Billing and Payments Quiz

What is a sales invoice?

• A document that records a customer's legal obligation to pay for products or services received.

• A reminder of the amount the customer owes.

• A form used to record currency, coins and checks to be added to a bank account.

• A listing of unpaid invoices.

What is a statement of account?

• A document that records a customer's legal obligation to pay for products or services received.

• A listing of unpaid invoices as of a certain date.

• A form used to record currency, coins and checks to be added to a bank account.

• A reminder of the amount the customer owes.

What is the purpose of proving cash?

• To verify the amount of cash in the drawer when receiving the drawer.

• To prepare bank deposits.

• To record currency, coins and checks.

• To document a customer's legal obligation.

What is a blank endorsement?

• The signature of the payee is written on the back of the check in ink.

• The purpose of the transfer of the check is indicated in the endorsement.

• The signature of the payee is placed before the name of the person or company to whom the check is transferred.

• A form used to record currency, coins and checks.

What should employees verify when preparing bank deposits?

• That all checks are properly endorsed.

• The amount of cash in the drawer.

• The total amount due from customers.

• The current date.

What is included in a deposit slip?

• The current date written in the space provided.

• The amount of each item deposited.

• The net deposit amount.

• All of the above.

What is a restrictive endorsement?

• A restrictive endorsement is used to cancel a negotiable instrument.
• A restrictive endorsement is a type of bank account.
• A restrictive endorsement limits the use of a negotiable instrument to a specific purpose or person.
• A restrictive endorsement allows unlimited transfer of a negotiable instrument.

A Special Endorsement is also known as:

• General Endorsement
• Conditional Endorsement
• Blank Endorsement
• An Endorsement in Full