National Board Exam (ARTS) MATS
Creditor
A business or individual to whom a debt is owed is a:
Sole proprietorship
A business that is owned by one person is classified as a:
Cashier's check
A check that the bank draws on its own funds and is signed by a responsible bank official is called a:
Mother board
A circuit board that contains most of the electronic components of the system unit is called the:
An option
A contract to keep an offer open for a specified period of time supported by consideration is called: A. an option B. a Bailment C. a tentative offer D. a unilateral offer
Accounts payable
A debit to the purchases account would have a corresponding credit in which of the following accounts?
A backup
A duplicate of an original program or data made as a precaution against loss or damage of the original is called:
Return the overpayment immediately
A funeral director submits a bill for his services for $7500. The estate's administrator sends a check for $8500.How should the funeral home handle the overpayment?
Subtracting the cost of supplies on hand from the balance in the supplies account
A funeral home determines the amount of supplies used by which of the following methods?
44%
A funeral home has $90,000 of accounts receivable. $50,000 of that is current, $ 10,000 is in the 30 to 60 day column, and $20,000 is in the 60 to 90 day column, and $lO,OOO is over 90 days. What percent of the accounts receivable is past due?
33%
A funeral home shows the following balances: sales =$1,000,000; sales discounts = $100,000 cost of goods sold =$600,000. The gross profit percentage is:
A tomb
A general term designating a place suitable for the reception of a dead human body is called:
Assignment of proceeds
A legal instrument authorizing payment of insurance funds for funeral expenses to a funeral home is a(n):
Consult an attorney
A legal will states that all real and personal property is to be divided equally among all the deceased's children. The funeral director should tell the family to:
Quick asset
A liquidity ratio that measures the ability of a firm to meet its current debt on short notice is called what type of ratio?
Summons
A notice of complaint given to a defendant defining the complaint and a time frame for which an answer must be received is a(n) :
Floppy Disk
A plastic disc on which data can be stored magnetically is called a:
Tort
A private or civil wrong where the cause is intentional, or caused by negligence for which there may be action or damages is called a(n):
Ratification
A restatement of an adult's willingness to be bound by a promise made during minority is known as:
Postclosing trial balance
A trial balance of the general ledger accounts taken after the temporary owner's equity accounts have been closed is referred to as:
Type a biography
A word processor would most likely be used to do which of the following?
Escrow
A written agreement, such as a deed, is delivered to a third person. That person is to deliver it to another person only on performance of a specific action by the person. This type of agreement is known as an:
A collection of country-music CD's
All of the following are examples of electronic databases except which one?
FTC
An agency of the federal government created in 1914 to promote free and fair competition by prevention of trade restraints, price fixing, false advertising and unfair methods of competition:
Computer
An electronic device that can accept data, perform instructions on the data, and deliver the results of the processed data is called (a):
Special
An endorsement including the words "without recourse" is what type of endorsement? A. restrictive B. full C. Special D. Qualified
Voidable
An inebriated (intoxicated) person enters into a contract. The contract is:
person
Any individual, partnership, corporation, association, government or governmental subdivision or agency or other entity:
Cash advance item
Any item of service or merchandise described to a purchaser as an "accommodation", "cash disbursement" or similar term:
An asset
Anything of value owned is considered:
Kiss the icon.
At the conclusion of a Greek Orthodox funeral service, the congregation will pass by the casket and:
Software
Before selecting a computer for use in a funeral home, you should determine the correct:
Goods available for sale
Beginning inventory plus purchases for the period yields:
From_______ To _______
Bryan has created a 10 - page story but wants to print only the first two pages. Which printer command should he select?
Allows sophisticated search strategies
Compared with a traditional card catalog, which of the following is an advantage of an electronic card catalog?
1, 2, & 3 1-Personal property, 2-Money, 3-A promise of service
Consideration in a contract could be: 1-Personal property, 2-Money, 3-A promise of service, 4-A promise to refrain from doing an illegal act.
2 & 4 2-The Funeral Director's Assistant 4-Funeral Director's Management System (FDSM 2000).
Examples of vertical market software would be: 1-Microsoft Office, 2-The Funeral Director's Assistant, 3-Microsoft Power Point, 4-Funeral Director's Management System (FDSM 2000).
Federal income tax
FICA refers to what taxes?
Libel
False statements made in writing for the purpose of injuring the reputation of another constitute is called:
Graphing and clip art
For a social studies report, Fred needs to illustrate the products of North Carolina with pictures and comparison graphs. He would most likely use what software programs?
Employee's withholding allowance certificate
Form W - 4 is a(n)
Net sales
Gross sales minus sales returns and allowances minus discounts on sales yields:
96 million characters.
96 megabytes would be roughly equivalent to: A. 96,000 characters B. 96 Million Characters C. 96 billion characters D. 9,600 characters
Commission
refers to the Federal Trade Commission:
Fixture
Personal property permanently attached to land is known as a:
1, 3 & 4 1-Include a specific time duration 3-Be definite 4-Be seriously intended
Requirements for a valid offer must : 1-Include a specific time duration, 2-Include an acceptance, 3-Be definite, 4-Be seriously intended
1,2,3 1-Minimum wage, 2-Overtime compensation, 3-Equal pay
The Fair Labor Standards Act covers which of the following areas: 1-Minimum wage, 2-Overtime compensation, 3-Equal pay, 4-Reasonable accommodations
3% discount if paid in 15 days. With full payment due 30 days from date of invoice.
