WELCOME TO THE SOUTHWEST MIAMI HIGH SCHOOL BANKING

AND FINANCE MAGNET PROGRAM

You can e-mail me through the following ways:
schoolnotes.com
rojase@juno.com
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************ Magnet Dress Schedule ************

See Calendar for Dress-up and Magnet Shirt Days

Don't forget - You will receive an "A" for dressing-up or an "F" if you forget.

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DECA NEWS
CONGRATULATIONS TO ALL DECA PARTICIPANTS BOWL ON YOUR 2008 OUTSTANDING RESULTS AT DISTRICT COMPETITION.

Quiz Bowl
Diaz-Neda, Oliver - 1st Place
Quach, Ngoc – 1st Place
Quinones, Caprice – 1st Place
Quintanilla, Luis – 1st Place

Apparels and Accessories
Quant, Ruth – 5th Place

Accounting
Lominchar, Caroline – 3rd Place
Martinez, Maria – 4th Place

Automotive Service Marketing
Vergara, Alex – 1st Place

Buying & Merchandizing (team)
Palacios, Natalie – 1st Place
Perez, Armando – 1st Place

Business Services
Correoso, Kelly – 5th Place

Business One to One
Enamorado, Christian – 1st Place
Fernandez, Roberto – 2nd Place
Jimenez, Nicholas – 4th Place
Woodbine, Rachel – 5th Place

Financial Services (team event)
Urbina, Zarid – 1st Place
Walker, Kevin – 1st Place
De Leon, Hazel – 2nd Place
Molina, Ashley – 2nd Place

Food Marketing
Fuentes, Justin – 1st Place
Iglesias, Roberto – 2nd Place

Hospitality (single event)
Santiesteban, Liliam – 5th Place

Hospitality (team event)
Quintero, Leyana – 3rd Place
Rodriquez, Maria – 3rd Place
Hernandez, Solansh -5th Place
Perez, Vanessa- 5th Place

Internet Marketing (team event)
Marin, Raul – 1st Place
Pallet, Lauren – 1st Place
Mayoral, Marcus – 2nd Place
Valenegro, Wladimir – 2nd Place

Quick Serve Restaurant Management
Anonuevo, Abraham 3rd Place

Retail Merchandising
Jimenez, Nicole - 1st (tie) Place
Perez, Kenneth – 1st (tie) Place
Barrera, Maridy 4th Place

Sports Marketing
Sanramon, Lazaro – 3rd Place


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Midterm Essay Questions

Financial Accounting:
Respond to the four questions from the list below. Minimum three paragraphs five sentences for each question.

1. Discuss the differences between debits and credits. Compare and contrast the differences between the two, inclusive of examples delineating such differences.

2. Evaluate the role the accounting equation plays in the accounting system. Include evidence to support the valuation.

3. Relate the association between a journal and a general ledger. Show the connections between the two. Inclusive of evidence that supports this relationship.

4. Illustrate the differences between assets, liabilities and capital. Give concrete examples. Explain clearly by comparison or examples.

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Financial Planning:
Select and respond to five questions from the list below. Minimum three paragraphs five sentences for each question.

1. Describe the techniques for coping with change. Support your answer with facts, (specially, facts presented in the class lecture or text).

2. Itemize and explain good job searching techniques, and formulate a personal plan of action to get the desired job.

3. Describe the use and significance of the cover and thank-you letters. Explain why they are useful to all job applicants. Provide relevant examples.

4. List and describe effective communication strategies; including listening, informal and formal speaking, communication among employees and employers.

5. Explain the motivational levels of need as described by Maslow and discuss the result of job satisfaction.

6. Explain the new trends in the workplace such as flexible schedules, job rotation, job sharing, and permanent part-time employment.

7. Describe the components of the tax system, including the three types of tax systems, the IRS, the power to tax, and paying your fair share.

8. Explain the elements of legal contracts and negotiable instruments. Support with facts (utilize facts presented in class lectures).

9. Outline the steps of a personal budget. Describe the main ideas, characteristics, or events. (does not necessarily mean “write a Roman numeral/letter outline.”)

