Financial Knowledge Quiz

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

Which document is used to record financial transactions?

• Income Statement

• Invoice

• Balance Sheet

• Check Register

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

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

• Customer payments

• Employee wages and salaries

• Business investments

• Tax returns

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

• Customer payments

• Employee wages and salaries

• Business investments

• Tax returns

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

• Income Statement

• Cash Flow Statement

• Balance Sheet

• Statement of Retained Earnings

Why are audits important in financial management?

• To ensure compliance with laws and regulations

• To increase revenue

• To decrease expenses

• To promote marketing

Which of the following banking operations involves processing loans and deposits?

• Credit check

• Teller transactions

• Savings account opening

• Mortgage refinancing

What is the Federal Reserve System responsible for?

• Overseeing individual banks

• Regulating the stock market

• Managing U.S. monetary policy

• Issuing loans to consumers

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

• Insuring bank deposits to protect consumers

• Offering loans to businesses

• Regulating interest rates on loans

• Managing government savings bonds