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    FABM

    Uploaded by

    Araceli Ponteros
    1. This document provides definitions for various banking and tax-related terms. It includes multiple choice questions to test understanding of these concepts. 2. Key banking terms defined include checks, various types of checks (certified, cancelled, dishonored), check signers (drawer, payee), outstanding checks, deposits in transit, and bank fees/charges. 3. The tax questions cover topics like taxable vs. exempt income sources, TRAIN Law tax exemptions, and the primary purpose of taxation which is to generate revenue for government expenses.

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    FABM

    Uploaded by

    Araceli Ponteros
    40 views2 pages
    1. This document provides definitions for various banking and tax-related terms. It includes multiple choice questions to test understanding of these concepts. 2. Key banking terms defined include checks, various types of checks (certified, cancelled, dishonored), check signers (drawer, payee), outstanding checks, deposits in transit, and bank fees/charges. 3. The tax questions cover topics like taxable vs. exempt income sources, TRAIN Law tax exemptions, and the primary purpose of taxation which is to generate revenue for government expenses.

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    1. This document provides definitions for various banking and tax-related terms. It includes multiple choice questions to test understanding of these concepts. 2. Key banking terms defined include checks, various types of checks (certified, cancelled, dishonored), check signers (drawer, payee), outstanding checks, deposits in transit, and bank fees/charges. 3. The tax questions cover topics like taxable vs. exempt income sources, TRAIN Law tax exemptions, and the primary purpose of taxation which is to generate revenue for government expenses.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    40 views2 pages

    FABM

    Uploaded by

    Araceli Ponteros
    1. This document provides definitions for various banking and tax-related terms. It includes multiple choice questions to test understanding of these concepts. 2. Key banking terms defined include checks, various types of checks (certified, cancelled, dishonored), check signers (drawer, payee), outstanding checks, deposits in transit, and bank fees/charges. 3. The tax questions cover topics like taxable vs. exempt income sources, TRAIN Law tax exemptions, and the primary purpose of taxation which is to generate revenue for government expenses.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    FABM

    1. It is a negotiable instrument signed by the depositor 9. A form used by the bank notifying the depositor that
    ordering the bank to pay a sum of money to a person or his account cash balance is increased which may due to
    entity interest earned on the depositor or collection made by
    the bank in favor of the depositor.
    A. Payee B. Drawer
    A. Error B. Bank Debit Memo
    C. Promissory Note D. Check
    C. Bank Credit Memo D. Bank Serv Charge
    2. Checks paid by the bank that were deducted from the
    depositor's account and returned together with the 10. A form used by the bank notifying the depositor
    monthly bank statement. that his account cash balance is decreased due to bank
    service charge balance.
    A. Crossed check B. Stale check
    A. Error B. Bank Debit Memo
    C. Certified check D. Cancelled check
    C. Bank Credit Memo D. Bank Serv Charge
    3. A check not accepted for deposit or not honored for
    payment due to some defects in the check (e.g. no 11. This refer to the mistake committed by one or both
    signature, with erasures, the words do not tally with the parties (the bank and the depositor)
    figure, unauthorized signature/s etc.)
    A. Error B. Bank Debit Memo
    A. Post Dated check B. Dishonored check
    C. Bank Credit Memo D. Bank Serv Charge
    C. Cancelled check D. Crossed Check
    4. A Check which cannot be encashed by the payee and 12. The burden of taxation should be proportionate to
    can only be deposited in his account. the ability of the taxpayer to pay it.

    A. Manager's check B. NSF check A. Fiscal adequacy B. Theoretical justice

    C. Cancelled check D. Crossed check C. Administrative feasibility


    5. These are checks issued by the depositor but not yet 13. The government should make sure that the amount
    paid by the bank or presented for payment (opposite of of revenue collected is enough to shoulder its different
    cancelled checks)
    expenses. Proper planning and budgeting of our
    A. Certified check B. Outstanding check government.

    C. Cancelled check D. Traveler's check A. Fiscal adequacy B. Theoretical justice


    6. This refers to the one who signs the check ordering C. Administrative feasibility
    the bank to make payment.
    FOR QUESTION NOS. 14-22
    A. Payee B. Drawer
    Given the following item in preparing the bank
    C. Drawee D. Depositor
    reconciliation, choose the correct procedure for each
    7. These are checks issued by the depositor but not yet item: 14-22);
    paid by the bank or presented for payment (opposite of
    cancelled checks)  Add to cash balance per books
     Deduct from cash bal. per books
    A. Stale Check B. Outstanding Check
     Add to cash balance per bank
    C. Drawn Against Insufficient Fund Check  Deduct from cash bal. per Bank
    D. Post Dated Check 14. NSF checks returned by bank -Deduct from cash
    balance per books

    15. Outstanding Checks -Deduct from cash balance


    per bank
    8. This is a deposit made by the depositor usually at the
    end of the month, which is received by the bank but too 16. Deposit in Transit - Add to cash balance per bank
    late to be included in the bank statement.
    17. Bank Service Charge -Deduct from cash balance
    A. Bank Credit Mero B. Bank Debit Memo
    per books
    C. Error D. Deposit in Transit
    FABM
    18. Interest income -Add to cash balance per books or both including gain derived from sale or exchange of
    personal or real property either ordinary or capital
    19. Withholding -Deduct from cash balance per asset. INCOME
    books
    34. What kind of income are royalties on books,
    20. Bank Debit Memo -Deduct from cash balance per literary works, and musical compositions? PASSIVE
    books INCOME
    21 Bank Credit Memo -Add to cash balance per 35. What kind income are winnings and prizes?
    books PASSIVE INCOME
    22. Bank collection of notes receivable -Add to cash 36. What kind of income are salaries, bonuses, and
    balance per books allowances? COMPENSATION INCOME
    Question Nos. 23-29, Write Taxable if the given 37. What kind of income are patents? PASSIVE
    income is subject to tax in the Philippines and write INCOME
    Exempt if the given income is not taxable in the
    Philippines. 38. According to TRAIN LAW, starting January 1,
    2018 how much annual taxable income of
    23. Income derived within the Philippines by Resident compensation income earners and self- employed
    Alien. TAXABLE taxpayers are exempt from personal income tax.
    24. Income derived without the Philippines by resident ₱250,000.00 & below
    Alien. EXEMPT 39. According to TRAIN LAW, starting January 1,
    25. income derived without the Philippines by Non- 2018, how much 13 month pay and other benefits are
    resident citizen. EXEMPT tax-exempt. ₱ 90,000.00 & below

    26. Income derived within the Philippines by 40. What is the primary purpose of taxation?
    nonresident citizen. TAXABLE
     To collect revenues (tax) that will
    27. Income derived within the Philippines by Resident be use by the government to pay its
    Foreign Corporation. TAXABLE expenses/projects.

    28. Income derived without the Philippines by Resident


    Citizen. TAXABLE

    29. Income derived within the Philippines by Domestic


    Corporation. TAXABLE

    QUESTION NOS. 30-40. IDENTIFICATION

    30. The power of the government to take private


    property upon payment of just compensation, to be
    used for a public purpose. EMINENT DOMAIN

    31. The power of the government to collect that will be


    used to finance the different projects needed by the
    people. TAXATION

    32. The power of the government to make laws that


    will promote public health, morals, safety, and welfare
    of the people: It can prohibit certain activities and
    products if they feel that is detrimental to the people.
    POLICE POWER

    33. It refers to all earnings derived from service


    rendered (labor), from capital (business or investment)

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