The accounting expression " 3/15, n/30" means a:
CPU
The portion of the computer that controls the functions of the system and is composed of the 3 sub-units called the control unit, arithmetic unit, and memory unit is the:
Interest
Money paid for the use of money is called:
An independent contractor
Mr. Smith was engaged by Ms. Johnson to wash all the windows in Ms. Johnson's apartment house. Mr. Smith was to be paid $750, and the job was to be done within 7 days. Ms. Johnson would have no control over the operation. Mr. Smith is:
Exigent circumstances
Situation requiring immediate action or urgency:
Shareware
Software programs that allow you to legally copy them, and/or give them away at no cost are known as what software type?
Disks
Telecomputing involves the transmission of all of the following except which one?
Assets = Liabilities + Capital
The basic accounting equation is:
Mortuary law
The branch of the law which deals with the rules of conduct and actions governing a mortician during his legal relations with the public is called:
an Aron
The casket used in a Jewish Orthodox funeral service is called:
CPU
The computer part that performs all the controlling, calculating, and processing functions is the:
Balance
The difference between the total debits and the total credits in an account is the:
Case law
The doctrine of stare decisis is concerned with :
balance sheet
The financial statement that shows the financial position of a company on a particular date: A. income statement B. balance sheet C. statement of change in financial position D. trial balance
Ability
The legal obligation of a business to pay a debt is called a(n):
Triggering events
The occurrence of situations that require certain actions:
Bailee
The party who received personal property, but not ownership of the personal property is called the: A. donee B. bailee C. bailor D. agent
Administrator
The person appointed by a court to oversee the estate is called the:
The plaintiff
The person who brings an action in court is:
Depreciation accounting
The process of allocating the cost of plant and equipment to the periods expected to benefit from the use of these assets is called:
Proving the cash
The process of determining whether the amount of cash, both on hand and in bank, is the same as amount entered in the accounting records is called: A. proving the bank statement B. proving statements of payments C. proving disimbursments D. proving the cash
Accounting cycle
The steps involved in handling all of the transactions and events completed during an account period, beginning with placing the data in a book of original entry and ending with a postclosing trial balance, are referred to collectively as the:
Disks
The terms hard and floppy describes types of:
Liabilities and owner's equity
The two main classifications of claims against a firm's assets are:
A general ledger
The type of ledger that contains all the accounts shown in a trial balance is known as:
Format the diskette
To erase and prepare a diskette for use in a computer requires the operator to:
2, 3, 4 2-Special, 3-Qualified, 4-Restrictive
Types of endorsements include which of the following? 1-Open, 2-Special, 3-Qualified, 4-Restrictive
2, 4 2-Have a public viewing 4-Have a private service
Under the ADA (Americans with Disabilities Act, when a death is due to HIV (AIDS), the funeral home may: 1-Require a sealed casket, 2-Have a public viewing, 3-Charge more for embalming, 4-Have a private service
If a funeral home can demonstrate that a veteran's funeral bill is unpaid
Under what conditions can a Veteran's Burial Benefit be paid directly to the funeral home?
Hardware
What general term describes the physical equipment of a computer system, such as its video screen, keyboard, and storage devices?
Clip art
What is a picture that is saved to a diskette and can be pasted into a document?
Producing written documents
What is the PRIMARY function of word-processing software?
To read from or write information to a floppy disk
What is the function of a disk drive?
$6.67
What is the interest on a $ 1,000 note for 1 month at an 8% annual interest rate?
Punitive
What type of damages pay over and above the actual loss:
Credited
When a net profit is closed to capital, the capital account is:
1 & 3 1-Joint 3-Several
When two or more persons enter into a contract with one or more persons, the contract may be: 1-Joint, 2- Collective, 3-Several, 4-Conditional
Liability
Which of the following accounts normally has a credit balance?
1 & 2
Which of the following are input devices for a computer? 1-Mouse, 2-Keyboard, 3-Printer, 4-Monitor
Sending information to a host computer
Which of the following best describes uploading information? A. sending information to a host computer B. receiving information from a host computer C. storing data on a disk drive D. storing data on the hard drive
Monitor/display
Which of the following is a computer output device:
Memory Chip
Which of the following is a part of the CPU of a computer?
Journal, Ledger, Trial balance, Financial statements
Which of the following lists the proper order of accounting procedures?
1, 2, 3, 4 1-Discovery, 2-Process, 3-Petition, 4-answer
Which of the following terms are associated with filing suit in a civil action: 1-Discovery, 2-Process, 3-Petition, 4-answer
Conditional sale
Which of the following terms describes a sale in which the buyer (so long as the buyer is not in default) has a right to possession before payment in full is made ?
Fraud has occurred
Which one of the following has occurred if a funeral service practitioner intentionally misrepresents a benefit of a pre-need funeral arrangement?
Baud rate
Which term refers to the speed at which information is telecomputed?
Maker
Who of the following is primarily liable on a promissory note?
Default values
If the operator does not assign values in computer operations, the computer automatically can assign:
Net profit
If the total of expenses is smaller than the total of revenues, the difference is termed:
Judge
In a state court of original jurisdiction, the chief officer is the:
1 and 2 only
In most cases, designated reserved seating will be for which of the following? 1-Family members, 2-Honorary casket bearers and other groups, 3-Funeral directors and staff, 4-funeral escort
Unearned
Income received in advance is: