To make sure that sufficient funds are available to cover the bills being paid, you must check the A. tax returns. accounting software. bank...

1.  To make sure that sufficient funds are available to cover the bills being paid, you must check the   

A. tax returns.

B. accounting software.

C. bank balance.

D. company books.

2.  Henry Black, president of Black Hardware, writes a check on his account at the First National Bank to Jim Barton. Who is the payee of the check?    

A. Henry Black

B. First National Bank

C. Black Hardware

D. Jim Barton

3.  Which of the following would be most likely to be paid from petty cash?   

A. Coffee for the staff

B. Rent for the office

C. A loan payment

D. The telephone bill

4.  A customer's check has been returned by the bank. What should you do?   

A. Redeposit the check three times

B. Contact the client and then redeposit

C. Start collection procedures

D. Take no action; bill the client again next month

5.  What is a cash disbursement?    

A. Fees that have been billed

B. Money taken in

C. Money paid out

D. Bills that haven't been paid

6.  When you're using accounting software why would you use hot keys and shortcuts?    

A. To write checks

B. To input data for you

C. To start the program

D. To quickly access commands

7.  Which of the following makes up accounts receivable in the business office?

A. Office expenses

B. The petty cash fund

C. Money spent for advertising

D. Unpaid income for products and services sold

8.  What is an outstanding balance?    

A. A very large balance

B. A closed account

C. A paid in full balance

D. An unpaid balance on an account

9.  Your computer's hard drive has crashed and all data has been lost. To safeguard against data loss, you should have    

A. printed your data frequently while working.

B. used a password on all confidential files.

C. used an uninterrupted power supply.

D. kept a tape backup.

10.  Which of the following is a good example of a fixed obligation in a business office?  

A. Janitorial supplies

B. Stationery expenses

C. Office rent

D. Necessary supplies

11.  What can a computerized spreadsheet do that a paper spreadsheet can't?    

A. Contain rows and columns of data

B. Recalculate itself after changes

C. Keep track of financial data

D. Be accurate to the penny

12.  If you're paying a bill for the office that has "5%, 10 days" stamped across it, how much would you write a check for if you were paying a $100 bill 6 days from the date of invoice?    

A. $100

B. $90

C. $105

D. $95

13.  Each day's receipts can be kept separate by    

A. preparing a deposit slip for each day.

B. reconciling the bank statement.

C. making daily bank withdrawals.

D. listing the ABA numbers.

14.  What must a depositor add to a check before the bank will accept it for deposit?    

A. Void

B. Date of deposit

C. Cancel

D. Endorsement

15.  All of the following are considered cash except which one?    

A. Credit card

B. Debit card

C. Currency

D. Payment plan

16.  Sarah says that overhead includes utility, rent, and salary costs. Jonas says that overhead includes liabilities and accounts payable. Who is correct?   

A. Neither is correct.

B. Sarah is correct.

C. Both Sarah and Jonas are correct.

D. Jonas is correct.

17.  Using your computer software, you create a new file for an existing customer. When you're finished, you should    

A. use Save As to save the new file under a different name.

B. overwrite the existing file by giving the new file the same name.

C. allow the computer to assign a name automatically.

D. coordinate the old and new files by giving both the same name.

18.  In addition to listing the amount of a check on the deposit slip, most banks prefer that you also list

A. the name of the payer.

B. your Social Security number.

C. the address of the payer.

D. the ABA transit number.

19.  Ian admits to and corrects bookkeeping mistakes right away. Shin Lee reported a conflict-of-interest issue to her supervisor immediately. Who is acting ethically?    

A. Ian only

B. Both Ian and Shin Lee

C. Shin Lee only

D. Neither Ian nor Shin Lee

20.  Which of the following would require a cash receipt?    

A. Credit memo

B. Refund

C. Check

D. Purchase order