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WorksheetsPre - Test (Funda 2) 2nd Quarter
Total questions: 50
Worksheet time: 26mins
A bank reconciliation statement is
Part of the cash book
Part of Bank account
Part of financial statement
None of the above
If the Bank Statement balance does not agree with the bank balance of the Cash Book, then _________.
the Cash Book should be regarded as the correct record of transactions
the Bank Statement should be regarded as the correct record of transactions
a Bank Reconciliation Statement should be prepared
the difference could be either a current asset or current liability
A cash deposit made by business appears on the bank statement as _______ balance.
Debit
Credit
Expenses
Liabilities
A bank overdraft will appear as a __________balance in Bank Statement.
debit
credit
Whenever money is deposited by the business, a credit entry in its records corresponds to a debit entry in the bank's records.
True
False
If the final balance of the bank statement is credit, it indicates that the business owes the bank money.
True
False
If the final balance in the bank statement is RM 3,500 Dr, unpresented cheques equal RM 200 and outstanding deposits total RM 400, the final balance in the business's bank account is:
RM 3,700 Dr
RM 3,700 Cr
RM 3,300 Cr
RM 3,300 Dr
A payment of RM 6,500 by cheque was wrongly recorded on the debit side of the cash book.
Cash book,
Dr Cash Cr payment overstated
Cash book,
Dr payment understated Cr Cash
Bank Rec. item, Add to bank balance
Bank Rec. item, less from cash book bal.
What occurs when a customer has withdrawn more funds than were actually in the banking account resulting in the customer owing money to the bank?
Credit balance
Overdraft
Drawings
Transactions
What do we call a cheque that the bank refused to pay the payee because the drawer has insufficient funds in his current account?
Stale cheque
Dishonoured cheque
Sad cheque
Dubious cheque
Which of the following is already recorded in the Cash at Bank account but not in the Bank Statement?
Bank charges
Dishonoured cheque
Uncredited cheque
Credit transfer
Which of the following is not recorded in the Cash at Bank account but already recorded in the Bank Statement?
Unpresented cheque
Direct debit
Uncredited cheque
Received cheque 150 recorded by the business, what correction need to be made?
cash book +150
cash book -150
bank statement +150
bank statement -150
Paid interest 150 recorded by the bank, what correction need to be made?
cash book +150
cash book -150
bank statement +150
bank statement -150
The type of transactions recorded in a Cash Receipts journal are:
all sales of inventories on credit
all outgoings of cash from the business
all cash received from any source
all purchases of inventories on credit
It allows the a person to manage a bank account holder's funds through actions such as withdrawing or depositing money, viewing account balances, etc.
FDIC Insurance
Automatic Teller Machine (ATM)
Savings Account
Current Account
It protects the deposits of customers against loss up to P250,000 per account.
Check Cashing Store
Money Changer
Federal Deposit Insurance Corporation (FDIC)
Bank Statement
The amount of money you have in your account is called ______.
deposit
balance
savings
loan
A fee charged to your account when it lacks the funds to cover a withdrawal which the bank allows the transaction to go through.
ATM Withdrawal Fee
Miscellaneous Fee
Overdraft Fee
Service Charge Fee
An automatic electronic deposit of net pay to an employee's designated bank account.
Check
Direct Deposit
Deposit Slip
None of the above
A card that is directly connected to your checking account and enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check.
Debit Card
Credit Card
ATM Card
Visa Card
A business in which the primary function is to receive, transfer, and lend money to individuals, businesses and governments.
Coomunity Bank
Country Bank
Commercial Bank
Mutual Savings Bank
A financial institution that receives, lends, exchanges, and safeguards money.
Bank
Community Bank
Commercial Bank
Mutual Savings Bank
A financial institution that is owned by its depositors.
Bank
Community Bank
Commercial Bank
Mutual Savings Bank
It is a type of Commercial Bank that is locally owned and operated.
Bank
Community Bank
Commercial Bank
Mutual Savings Bank
A non profit financial cooperative owned by and operated for the benefit of its members.
Mutual Funds
Charity
Stock Owned Company
Credit Union
Allows the holder to make credit purchases up to an authorized amount. (buy now, pay later)
Credit Union
Credit Card
Debit Card
ATM Card
An independent agency created by the federal government to protect bank customers by insuring their deposits.
IRS
FDIC
BBI
Federal Government
Balancing the checkbook .
Check Register
Endrsement
Payee
Reconcile
A signature on the back of the check.
Check Register
Endorsement
Payee
Reconcile
The person, business, or organization to whom the check is written.
Cash Register
Endorsement
Payee
Reconcile
A licence authorizing a bank to operate.
Money
Electronic Funds Transfer
Check
Charter
A written order of the bank to pay a specific amount to someone.
Money
Electronic Fund Transfer
Check
Charter
Records of check, ATM transactions, deposits and charges on an account.
Check Register
Credit Statement
Bank Statement
Overdraft
It is an inherent power of the state to collect revenues in order to pay for its expenses.
Tax
Income Tax
Taxation
Business Tax
A compensation earner who is engaged in business or practice of profession.
Employee
Mixed Income Earner
Business Earner
Taxpayer
The following are required to pay income tax, except ____.
Filipino citizen living in the Philippines who earns inside and outside of the Philippines.
An OFW who conducts business in the Philippines.
Non resident citizen who earns outside the Philippines.
A foreigner who earns income in the Philippines.
According to Sec 51 A2, the following are not required to file an income tax, except
an individual whose taxable income exceed to P250,000
An individual whose sole income has been subjected to final witholding tax pursuant to Section 57(A)
Minimum wage earner
An individual whose taxable income do not exceed P250,000
SSS, GSIS, Pag-ibig, Philhealth contributions are examples of ___.
Optional Standard Deductions
Statutory Contributions
Employer Contributions
Substituted Contributions
This form is issued by employer to employees earning compensation income and can be used/presented as an Income Tax Return by the employee.
BIR Form 1700
BIR Form 1701A
BIR Form 1701
BIR Foem 2316
Taxes imposed on financial income of persons, corporations or other legal entities.
Income Tax
Percentage Tax
Business Tax
Estate Tax
An individual or business entity that is obligated to pay taxes to a federal, state, or local government
taxation
taxpayers
tax credit
tax rate
How many types of taxes in the Philippines?
10
3
12
4
Ideally taxes should be based on taxpayers ability to pay. In other words, taxes should be _____.
lead to equality
equitable (fair)
rational
inequality
The tax system should attempt to achieve its aims without any undesirable side effect.
Equity
Productivity
Economical
Efficiency
If a product is relatively elastic, an increase in sales tax will ___.
increase revenue for the government but decrease revenue for the seller.
result in inelastic supply.
decrease revenue for the government.
lead to increase demand for compliments and substitutes.
Which of the following is an example of tax evasion?
When a business under declares their level of profit.
When a firm moves to a country with lower taxes than their home country.
When the citizen claims an excessive number of deductions.
All answers are correct.
One major goal of taxation is ____.
the distribution of some wealth from high income earners to low income earners.
to redistribute funds towards projects which benefit the most important citizens in an electorate.
to achieve quality and equity in the distribution of income.
to achieve equity in the distribution of income by satisfying all stakeholders.
In most countries, the income tax system can be considered ____.
an example of regressive taxation.
an example of progressive taxation
n example of proportional taxation
n example of indirect taxation
How do we calculate the average rate of tax?
Total income divided by total tax times 100
Total income tax paid divided by Income times 100
Total Income Tax paid divided by Age Group times 100
Total Income divided by the applicable tax bracket.
