Financial Knowledge Flashcard

Front

Which of the following is an effective technique to gather client information?
Ignoring client preferences,
Using surveys and interviews,
Asking only for personal contact details,
Making assumptions about client needs

Back

Using surveys and interviews

Front

Which document is used to record financial transactions? Options: Income Statement, Invoice, Balance Sheet, Check Register

Back

Check Register

Front

Which of the following is important when providing customer service in the financial sector?
Avoiding all client questions,
Having a clear understanding of the services offered,
Focusing only on selling products,
Ignoring customer complaints

Back

Having a clear understanding of the services offered

Front

In bookkeeping, what does the term "payroll" refer to?

Back

Employee wages and salaries

Front

Which financial statement shows a company’s revenues, expenses, and profits over a specific period?

Back

Employee wages and salaries

Front

Which financial statement shows a company's revenues and expenses?

Back

Income Statement

Front

Why are audits important in financial management?

Back

To ensure compliance with laws and regulations

Front

Which banking operation involves processing loans and deposits? Options: Credit check, Savings account opening, Mortgage refinancing.

Back

Teller transactions

Front

What is the Federal Reserve System responsible for?

Back

Managing U.S. monetary policy

Front

What is the role of the FDIC (Federal Deposit Insurance Corporation)?

Back

Insuring bank deposits to protect consumers