Financial Literacy Trivia Exam Test!

28 Questions | Total Attempts: 33

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Financial Literacy Trivia Exam Test!

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Questions and Answers
  • 1. 
    What is the J&J fiscal year?
    • A. 

      September 1 - August 30

    • B. 

      June 1 - May 31

    • C. 

      September 1 - May 31

  • 2. 
    When is the chapter end-of-year report deadline?
    • A. 

      June 30

    • B. 

      May 31

    • C. 

      August 31

  • 3. 
    What is the penalty for late, incorrect, or incomplete end-of-year reports after the deadline?
    • A. 

      $100

    • B. 

      $500

    • C. 

      $1,000

  • 4. 
    When are per capita reports due?
    • A. 

      May 31

    • B. 

      June 30

    • C. 

      September 30

  • 5. 
    When are new members' reports due?
    • A. 

      September 1

    • B. 

      June 30

    • C. 

      May 31

  • 6. 
    Financial activity is maintained in what computer software?
    • A. 

      Quickbooks

    • B. 

      AceMoney

    • C. 

      PayPal

  • 7. 
    How often is a chapter audit required?
    • A. 

      At the end of each fiscal year

    • B. 

      Every 2 years

    • C. 

      After taxes are due

  • 8. 
    When should a CPA audit the books?
    • A. 

      Whenever there is a new Treasurer

    • B. 

      At the end of the fiscal year

    • C. 

      When the chapter demands one and if the budget allows

  • 9. 
    What chapter officer collects and receipts all funds?
    • A. 

      Treasurer

    • B. 

      President

    • C. 

      Financial Secretary

  • 10. 
    When should a chapter treasurer make financial reports to the chapter?
    • A. 

      Every Month

    • B. 

      Quarterly

    • C. 

      At each regularly scheduled meeting

  • 11. 
    What chapter officer is the ultimate manager of all funds?
    • A. 

      Treasurer

    • B. 

      President

    • C. 

      Financial Secretary

  • 12. 
    What chapter officer deposits and disburses funds?
    • A. 

      Treasurer

    • B. 

      President

    • C. 

      Financial Secretary

  • 13. 
    What three officers are bonded and allowed to sign checks?
    • A. 

      President, Vice President, Treasurer

    • B. 

      President, Treasurer, Financial Secretary

    • C. 

      Vice President, Treasurer, Financial Secretary

  • 14. 
    How many signatures are REQUIRED on all checks written from the chapter accounts?
    • A. 

      Three

    • B. 

      One

    • C. 

      Two

  • 15. 
    How many bank accounts can a chapter have?
    • A. 

      Two

    • B. 

      Three

    • C. 

      Unlimited

  • 16. 
    What are the accounts that a chapter can have?
    • A. 

      Operating and Fundraising

    • B. 

      Operating and Group Account

    • C. 

      Fundraising and Administrative

  • 17. 
    What is the Jack and Jill of America, Inc. IRS designation?
    • A. 

      501(c)3

    • B. 

      501(c)4

    • C. 

      501(c)6

  • 18. 
    What is the Jack and Jill Foundation IRS designation?
    • A. 

      501(c)3

    • B. 

      501(c)4

    • C. 

      501(c)6

  • 19. 
    What donations to Jack and Jill are not tax deductible?
    • A. 

      Checks made payable to Jack and Jill Foundation

    • B. 

      Checks made to payable the chapter to support a local IRS approved charity

    • C. 

      Checks made payable to the chapter even if deposited in the fundraising account

  • 20. 
    What donations to Jack and Jill are tax deductible?
    • A. 

      Checks made payable to the chapter to support a local IRS approved charity

    • B. 

      Checks made payable to the chapter to support Teen Conference

    • C. 

      Purchase of an item at a chapter Fundraiser in the amount less than face value

  • 21. 
    What percentage of chapter fundraising profits Must go to the Jack and Jill Foundation?
    • A. 

      1/3

    • B. 

      2/3

    • C. 

      100%

  • 22. 
    What can the remaining funds that are not sent to the Jack and Jill Foundation be used for?
    • A. 

      Support of Chapter operations

    • B. 

      Support of any organization the chapter wants to support

    • C. 

      Support of local IRS approved charities

  • 23. 
    When must the Regional Treasurer send all chapter donations to the National Treasurer?
    • A. 

      June 1

    • B. 

      December 1

    • C. 

      June 30

  • 24. 
    What is the penalty for a chapter's failure to support the Foundation?
    • A. 

      $500

    • B. 

      Suspension

    • C. 

      No penalty

  • 25. 
    Who are the chapter officers required to sign chapter contracts?
    • A. 

      President and Recording Secretary

    • B. 

      President and Treasurer

    • C. 

      President and Committee Chairperson

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