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POB Unit 4 Test
Test Description: Study
Instructions: Answer all questions to get your test result.
1) James received a $100 check. He wants to endorse this check over to Steve. Which type of endorsement should James use?
A
Restrictive
B
Non-endorsement
C
Full
D
Blank
2) 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
Check-cashing outlet
B
pawnshop
C
Non-depository
D
Depository
3) 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
stock investment
B
Bond Investment
C
money market account
D
Certificate of deposit
4) 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
services
C
restrictions
D
safety
5) 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
income statement
B
statement of owner's equity
C
balance sheet
D
budget
6) 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
$9,000 net loss
B
$9,000 income
C
$5,000 net loss
D
$5,000 net income
7) Carl estimated that his business could invest an additional $40,000. Which type of budget was used?
A
Operating
B
Cash
C
Start-up
D
Expansion
8) Alicia should use which type of budget to analyze the business performance of her floral company?
A
Expense
B
Operating
C
Start-up
D
Cash
9) 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
Operating
B
Cash
C
Start-up
D
Expansion
10) 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
Participating in open market activities
C
Approving bank mergers
D
Managing the discount rate
11) 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
Restrictions
B
Safety
C
Fees and Charges
D
Convenience
12) 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
$19,000 net loss
B
$5,000 net loss
C
$12,000 net income
D
$5,000 net income
13) 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
Start-up
B
Expansion
C
Operation
D
Personal
14) Which is the FIRST step in opening a checking account?
A
Recieving the first cancelled check
B
Completing a signature card
C
Ordering a set of checks
D
Completing a bank reconciliation
15) The Federal Reserve System supplied the monetary system with $300 billion. This is an example of which service of the Federal Reserve System?
A
Participating in open market activities
B
Managing the discount rate
C
Approving bank mergers
D
Acting as a clearinghouse
16) 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
traveler's check
B
money order
C
electronic
D
Certified check
17) 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
Managing the discount rate
B
Clearinghouse
C
Supervision of banks
D
Participation in open market operations
18) 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
Operation
C
Personal
D
Start-up
19) An investor prefers a financial institution that offers safe deposit boxes, trusts, and loans. Which characteristic(s) of financial institutions the investor prefers?
A
Safety
B
Restrictions
C
Fees and charges
D
Services
20) Sarah purchased school supplies with a store gift card of $300. This is an example of which type of payment services?
A
Certified check
B
Electronic
C
Money order
D
Cashier's check
*select an answer for all questions
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