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American Government Final Exam Study Guide

1. The dominant political unit in the world today is the
2. A federal government is one in which
3. The individual 50 States lack which basic characteristic of a state?
4. Which of the following is among the characteristics of a state?
5. All political powers in a state are concentrated at the central level under which form of government?
6. Which of the following is among the purposes of government outlined in the Preamble to the Constitution?
7. In the charter colonies, most governmental matters were handled by
8. Which colony was founded mainly as a place for personal and religious freedom?
9. Which feature did the State constitutions and the Articles of Confederation have in common?
10. A major objective of both the Annapolis Convention and the Philadelphia Convention was to
11. Which was an achievement of the Second Continental Congress?
12. Parliament first limited the power of the Crown under the
13. The Federalist was written to
14. By the mid-1700s, British rule in the colonies was marked by
15. The first State constitutions, adopted after independence,
16. The Second Continental Congress was similar to the first in the
17. Much of the work of the Framers centered around the proposals that had been set out in
18. The success of which plan led to the Constitutional Convention of 1787?
19. The idea that the people have the right to abolish an abusive and unresponsive government was FIRST formally expressed by Americans in the
20. With the words, "We the People," the Constitution establishes its authority on the basis of
21. The President's Cabinet is an example of informal amendment by
22. The basic constitutional rights of the people were FIRST set out in the
23. The legislative branch can check the judicial branch by its power to
24. The Judiciary Act of 1789 was an example of
25. The President's power to veto an act of Congress is an example of
26. Which of the following accounts for the ability of the Constitution to endure for more than 200 years?
27. Which of the following is mentioned by the Constitution and its amendments?
28. When there is a separation of powers,
29. Each of the four methods of formal amendment
30. Congress can informally amend the Constitution by
31. Which of the following was formally amended to the Constitution?
32. Which of the following statements about informal amendments is TRUE?
33. Which of the following amendments was ratified FIRST?
34. The system of federalism provides for all of the following EXCEPT
35. Concurrent powers are those that are
36. An enabling act directs any area desiring Statehood to
37. States must honor the legality of one another's civil laws because of the
38. Local governments derive their power from
39. Which of the following is an expressed power of the National Government?
40. Citizens who commit a crime in one State and then flee to another State to escape prosecution are to be returned to the original State under
41. The Constitution requires the National Government to guarantee
42. The power of the National Government to coin money is
43. Which of the following powers can the National Government legally exercise?
44. From the States' point of view, what advantage did revenue sharing have over federal grants-in-aid programs?
45. Agreements States enter into with both foreign nations and other States with the consent of Congress are
46. Which of the following is the basic characteristic of federalism?
47. Which statement about local government is accurate?
48. The Full Faith and Credit Clause of the Constitution provides that
49. Funds given to a State by the National Government with special conditions attached are examples of
50. In the United States, a political party is made up of a group of people who
51. Most single-issue parties have been
52. A multi-party system
53. Which statement does NOT describe one type of minor party?
54. The national chairperson of a major political party
55. Although United States political parties focus on winning elections, most political parties in other countries also
56. Over time, the ideas first developed by minor parties are often ____ by major parties.
57. The State party organizations
58. Parties that hold a particular set of beliefs and have often supported Marxist thinking are known as
59. Membership in either of the two major parties is
60. The two-party system developed in the United States mainly because
61. The era of one-party domination that began in 1968 was different from past eras of one-party domination because
62. Minor parties have contributed MOST to United States politics by
63. Which of the following is a sign of weakened political parties?
64. The functions of the major parties in United States politics include
65. A one-party system
66. Which of the following groups has tended to support the Democratic party in recent decades?
67. The two major parties have members who take all of the following roles EXCEPT
68. An increasing number of Americans today
69. In the past, some States limited voting rights by
70. The phenomenon in which fewer votes are cast for offices farther down the ballot is called
71. All of the following are significant reasons for nonvoting in United States elections today EXCEPT
72. Literacy tests worked to deny the right to vote to African Americans primarily because
73. All of the following have been used to keep African Americans from voting EXCEPT
74. A person who votes in the presidential election but does not vote for a congressional candidate in the same election is known as
75. The single most significant predictor of a person's partisan voting behavior is his or her
76. Which of these State suffrage laws would violate some provision in the federal Constitution?
77. To prevent fraudulent voting, most States require voters to
78. The 15th Amendment, ratified in 1870, did not secure the right of African Americans to vote primarily because
79. Gerrymandering is unfair because
80. The nominating stage is important in the electoral process mostly because
81. Petitions to nominate candidates
82. Why are voting machines used?
83. Money is an indispensable campaign resource because
84. The oldest form of the nominating process in the United States is
85. A primary in which candidates are not labeled by party is known as a
86. The purpose of poll watchers is to
87. The most costly items in a typical campaign budget today are
88. Which of the following statements about the FEC is FALSE?
89. In a closed primary
90. The detailed provisions of federal election laws are important
91. The smallest geographic unit for conducting an election is a
92. Which of the following ballots tends to encourage straight-ticket voting?
93. The biggest drawback of the need for large amounts of money to campaign is that
94. The convention system at first seemed more representative of the party as a whole than the caucus because
95. All of the following are loopholes in the current federal election laws EXCEPT
96. The Constitution gives the power to set the date for holding congressional elections to
97. On which ballot are candidates listed together under the title of the position they seek?
98. The most expensive item in a typical campaign budget is
99. Which of the following statements about voting machines is TRUE?
100. The Federal Election Commission enforces laws in each of the following areas EXCEPT

