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Grade 12 1st semster > FABM (2nd Quarter) > Flashcards

FABM (2nd Quarter) Flashcards

1
Q

The services intended for this provide incentive for account holders to save and earn minimal interest for keeping a minimum balance.

A

savings account

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2
Q

Type of bank account that allows the convenience of having multiple transactions, withdrawals and payments through checks suitable for businesses.

A

current account

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3
Q

Type of savings account with a fixed-term and can only be withdrawn after the lapse of the agreed period

A

Time Deposit/Certificate of Deposit

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4
Q

withdrawals can be made through designated machines

A

Debit card or ATM account

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5
Q

used by the depositor to put money in the bank.

A

Deposit Slip

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6
Q

is a written order to the bank, used by account holders to get money out of the bank.

A

Withdrawal Slip

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7
Q

issued by the account holder directing a person’s bank to pay a specific amount of money.

A

Bank Checks

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8
Q

person who issues the check

A

Drawer

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9
Q

recipient of the money

A

Payee

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10
Q

bank or other financial institution

A

Drawee

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11
Q

Steps in preparing a check

A
  1. Write the date
  2. Write the complete name of payee
  3. Write the exact amount in figure
  4. Sign the check
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12
Q

becomes invalid after 180 days or 6 months

A

Stale Check

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13
Q

dated at a future date

A

Post-dated Check

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14
Q

restricted for payees account and will only be accepted for deposit.

A

Crossed Check

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15
Q

cannot be honored by the bank because the drawer has no sufficient funds to cover.

A

Bouncing Check

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16
Q

Bank statement contains relevant information

A

A. Customer’s Information
B. Bank’s Information
C. Account Information
D. Transactions

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17
Q

monthly report that is prepared to reconcile two reciprocal accounts

A

Bank Reconciliation Statement

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18
Q

prevent either the company or the bank from recording the transaction in the same period.

A

Timing differences

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19
Q

erroneously record the transaction either of the company or the bank.

A

Errors

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20
Q

Three methods

A

Adjusted method
Book to Bank
Bank to Book

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21
Q

additions made by the bank to the account of the depositor.

A

Credit Memo

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22
Q

collection of receivables

A

Bank Collection

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23
Q

Addition to the depositors account

A

Interest Income

24
Q

deductions made by the bank to the account of the depositor.

A

Debit Memo

25
Q
  • monthly fees charged by the bank for its services.
  • fees such as check printing and processing
A

Bank service charges

26
Q

dishonored and returned by the bank

A

NSF Check

27
Q

What does NSF mean in NSF check?

A

Not sufficient fund

28
Q

Items erroneously recorded by the company

A

Book Errors

29
Q

amounts received and recorded by the company but not yet deposit or the amount deposited after the bank cut off time

A

Deposit in Transit

30
Q

checks issued by the company to payees but not yet encashed with the bank or cleared by the bank

A

Outstanding Checks

31
Q

Items erroneously recorded by the bank.

A

Bank Errors

32
Q

amount of income used to calculate the taxes owed by an individual or a company

A

Taxable Income

33
Q

amount of tax to be paid to the government by a taxpayer

A

Tax Due

34
Q

is the compulsory contribution that people pay to the government.

A

Tax

35
Q

Three Inherent Powers of the Government

A
  1. Eminent Domain
  2. Police Power
  3. Taxation
36
Q

power of the government takes over privately owned land, matters relating to the payment of just compensation being used for public considerations.

A

Eminent Domain

37
Q

power of a state, provincial, or national government to take private property for public use.

A

Eminent Domain

38
Q

power of the government to make policies that encourage the public’s health, morality, protection, and the well-being of the people.

A

Police Power

39
Q

capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants.

A

Police Power

40
Q

the ability of the government to collect taxes which is used to fund various projects needed by the people. The process by which our government, through our lawmakers, raises income to pay its necessary expenses.

A

Taxation

41
Q

are generally an involuntary fee levied on individuals or corporations that is enforced by a government entity, whether local, regional or national in order to finance government activities.

A

Taxation

42
Q

The Basic Principles of a Sound Tax System

A

a. Fiscal adequacy
b. Theoretical justice or equality
c. Administrative feasibility

43
Q

revenues should be adequate to sustain government spending.

A

Fiscal adequacy

44
Q

taxes are fair and reasonable to the capabilities of the taxpayer to pay.

A

Theoretical justice or equality

45
Q

tax legislation enforced efficiently and effectively, preventing further complications and uncertainty on the aspect of tax-paying citizens.

A

Administrative feasibility

46
Q

“Why do we pay taxes?” because of these purposes:

A
  • provides funds to support the government to improve people’s general welfare.
  • managing inflation
  • helping to reduce negative impacts
  • reasonable distribution of income
47
Q

imposition of taxes on the income of individuals derived from compensation, business trade, self-employed, or a practice of a profession or from property less deductions authorized by the law.

A

Income taxes

48
Q

This term refers to the taxpayer’ income for taxation purposes.

A

gross income

49
Q

received by an employee working for different companies.

A

Compensation Income

50
Q

income generated by an entrepreneur or by different professionals like lawyers, doctors, and accountants.

A

Business Income

51
Q

a taxpayer who receives both compensation and business income.

A

Mixed Income

52
Q

an income generated by different investments made by an individual.

A

Passive Income

53
Q

Aralin niyo yung computation haha

A

aight bet

54
Q

eliminates the personal exemption of P50,000 and the additional exemption P25,000.

A

Republic Act No. 10963 or TRAIN

55
Q

What is Republic Act No. 10963 (TRAIN)

A

Tax Reform Act for Acceleration and Inclusion

Grade 12 1st semster (39 decks)

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