reconcile checking

Front

What are fixed expenses?

Back

Fixed expenses are costs that do not change regardless of the level of goods or services produced. Examples include rent, salaries, and insurance.

Front

How do you calculate state income tax withheld from gross pay?

Back

To calculate state income tax withheld, subtract any exemptions from gross pay to find taxable income, then multiply by the state income tax rate.

Front

What is the total value of coins in a deposit of 15 pennies, 8 nickels, 5 dimes, and 3 quarters?

Back

The total value is $0.15 (pennies) + $0.40 (nickels) + $0.50 (dimes) + $0.75 (quarters) = $1.80. Adding $324.75 gives a total deposit of $326.55.

Front

What could cause discrepancies between a bank statement balance and a checkbook balance?

Back

Discrepancies can be caused by outstanding checks, deposits not yet processed, bank fees, or interest earned.

Front

What is a monthly service fee in banking?

Back

A monthly service fee is a charge that banks may impose for maintaining an account, which can affect the account balance.

Front

How do you determine the total monthly fixed expenses from a budget sheet?

Back

Total monthly fixed expenses are calculated by summing all fixed costs listed in the budget sheet.

Front

What is the purpose of a checkbook register?

Back

A checkbook register is used to track all transactions, including deposits, withdrawals, and fees, to maintain an accurate account balance.

Front

What is the significance of reconciling a bank statement?

Back

Reconciling a bank statement ensures that the checkbook balance matches the bank's records, helping to identify errors or unauthorized transactions.

Front

How do you calculate the total amount deposited?

Back

To calculate the total amount deposited, sum the cash amount and the value of all coins included in the deposit.

Front

What is the formula for calculating gross pay?

Back

Gross pay is calculated as the total earnings before any deductions, typically based on hourly wage multiplied by hours worked or salary.