FABM (2nd Quarter)

Question 1

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

Answer 1

savings account

Question 2

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

Answer 2

current account

Question 3

Type of savings account with a fixed-term and can only be withdrawn after the lapse of the agreed period

Answer 3

Time Deposit/Certificate of Deposit

Question 4

withdrawals can be made through designated machines

Answer 4

Debit card or ATM account

Question 5

used by the depositor to put money in the bank.

Answer 5

Deposit Slip

Question 6

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

Answer 6

Withdrawal Slip

Question 7

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

Answer 7

Bank Checks

Question 8

person who issues the check

Answer 8

Drawer

Question 9

recipient of the money

Answer 9

Payee

Question 10

bank or other financial institution

Answer 10

Drawee

Question 11

Steps in preparing a check

Answer 11

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

Question 12

becomes invalid after 180 days or 6 months

Answer 12

Stale Check

Question 13

dated at a future date

Answer 13

Post-dated Check

Question 14

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

Answer 14

Crossed Check

Question 15

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

Answer 15

Bouncing Check

Question 16

Bank statement contains relevant information

Answer 16

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

Question 17

monthly report that is prepared to reconcile two reciprocal accounts

Answer 17

Bank Reconciliation Statement

Question 18

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

Answer 18

Timing differences

Question 19

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

Answer 19

Errors

Question 20

Three methods

Answer 20

Adjusted method
Book to Bank
Bank to Book

Question 21

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

Answer 21

Credit Memo

Question 22

collection of receivables

Answer 22

Bank Collection

Question 23

Addition to the depositors account

Answer 23

Interest Income

Question 24

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

Answer 24

Debit Memo

Question 25

- monthly fees charged by the bank for its services. - fees such as check printing and processing

Answer 25

Bank service charges

Question 26

dishonored and returned by the bank

Answer 26

NSF Check

Question 27

What does NSF mean in NSF check?

Answer 27

Not sufficient fund

Question 28

Items erroneously recorded by the company

Answer 28

Book Errors

Question 29

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

Answer 29

Deposit in Transit

Question 30

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

Answer 30

Outstanding Checks

Question 31

Items erroneously recorded by the bank.

Answer 31

Bank Errors

Question 32

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

Answer 32

Taxable Income

Question 33

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

Answer 33

Tax Due

Question 34

is the compulsory contribution that people pay to the government.

Answer 34

Tax

Question 35

Three Inherent Powers of the Government

Answer 35

1. Eminent Domain 2. Police Power 3. Taxation

Question 36

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

Answer 36

Eminent Domain

Question 37

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

Answer 37

Eminent Domain

Question 38

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

Answer 38

Police Power

Question 39

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.

Answer 39

Police Power

Question 40

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.

Answer 40

Taxation

Question 41

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.

Answer 41

Taxation

Question 42

The Basic Principles of a Sound Tax System

Answer 42

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

Question 43

revenues should be adequate to sustain government spending.

Answer 43

Fiscal adequacy

Question 44

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

Answer 44

Theoretical justice or equality

Question 45

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

Answer 45

Administrative feasibility

Question 46

"Why do we pay taxes?" because of these purposes:

Answer 46

- provides funds to support the government to improve people's general welfare. - managing inflation - helping to reduce negative impacts - reasonable distribution of income

Question 47

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.

Answer 47

Income taxes

Question 48

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

Answer 48

gross income

Question 49

received by an employee working for different companies.

Answer 49

Compensation Income

Question 50

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

Answer 50

Business Income

Question 51

a taxpayer who receives both compensation and business income.

Answer 51

Mixed Income

Question 52

an income generated by different investments made by an individual.

Answer 52

Passive Income

Question 53

Aralin niyo yung computation haha

Answer 53

aight bet

Question 54

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

Answer 54

Republic Act No. 10963 or TRAIN

Question 55

What is Republic Act No. 10963 (TRAIN)

Answer 55

Tax Reform Act for Acceleration and Inclusion