shows the earnings and deductions for all employees for the payroll period is

A deposit form or slip is used to record

Before depositing a check, you should carefully stamp or write an endorsement on the right edge of the back of the check.

A type of internal control that seeks to find losses that have taken place is a

Electronic funds transfer (EFT) is the use of a computer network to transfer funds from

Which of the following are not detailed on a bank statement?

An IRA (individual retirement arrangement) account is a personal savings plan.

Federal income tax deductions from pay are recommended but not required by law.

A certified check is a check written by a bank on its own funds and can be purchased with cash or with an ordinary check

The type of internal control to reduce loss of cash due to employee error or theft is a

Which type of check endorsement provides little protection because anyone who has the check can easily transfer it to another person or cash the check?

Overtime pay is

Proving cash (balancing a cash register drawer) is an important type of internal control.

The Office Environment

Office Competencies

Managing Information to Enhance Productivity

Communicating in Written Form

Communicating Orally

Telephone Communications

Financial Reports and Procedures

Time and Workstation Management

Meetings and Travel

Records Management

Processing Mail

Planning and Advancing Your Career

Ongoing Processional Development

Compilation of Business and Office Management

Filters