Financial Literacy Trivia Exam Test!

Quickbooks is a computer software that is used to maintain financial activity. It is widely used by businesses and individuals to manage their accounting and financial operations. Quickbooks allows users to track income and expenses, create invoices, manage payroll, generate financial reports, and perform various other financial tasks. It provides a user-friendly interface and a range of features that make it an efficient tool for maintaining financial records and managing finances effectively.

The correct answer is Treasurer. The treasurer is responsible for handling the financial matters of the chapter, including depositing and disbursing funds. They are in charge of keeping track of the chapter's finances, maintaining accurate records, and ensuring that the funds are used appropriately. The treasurer plays a crucial role in managing the chapter's financial stability and ensuring transparency in financial transactions.

A chapter audit is required at the end of each fiscal year to ensure that the financial records and transactions of the chapter are accurate and in compliance with the regulations and guidelines. By conducting an audit annually, the chapter can identify any discrepancies or errors in their financial statements, assess the effectiveness of their internal controls, and make any necessary adjustments or improvements. This helps to maintain transparency and accountability within the chapter's financial operations and ensures that they are meeting their financial obligations.

The correct answer is Financial Secretary. The Financial Secretary is responsible for collecting and receipting all funds in a chapter. They handle the financial transactions and keep records of all the money received. The Treasurer, on the other hand, is responsible for managing the chapter's finances and keeping track of the budget. The President is the leader of the chapter and is responsible for overall management and decision-making.

A chapter can have operating and fundraising accounts because these accounts are essential for managing the financial activities of the chapter. The operating account is used to cover the day-to-day expenses of the chapter, such as rent, utilities, and salaries. On the other hand, the fundraising account is used to track and manage the funds raised by the chapter through various activities and events. Having separate accounts for operating and fundraising allows the chapter to have better financial control and transparency in managing their funds.

The J&J fiscal year runs from June 1 to May 31. This means that their financial year starts on June 1 and ends on May 31 of the following year. This is different from a calendar year, which runs from January 1 to December 31.

The chapter officers required to sign chapter contracts are the President and Treasurer. The President is responsible for the overall leadership and management of the chapter, while the Treasurer is in charge of the chapter's finances. By having both the President and Treasurer sign the contracts, it ensures that there is accountability and oversight from both the leadership and financial perspectives. This helps to ensure that the chapter is making informed decisions and that the financial aspects of the contracts are properly managed.

In order to ensure accountability and prevent any unauthorized transactions, it is required to have two signatures on all checks written from the chapter accounts. This practice helps to minimize the risk of fraud and ensures that multiple individuals have approved and authorized the use of funds from the chapter accounts. Having two signatures provides an additional layer of security and oversight in the financial management of the chapter.

According to the given information, the percentage of chapter fundraising profits that must go to the Jack and Jill Foundation is 1/3.

The chapter treasurer should make financial reports to the chapter at each regularly scheduled meeting. This ensures that the chapter members are regularly updated on the financial status of the chapter. By providing these reports at every meeting, the treasurer can keep the members informed about the income, expenses, and overall financial health of the chapter. This allows for transparency and accountability within the chapter, and enables the members to make informed decisions regarding the chapter's finances.

The president is the ultimate manager of all funds in a chapter officer role. As the leader of the organization, the president is responsible for overseeing the financial activities and ensuring that funds are managed properly. They have the authority to make decisions regarding the allocation and use of funds, and they work closely with other officers to ensure financial stability and accountability within the chapter. The president's role includes financial management and decision-making, making them the ultimate manager of all funds.

The correct answer is President, Vice President, Treasurer. These three officers are typically the ones responsible for the financial management and decision-making within an organization. The President and Vice President hold the highest positions of authority and are entrusted with overseeing the organization's finances. The Treasurer, on the other hand, is specifically designated to handle financial matters and is responsible for signing checks. By having these three officers bonded and allowed to sign checks, it ensures a system of checks and balances and helps prevent any potential misuse or mishandling of funds.

The remaining funds that are not sent to the Jack and Jill Foundation can be used to support local IRS approved charities. This means that the chapter can choose to allocate the funds towards supporting other charitable organizations that have been approved by the IRS. This allows the chapter to contribute to various causes and make a positive impact in the local community.

A chapter can have a maximum of two bank accounts. This limit ensures proper financial management and accountability. Having multiple accounts allows for better separation of funds and easier tracking of income and expenses. It also helps in avoiding any potential misuse or mishandling of funds. By limiting the number of bank accounts to two, the chapter can maintain a streamlined financial system while still having the flexibility to handle different types of transactions.

The chapter end-of-year report deadline is on June 30. This means that all reports must be submitted by this date.

Donations made to a local IRS approved charity are tax deductible because the IRS allows individuals to deduct donations made to qualified charitable organizations. By making a check payable to the chapter to support a local IRS approved charity, the donation qualifies for a tax deduction. However, checks made payable to the chapter to support Teen Conference or the purchase of an item at a chapter fundraiser in an amount less than face value are not mentioned as tax deductible, so they do not qualify for a tax deduction.

The penalty for late, incorrect, or incomplete end-of-year reports after the deadline is $500.

The correct answer is 501(c)4. This designation refers to the IRS tax-exempt status for social welfare organizations. These organizations are allowed to engage in limited political activities while still maintaining their tax-exempt status. Jack and Jill of America, Inc. is a national organization dedicated to nurturing future African American leaders, and their designation as a 501(c)4 indicates that they are recognized as a social welfare organization by the IRS.

The correct answer is 501(c)3. This designation refers to a specific type of non-profit organization recognized by the Internal Revenue Service (IRS) in the United States. 501(c)3 organizations are exempt from federal income tax and are eligible to receive tax-deductible donations. These organizations are typically charitable, educational, religious, scientific, or literary in nature, and they must operate for the benefit of the general public.

Donations made payable to the chapter, even if deposited in the fundraising account, are not tax deductible. This is because the chapter is not an IRS approved charity. In order for a donation to be tax deductible, it must be made directly to an IRS approved charity, such as the Jack and Jill Foundation.

The Regional Treasurer must send all chapter donations to the National Treasurer by June 1. This indicates that there is a specific deadline for transferring the donations, and it is the responsibility of the Regional Treasurer to ensure that the funds are sent on time.

If a chapter fails to support the Foundation, the penalty is suspension. This means that the chapter will be temporarily suspended or barred from participating in Foundation activities. This could be a consequence for not fulfilling their obligations or failing to meet the requirements set by the Foundation.

New members' reports are due on May 31.

A CPA should audit the books when the chapter demands one and if the budget allows. This means that the audit should be conducted whenever the chapter requests it and if there are sufficient funds available in the budget to cover the cost of the audit. This ensures that the audit is performed when it is necessary and feasible for the chapter.

Per capita reports are due on September 30.

The given correct answer is "No". This implies that a chapter cannot raise money or get a sponsor to send chapter teens to Teen Conference.

The correct answer states that for regional events, the only officers authorized to sign contracts are the Regional Director and Regional Treasurer. For national events, the only officers authorized to sign contracts are the National President and National Treasurer. This means that these specific officers have the authority to enter into contractual agreements on behalf of their respective chapters or organizations when hosting events at different levels.

The correct answer is the combination of the following three fundraising situations:
1) The chapter normally has gross receipts of $1,000 annually,
2) 10+ persons per year are solicited, and
3) The solicitation is in written form, by television, radio or telephone.

In these situations, a disclosure statement is required to inform potential donors that their contributions are not tax-deductible.