Financial Literacy Trivia Exam Test!
.
- 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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