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ACCOUNTING MIDTERM STUDY GUIDE

True/False

The accounting equation - the accounting equation must remain in balance - Total assets - When two asset accounts are changed in a transaction - Asset accounts - ”on account.”- A balance sheet has three major sections – Prepaid insurance - The accounting equation must be in balance - The capital account - a T account - normal debit balance - normal credit balance -The balance of an account increases on the same side - The Objective Evidence accounting concept - A receipt - The journal columns - To correct an error in a journal - chronological order - The source document for cash payment transaction - A complete entry consist of - When adding a new expense account - The year and month on a journal - The day of the month is written on each journal - Double lines - Cash is always proved - The column total of the General Debit column - the special amount columns in a journal The cash account - left side of a T account - A journal - Account numbers may be assigned by - The posting reference - When a business requires the skills of more than one person - The main difference between a service business and a merchandizing business - The selling price of merchandize - The cost account Purchases - A cash purchase transaction - A purchase invoice - The revenue account - The liability account - collecting sales tax on sales of merchandize to customers - Sales tax rates - The bank that issues the credit card - Accounts Payable - a controlling account - subsidiary ledger - Daily general ledger account balances - how often to post to a general ledger.

Multiple Choice

1) A financial statement that reports assets, liabilities, and owner’s equity on a specific date.

2) Planning, recording, analyzing and interpreting financial information is called?

3) An equation showing the relationship among assets, liabilities or owner’s equity.

4) A business activity that changes assets, liability or owners, equity.

5) A planned process for providing financial information that will be useful to management.

6) The amount in an account.

7) The amount used to summarize the owner’s equity in the business.

8) The amount remaining after the value of all liabilities from the value of all assets.

9) A record summarizing all the information pertaining to a single item in the accounting equation.

10) Organized summaries of a business financial activity are called?

11) Anything of value that is owned.

12) A business owned by one person.

13) Financial rights to the assets of a business.

14) A business that performs an activity for a fee.

15) An amount owed by a business.

16) The name given to an account.

17) The right side of a T account is the

18) If an amount is recorded on the side of a T account opposite the normal balance side,

19) The normal side of an asset account is the

20) When the owner invests cash in a business, the owner’s capital account is

21) When a business pays cash on account, a liability account is

22) When cash is received from sales, the change in the owner’s equity is usually

23) Increases in a revenue account are shown on a T account’s

24) When $1,500 cash is received on account,

25) The normal balance side of any expense account is the

26) An account number in the journal’s Post. Ref. column shows

27) Posting references in journals are

28) If all separate amounts on a journal line are recorded in special amount columns,
29) Separate amounts in the Sales Credit column of a journal are

30) The first digit in the account number 120 means that the account is in the

31) When accounts are arranged in a general ledger, account numbers are assigned, and the chart of accounts are kept up to date, the accounting personnel are

32) The procedure for transferring information from a journal entry to a ledger account is

33) The first step in the posting procedure is writing the

34) The last step in the posting procedure is writing the

35) If posting is interrupted, the accounting personnel know to resume posting

36) Each time cash or checks are placed in a bank account, the customer prepares a

37) An endorsement on the back of a check consisting only of a signature is

38) A lost check with a blank endorsement on it can be cashed by

39) An endorsement on the back of the check consisting of the words, “Pay to the order of” and a new check owner’s name is a

40) An endorsement of the back of a check indicating that the check is to be accepted for deposit only is a

41) If any kind of error is made in preparing a check,

42) The entry to establish a $200.00 petty cash fund is

43) A petty cash fund is always replenished

44) The bank statement shows a checking account balance of $5,500.00. There are outstanding checks totaling $600.00, an outstanding deposit of $400.00, and a bank service charge of $15.00. The cash account balance should be

45) A check that a bank refuses to pay is a

46) A check with a future date in it is called a(n)

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FINANCIAL PLANNING MIDTERM STUDY GUIDE

For a company to stay competitive - The Occupational Outlook Handbook - The Monthly Labor Review - Job analysis -Networks - your values and lifestyles, aptitudes and interests, and personal qualities and traits -Lifestyle - Short-term goals - School counselors -private employment agencies - A letter of application - The salutation - A complimentary close -A resume
Personal information on a resume - letter of reference - Temporary work and volunteer work - when being interviewed for a job opening - Creative listening - horizontal communication -Human relation - Chronic absenteeism - Maslow’s Hierarchy of Needs.
Exempt status (on Form W-4) - Overtime - Social security taxes - Paid holidays - leave of absence - An employee who is vested - Flextime -Union contract - proportional tax - The main functions of the IRS - The power to levy taxes -Gross income
Social security benefits - Alimony - Disposable income -Budgeting - Fixed expenses - Assets - Express agreements -Assent
A voidable contract - Check safekeeping - A restrictive endorsement - A certified check - Under the Truth in Savings Act (1993)

1. Workers’ compensation laws are also know as

2. Premiums for unemployment insurance are usually paid by

3. Which of these is not one of the five basic types of benefits paid under social security

4. Employment acts are administered through the

5. As an employee, you should follow through when you say you will do something. This is an example of

6. Which of these is listed on Form W-2, Wage and Tax Statement?

7. Which of these is a true statement about social security numbers?

8. Persons claimed on a Form W-4 that reduce the amount of tax withheld are called?

9. Self-worth or our inner feelings about ourselves is found at which level of Maslow’s Hierarchy?

10. According to Maslow, when basic needs are not provided on the job, the result is called?

11. The most common reason for absenteeism other than illness is

12. Twenty percent of absentees are due to

13. Sixty percent of all absences form work are due to

14. Transmission of information from employees to supervisors is called?

15. Which of these is not one of the three basic purposes for public speaking?

16. Which of these is not one of the basic purposes of informal speaking?

17. The ability to perceive from another’s point of view is called __________ listening

18. The ability to hear new ideas that develop a plan of action is called _______________ listening

19. The process of perceiving sound is called?

20. Which skill is used most at work (36 percent of the time).

21. Work while you are in school, for which you receive school credit, is called

22. When completing a job application, be sure to

23. The greeting of a letter is called

24. The first paragraph of a letter of application should

25. Individual traits and qualities that make you unique are called

26. Debit cards

27. A check written by a bank on its own funds is a

28. Which type of account allows you to write only a small number of checks each month?

29. To sign over a check to a third person, a payee uses a

30. The monthly process of matching the checkbook register to the bank’s record is called

31. The person to whom a check is made payable to is called the

32. Which of the following is not a true statement about a negotiable instrument

33. Contracts that are missing one or more of the essential elements are

34. Competence or legal ability to enter a contract is called

35. Mutual assent (offer and acceptance) is also know as

36. Net worth is defined as

37. Rent, car payments and average utilities are classifies as

38. Money you have to spend after taxes and other deductions is called

39. The easiest income tax form to use is

40. Gross income less adjustments such a IRA contribution is called

41. The statement showing money withheld by an employer for income and social security taxes is

42. Income tax returns must be files by ____________ unless an extension is requested

43. A person would choose Form 1040 instead of Form 1040A or Form 1040EZ in order to

44. Expenses the law allows a taxpayer to subtract from adjusted gross income are called

45. Which of the following is not taxable

46. A taxpayer’s claim on a tax return for each person dependent on the taxpayer’s income is called a(n)

47. The revolutionary War was financed by

48. Property taxes are

49. The AFL-CIO is a(n)

50. Scheduling of the normal forty-hour workweek into less than five days is called