Formative : Chapter 2 - Financial Information Process
Quiz
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Social Studies
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University
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Practice Problem
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Easy
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9 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The check/cheque may be marked FOR DEPOSIT ONLY is the example of ____________ endorsement.
Blank
Restrictive
Local
Special
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
_____________ are created to help ensure that the company is moving in the direction outlined in the company’s strategic plan.
Budget
Balance sheet
Payroll
Financial report
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
In order to stop payment on a cheque, the bank will need the following information EXCEPT:
The amount of the cheque
the cheque number
the status of the payee
the date of the cheque
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
An instruction to a bank to pay a fixed amount to a named individual at a fixed time each month until further notice is called a/an:
Overdraft
Bank Giro
Periodical payment
Standing order/instruction
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A business must make payments on time and late payments may result _________.
no additional charges apply
get discounts
a poor credit rating
no charge paid
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The overall method a business uses to safeguard assets is known as internal control. Internal control methods fall into three categories which are:
Check, debit card, forge
Audit, bonding, credit
Preventive, detective, corrective
Sales invoice, statement of account, balance sheet
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Endorsement is a ____________ on the back of a check authorizing a bank to cash or deposit the check.
Signature
Payee
Deposit
Petty Cashier
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