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Accounting I Chapter 5 Review

Total questions: 67

Worksheet time: 1hrs 17mins

Name
Class
Date
1.

A person who owns shares in a company is called?

a)

A shareholder

b)

A stockbroker

c)

A day trader

d)

venture capitalist

2.

A portion of a company’s earnings that is paid to shareholders, or people that own that company’s stock, on a quarterly or annual basis

a)

Dividend

b)

Interest

c)

Compound Interest

d)

Capital gain

3.

A place in which different investments are traded.

a)

bank

b)

corporation

c)

stock exchange

d)

federal reserve board

4.

The first sale or offering of a stock by a company to the public. It happens when a company decides to go public rather than remain solely owned by private or inside investors.

a)

Public Offering of Corporation (POC)

b)

First Incorporation of Company (FIC)

c)

Federal Deposit Insurance Corporation (FDIC)

d)

Initial Public Offering (IPO)

5.
A company owned by families or a small number of investors and do not issue stock to the public.
a)
public company
b)
industry
c)
private company
d)
portfolio
6.
A company that sells stock on the stock market.
a)
private company
b)
market capitalization
c)
public company
d)
stock market
7.
A sum of money paid to shareholders of a corporation out of its earnings.
a)
index
b)
dividend
c)
profit
d)
invest
8.
The total holdings of stock by a financial institution or a private investor.
a)
index
b)
portfolio
c)
stock market
d)
industry
9.
A group of large companies that stockbrokers look at to gauge how the market is doing as a whole.
a)
shareholder
b)
portfolio
c)
industry
d)
index
10.
A holder or owner of stock in a company or corporation.
a)
stock market
b)
shareholder
c)
portfolio
d)
industry
11.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
12.
Cruz had $672.13 in his checking account, and a check that he wrote to his landlord for $650.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
None of the above
13.
Sherwood Bennett, who has a checking account at Big Bucks Bank, is writing a check to Cassie Porter, who has a checking account at Lots a Loot Bank.
What should be written on the "Pay to the order of" line of the check?
a)
Big Bucks Bank
b)
Cassie Porter
c)
Lots a Loot Bank
d)
Sherwood Bennett
14.
Jean Bernard, who has a checking account at Treasure Trove Bank, is writing a check to Frank Walton, who has a checking account at Mucho Dinero Bank. What should be written on the "Pay to the order of" line of the check?
a)
Frank Walton
b)
Jean Bernhard
c)
Mucho Dinero
d)
Treasure Trove Bank
15.
June Russell, who has a checking account at Gravy Train Bank, is writing a check to Stanley Lawrence, who has a checking account at Chunk a Change Bank. What should be written on the "Pay to the order of" line of the check?
a)
Chunk a Change Bank
b)
Gravy Train Bank
c)
June Russell
d)
Stanley Lawrence
16.
At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?
a)
$1620.38
b)
$1510.06
c)
$1485.06
d)
$787.10
17.
Which of the following is not found on a check?
a)
Account Owner's Name & Address
b)
Account Owner's Social Security Number
c)
routing number
d)
account number
18.
The number of a checking account is also known as the:
a)
Pin Number
b)
Social Security Number
c)
Routing number
d)
Account Number
19.
Enrico wrote four checks last month, and these were the only transactions for his checking account. According to his check register, his balance is $893.48, but the bank statement he just received says his balance is $1076.32. If the four checks were for $173.75, $173.84, $182.75, and $182.84, the check for which amount has not yet cleared?
a)
$173.75
b)
$173.84
c)
$182.75
d)
$182.84
20.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
21.
This is the cost of using some other person's or bank's money.
a)
Interest
b)
Bill
c)
Principal
d)
Credit
22.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
23.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
24.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
25.
The action enters money into an account.
a)
Deposit
b)
Withdrawal
c)
Loan
d)
Deduction
26.
This action removes money from an account, either at the bank or an ATM.
a)
Withdrawal
b)
Deposit
c)
Loan
d)
Credit
27.
This transaction removes funds from your account.
a)
Debit
b)
Credit
c)
Loan
d)
Deposit
28.

Checks that have been processed by the bank

a)

Checkbook Register

b)

Check

c)

Bounced Check

d)

Cancelled Check

29.

Signature on the back of the check designating who to pay

a)

Debit Card

b)

Drawer

c)

Drawee

d)

Endorsement

30.

Checks that have not been processed by the bank

a)

Postdated Check

b)

Outstanding Check

c)

Stale Check

d)

Cancelled Check

31.

A check written for a future date

a)

Stale Check

b)

Voided Check

c)

Postdated Check

d)

Outstanding Check

32.

A check you mark through because you made a mistake writing it

a)

Outstanding Check

b)

Postdated Check

c)

Stale Check

d)

Voided Check

33.
Annual Percentage Rate (APR) is the yearly percentage rate of the finance charge. 
a)
True
b)
False 
34.
What can you buy or get with a good credit score?
a)
House 
b)
Car
c)
Loan
d)
All of the above 
35.
Paying the minimum payment on a credit card every month will:
a)
Pay a large percentage of the total balance owed every month
b)
Make the final amount paid substantially higher than the amount initially charged to the card
c)
help the cardholder create a plan for paying of a credit card in a decent amount of time
d)
allow the cardholder to avoid paying any interest charges 
36.
How old to you have to be to apply for a credit card?
a)
21
b)
18
c)
16
d)
25
37.
What does APR stand for?
a)
Annual purchase rate
b)
Annual percentage rate
c)
Approximate payment rotation
d)
Authorization processing rate
38.
A credit card is a source of free money.
a)
True
b)
False
39.
You cannot have a credit card without getting credit card debt.
a)
True
b)
False
40.

