reconcile checking

reconcile checking

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

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.

2.

FLASHCARD QUESTION

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.

3.

FLASHCARD QUESTION

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.

4.

FLASHCARD QUESTION

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.

5.

FLASHCARD QUESTION

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.

6.

FLASHCARD QUESTION

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.

7.

FLASHCARD QUESTION

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.

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