CHAPTER 5

Question 1

3 key features of control (receipts)

Answer 1

1) Banking
2) Security
3) Documentation

Question 2

Remittance advice

Answer 2

Shows which invoices a payment covers

Question 3

Credit control department

Answer 3

Department that deals with customers who buy on credit

Question 4

Receipt

Answer 4

A document given by the seller to the buyer when goods change hands in exchange for payment

Question 5

Receipt

Answer 5

The act of seller accepting payment and to the payment itself

Question 6

Till receipt

Answer 6

Mainly used in retail shops where the money is handed over directly by the customer ; cash, cheques, card voucher

Question 7

Cash register

Answer 7

Part of control over calculating and giving change to customer

Question 8

Details of till receipt

Answer 8

• Sales tax registration number of company/business
• Name of cashier
• Till number

Question 9

Written receipt

Answer 9

Used when there is no cash register

Question 10

Evidence of payment - Credit Card

Answer 10

• A copy of credit card voucher
• Credit card statement (not included in bank statement !!)

Question 11

Evidence of payment - Debit Card

Answer 11

• A copy of debit card voucher
• Bank statement

Question 12

Evidence of payment - Digital payment methods

Answer 12

Sales made in person :
- Till receipt
- Bank statement

Sales over the internet :
- Email confirmation
- Bank statement

Question 13

Evidence of payment - Cheque

Answer 13

Bank statement

Question 14

Evidence of payment - Banker’s draft, postal order

Answer 14

The issuing bank/postal office hold the records

Question 15

Does a cheque need to be signed?

Answer 15

Yes. Drawer must sign it

Question 16

Cash

Answer 16

Notes and coins which make up the legal tender of country

Question 17

Security cautions dealing with cash

Answer 17

• Cash register security
• Safes
• Protective glass
• Strong box
• Security guards and collections
• Night safes
• Frequent banking

Question 18

from who to who for who

Define Cheque

Answer 18

Unconditional order in writing addressed by a person to a bank, signed by the person giving it, to pay to a specified person

Question 19

List 3 transactions involved in credit card payments

Answer 19

1) Purchase of goods from a supplier by a card holder
2) Payment of supplier by card issuer (bank)
3) Payment of card issuer by card holder (bank send a credit card statement, pays within certain days)

Question 20

EFTPOS

Answer 20

Electronic Fund Transfer at Point of Sale

Question 21

What usually use EFTPOS?

Answer 21

Debit and credit card

Question 22

EFTPOS terminal read what at the debit/credit card?

Answer 22

The magnetic strip/black strip (holds all information on the card)

Question 23

Advantages of EFTPOS?

Answer 23

• Do not physically take vouchers to bank to get paid
• Automatically telephone the card company, seek authorisation
• At the same time, card company accept the transaction

Question 24

How many receipts the terminal print?

Answer 24

1 receipt but consists of 2 parts :

• Top copy → customer
• Bottom copy → retailer

Question 25

When a transaction become unauthorised?

Answer 25

1) Credit/debit card reported stolen
2) Exceed customer’s credit limit

Question 26

When do we use supervisor’s card?

Answer 26

• Making refunds
• Report request

Question 27

Example of report request?

Answer 27

• Transactions processed through the terminal for each card issuer
• ‘End of day’ procedures

Question 28

Banker’s draft

Answer 28

• Buying property
• Can’t be dishonoured