Finance And Accounts Questions! Trivia Quiz
Finance and accounts questions trivia quiz. Finance and accounts are interconnected with each other and there is no way one can study in one field without learning some of the basic concepts surrounding the other. In the quiz below you will get to test your finance and accounting knowledge ranging from accounts receivable to different transactions. Give it a try and get to refresh your memory. All the best as you tackle it!
- 1.
Within how many hours of the deal itself must other transactions flow in order to display as selectable discoveries?
- A.
5 hours
- B.
1 hour
- C.
3 hours
- D.
2 hours
- E.
None of the above
Correct Answer
D. 2 hoursExplanation
Other transactions must flow within 2 hours of the deal itself in order to display as selectable discoveries.Rate this question:
-
- 2.
Which statement accurately describes Electricity?
- A.
Must be generated and used in real time.
- B.
Wholesale quantities move across the electric grid following the path of least resistance.
- C.
Unable to store electricity.
- D.
All of the above.
- E.
None of the above.
Correct Answer
D. All of the above.Explanation
The statement "All of the above" accurately describes electricity. Electricity must be generated and used in real time, wholesale quantities move across the electric grid following the path of least resistance, and electricity is unable to be stored.Rate this question:
-
- 3.
The journal type "SJ" stands for.................
- A.
Settlement Journal
- B.
Standard Journal
- C.
Solomon Journal
- D.
Sales Journal
- E.
None of the above
Correct Answer
B. Standard JournalExplanation
The correct answer is "Standard Journal." The journal type "SJ" refers to the Standard Journal. This journal is used to record standard transactions and is commonly used in accounting to keep track of regular business activities such as sales, purchases, and expenses. The Standard Journal helps in maintaining accurate financial records and provides a clear overview of the company's financial transactions.Rate this question:
-
- 4.
Leaving a payable invoice as "Open" and "Provisional" in CXL still guarantees that TEA will make payment as long as the 3rd party's invoice is attached as well.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Leaving a payable invoice as "Open" and "Provisional" in CXL does not guarantee that TEA will make payment, even if the 3rd party's invoice is attached. The terms "Open" and "Provisional" indicate that the invoice is not yet finalized or approved for payment. Therefore, TEA may choose not to make payment until the invoice is fully processed and confirmed.Rate this question:
-
- 5.
When a deal is cut, the transmission should be cut too since the deal did not flow at the original amount.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement suggests that when a deal is made, the transmission should also be cut because the deal did not flow at the original amount. However, this is not necessarily true. Cutting the transmission may not be necessary or relevant in all cases when a deal is made. The transmission may continue to function as usual, regardless of any changes in the deal. Therefore, the correct answer is false.Rate this question:
-
- 6.
Which of the following companies would not be part of an FCBBS transaction?
- A.
TECO
- B.
PEF
- C.
DUK
- D.
GRU
- E.
OPC
- F.
NSB
- G.
None of the above
Correct Answer(s)
C. DUK
E. OPCExplanation
The companies that would be part of an FCBBS transaction are TECO, PEF, GRU, and NSB. DUK and OPC would not be part of this transaction.Rate this question:
-
- 7.
A curtailment can also be referred to as a(n) .........
- A.
TSR
- B.
FTR
- C.
ATC
- D.
TLR
- E.
PSE
- F.
None of the above
Correct Answer
D. TLRExplanation
A curtailment can also be referred to as a "TLR" or Transmission Loss Reduction. This refers to the process of reducing the amount of energy lost during the transmission of electricity from power plants to consumers.Rate this question:
-
- 8.
The deadline to have Account Recs updated and finalized for a given month is the..............
- A.
2nd business day
- B.
10th calendar day
- C.
3rd business day
- D.
5 calendar day
- E.
4th business day
- F.
None of the above
Correct Answer
E. 4th business dayExplanation
The correct answer is the 4th business day. This means that the deadline to have Account Recs updated and finalized for a given month falls on the 4th business day of that month. It is important to complete this task by the 4th business day to ensure accurate and up-to-date account reconciliations.Rate this question:
-
- 9.
The buyer's interface dictates which market a transaction will be settled in.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The buyer's interface refers to the platform or system through which a buyer conducts a transaction. This interface determines the market in which the transaction will be settled, as different platforms may have different rules and regulations regarding settlement. Therefore, the statement that the buyer's interface dictates which market a transaction will be settled in is true.Rate this question:
-
- 10.
Transaction price can be defined as charges that TEA receives or pays to a Member, Partner, or third party for energy at a specific Delivery Point.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because transaction price refers to the amount that a buyer agrees to pay and a seller agrees to accept for a product or service in a transaction. It is not specific to TEA receiving or paying charges for energy at a specific Delivery Point.Rate this question:
-
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
May 23, 2013Quiz Created by
Dzaros
Back to top