Checking account - Study guides, Class notes & Summaries

The functions of money are to serve as a Multiple Choice  resource allocator, a method for accounting, and a means of income distribution.  unit of account, a store of value, and a medium of exchange. Correct  determinant of consumption, investment, and government spending.  factor of production, exchange, and aggregate supply. Which of the following functions of money enables society to gain the benefits of geographic and labor specialization? Multiple Choice  unit of a...

Chapter 3 The Balance Sheet and Financial Disclosures True/False Questions 1. The balance sheet reports a company's financial position at a point in time. Answer: True Level of Learning: 1 Easy Learning Objective: 03-01 Topic Area: Balance sheet–Usefulness-Limits-Elements Blooms: Remember AACSB: Reflective thinking AICPA: BB Critical thinking AICPA: FN Measurement 2. A company’s market value is generally less than its book value. Answer: False Level of Learning: 1 Easy Learning...

QuickBooks chapter 10; Questions and Answers…Grade A+ Many companies maintain two checking accounts, one for paying bills and one used exclusively for payroll As a business grows in complexity, the need for special purpose accounts grows accordingly. The process of determining the correct cash balance in an account by comparing company

Wise Practice Test 1 50 Questions and Answers 100% Pass When someone deposits at least $10,000 into their bank account, which government agency must be informed? US Treasury Department Which organization guarantees up to $100,000 per depositor in a single credit union? National Credit Union Association (NCUA) Which type of financial institution benefits from the insurance provided by the National Credit Union Association (NCUA)? Credit union How do travelers checks operate,...

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the State Banking Commission. Federal Deposit Insurance Corporation. (FDIC). US Treasury Department. Federal Reserve Board. - US Treasury Department Safe-deposit boxes are: Safe and can be accessed only by the owner of the box Available at all banks Convenient and accessible at any hour of the day or evening A free benefit for accounts with deposits starting at $50,000 - Safe and can be accessed onl...

Wise Certification Test Questions With Verified And Correct Answers If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the - Correct Answer US Treasury Department Margaret wants to store a valuable coin collection & important papers. Generally, consumers should: - Correct Answer Rent a safe deposit box for their valuables Troy has $50 a month transferred electronically from his checking account to his savings account. This is an example of: - Corr...

Cook Co. had the following balances at December 31, Year 2: Cash in checking account $350,000 Cash in money-market account $250,000 U.S. Treasury bill, purchased 12/1/Yr 2, maturing 2/28/Yr 3 $800,000 U.S. Treasury bond, purchased 3/1/Yr 2, maturing 2/28/Yr 3 $500,000 Cook's policy is to treat as cash equivalents all highly liquid investments with a maturity of 3 months or less when purchased. What amount should Cook report as cash and cash equivalents in its December 31, Year 2, balan...

THE ULTIMATE WISE TEST REVIEW QUESTIONS WITH COMPLETE SOLUTIONS What term describes the cost associated with borrowing funds? Interest What is the term for the highest balance you are allowed to maintain on a credit card? Credit limit What type of fee might some credit card companies charge for using their card? Annual fee What is the term for the minimum amount you need to pay on a credit card, expressed as a percentage of your outstanding balance? Minimum payment What i...

Wise Certification Test Question and answers rated A+ 2024/2025 Wise Certification Test If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the - correct answer US Treasury Department Margaret wants to store a valuable coin collection & important papers. Generally, consumers should: - correct answer Rent a safe deposit box for their valuables Troy has $50 a month transferred electronically from his checking account to his savings account. This i...

Personal Finance Test 3 UPDATED Exam Questions and CORRECT Answers The Johnson family is very conservative financially. They have a retirement plan where John works and share a joint checking account at their bank. They keep a lot of money in their checking account to cover short-term needs and emergencies. Both of them want to step up to a higher interest rate than a checking or savings account pays, and at the same time stay with their bank. For John and Maile, money market deposi...