POB Unit 4 Test: Question Preview (ID: 25214)


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Amana Appliance Company determined the affordability to start selling self-cleaning stoves. This is an example of what kind of financial planning?
a) Expansion b) Personal c) Operation d) Start-up
Todd gave Intrek Computer Services a personal check for which his bank guaranteed payment. This is an example of which type of payment services?
a) Certified check b) electronic c) money order d) traveler's check
The Federal Reserve System aids in transferring funds between banks in North Carolina and New Jersey. This is an example of which service of the Federal Reserve System?
a) Clearinghouse b) Participation in open market operations c) Supervision of banks d) Managing the discount rate
Which is the FIRST step in opening a checking account?
a) Completing a signature card b) Completing a bank reconciliation c) Ordering a set of checks d) Recieving the first cancelled check
The Federal Reserve System supplied the monetary system with $300 billion. This is an example of which service of the Federal Reserve System?
a) Acting as a clearinghouse b) Approving bank mergers c) Managing the discount rate d) Participating in open market activities
Ford Motor Company determined it can afford to start selling vehicles that imitate a living room on wheels. This is an example of what kind of financial planning?
a) Expansion b) Personal c) Operation d) Start-up
Last year's revenue for Zoe's Company was $95,000 and it paid $83,000 in expenses. Which is the net income/net loss amount for the business?
a) $5,000 net income b) $5,000 net loss c) $12,000 net income d) $19,000 net loss
An investor prefers a financial institution that offers access to local branches and ATM machines near her home and job. Which characteristic(s) of financial institutions the investor prefers?
a) Convenience b) Fees and Charges c) Restrictions d) Safety
The Federal Reserve System approved the merger of Wachovia Bank and Wells Fargo Bank. This is an example of which service of the Federal Reserve System?
a) Acting as a clearinghouse b) Approving bank mergers c) Managing the discount rate d) Participating in open market activities
Paul reviewed his company's budget for six months and determined that it is spending less on utilities. Which type of budget was used?
a) Cash b) Expansion c) Operating d) Start-up
Carl estimated that his business could invest an additional $40,000. Which type of budget was used?
a) Cash b) Expansion c) Operating d) Start-up
Alicia should use which type of budget to analyze the business performance of her floral company?
a) Cash b) Expense c) Operating d) Start-up
Harry's Grocery Store revenue for last year was $98,000 and it paid $103,000 in expenses. Which is the net income/net loss amount for the store?
a) $5,000 net income b) $5,000 net loss c) $9,000 income d) $9,000 net loss
Tonya compared revenue of $30,000 to expenses of $22,000 to determine whether her business experienced a net income or loss. Which type of financial statement was used?
a) balance sheet b) budget c) income statement d) statement of owner's equity
Jennifer prefers a financial institution that will meet her business needs such as access to checking options, credit cards, and loans. Which characteristic(s) of financial institutions does she prefer
a) Fees and charges b) restrictions c) services d) safety
Mary prefers a relatively safe investment that will allow her to withdraw money after a few days without losing any of her principal. Which is the BEST investment choice for Mary?
a) Bond Investment b) Certificate of deposit c) money market account d) stock investment
Direct Finance Company's primary function is to use its own money instead of customers' savings to provide loans to other businesses. This is an example of which type of financial institution?
a) Depository b) Check-cashing outlet c) Non-depository d) pawnshop
James received a $100 check. He wants to endorse this check over to Steve. Which type of endorsement should James use?
a) Blank b) Full c) Non-endorsement d) Restrictive
An investor prefers a financial institution that offers safe deposit boxes, trusts, and loans. Which characteristic(s) of financial institutions the investor prefers?
a) Fees and charges b) Restrictions c) Services d) Safety
Sarah purchased school supplies with a store gift card of $300. This is an example of which type of payment services?
a) Cashier's check b) Certified check c) Electronic d) Money order
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