Brady took his family out to eat. He handed the waitress a card to purchase the meal. This charge appeared on a bill that he paid three weeks later. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

41.

A PIN (Personal Identification Number). What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

42.

Small, hard, plastic card. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

43.

Interest may be charged, but can be avoided by paying the entire balance each month. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

44.

Eric purchased a movie ticket with his card. This money will come straight out of his checking account. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

45.

Which of the following is NOT a factor in your credit score?

a)

Inquiries

b)

Credit Length

c)

Revolving Utilization

d)

Credit Limit

e)

Missed Payments

46.

Card A has an APR of 16.99% and Card B has an APR of 26.98%. Which card do you choose?

a)

Card A

b)

Card B

47.

Card A has an APR of 17.65% and has an annual fee of $95. Card B has an APR of 18.21% and has an annual fee of $0. Which card is better?

a)

Card A

b)

Card B

48.

Card A has an APR of 21.99% and Card B has an APR of 16.98%. Which card do you choose?

a)

Card A

b)

Card B

49.
Which is NOT a typical goal for a savings account?
a)
To create an emergency fund
b)
To pay for higher education
c)
To save for a new car
d)
To buy groceries for this week
50.
What is a general rule of thumb on how much you should save?
a)
5% of your income
b)
10% of your income
c)
20% of your income
d)
30% of your income
51.
About how much should you save in an emergency fund?
a)
1-3 months of living expenses
b)
3-6 months of living expenses
c)
6-9 months of living expenses
d)
9-12 months of living expenses
52.
What is a good strategy to help you save?
a)
1st, spend money on all expenses; put the rest into saving
b)
Tap into your savings on a regular basis to purchase small items, like snacks
c)
Pay yourself first - set aside money for savings each month
d)
Keep your spending and saving money together in 1 account
53.
How does the 50-20-30 rule distribute your income?
a)
50% expenses, 20% flexible spending, 30% saving
b)
50% expenses, 20% saving, 30% flexible spending
c)
50% flexible spending, 20% saving, 30% expenses
d)
50% saving, 20% flexible spending, 30% expenses
54.
How is compound interest different than simple interest?
a)
It is simple interest - interest earned on that interest
b)
It is double the simple interest earned on an investment
c)
It is simple interest + interest earned on that interest
d)
It's not different; they are one and the same
55.
How does inflation impact the money in your savings account?
a)
Inflation decreases only the $ you earn in interest
b)
Inflation increases the value of the money in your account
c)
Inflation has no impact on $ in your savings account.
d)
The purchasing power of your money decreases over time
56.

A mutual fund is

a)

like a loan where you are giving money in exchange for an interest payment.

b)

is issued by the government to support government spending (schools, roads, low-income housing).

c)

an investment with diversified stocks and bonds.

57.

Different bonds and stocks even have different degrees of risk.

a)

True

b)

False

58.
World's largest stock exchange founded in 1790.
a)
NASDAQ
b)
AMEX
c)
NYSE
d)
EuroNext
59.

Which of the following is not one of the US market index?

a)

DOW Jones

b)

NASDAQ

c)

S&P 500

d)

S&P 100

60.

Which of the following is a higher risk?

a)

Saving your Money in a Saving Account

b)

Putting 10% of your Paycheck into Real Estate

c)

Buying shares of a Mutual Fund

d)

Speculating the Stock Market

61.

When cash is short, the entry to replenish petty cash includes a

a)

debit to Cash Short and Over.

b)

credit to Cash Short and Over.

c)

debit to Petty Cash.

d)

credit to Miscellaneous Expense.

62.

Cash Short and Over is classified as a(n)

a)

asset.

b)

liability.

c)

expense.

d)

equity.

63.

Each time cash or checks are placed in a bank account, the customer prepares a

a)

signature card.

b)

check.

c)

deposit slip.

d)

none of these.

64.

The entry to establish a $200.00 petty cash fund is

a)

debit Petty Cash, $200.00; credit Miscellaneous Expense, $200.00.

b)

debit Cash, $200.00; credit Petty Cash, $200.00.

c)

debit Miscellaneous Expense, $200.00; credit Cash, $200.00.

d)

debit Petty Cash, $200.00; credit Cash, $200.00.

65.

A lost check with a blank endorsement on it can be cashed by

a)

anyone who has the check.

b)

only the person whose name follows the words “Pay to the order of.”

c)

only the person who endorsed the check.

d)

no one.

66.

A petty cash fund is always replenished

a)

daily.

b)

weekly.

c)

at the end of the month.

d)

none of these.

67.
The bank statement shows a checking account balance of $5500. There are outstanding checks totaling $600, an outstanding deposit of $400, and a bank service charge of $15. The Cash account balance should be
a)
$5300
b)
$5700
c)
$5285
d)
none of these

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