Employees’ Re-Assessment Exam

QUESTIONNAIRE

Direction: Read the instructions in the question paper & answer sheet before you start answering. Do not write anything on the questionnaire. All questions are of the MCQ (Multiple Choice Questions) type.Answers should be marked on the answer sheet provided.Select the letter you choose as the correct response and shade the circle completely as shown in example (i) below.

(i)Correct (fully shaded)

A B C D

Module 1: Getting to know ACDI MPC

  1. ACDI was officially organized on ______.
  2. 23 March 1982
  3. 11 May 1982
  4. 23 May 1982
  5. None of the above
  1. ACDI MPC is a member and affiliate of the following Organizations, except:
  2. Union of Metro Manila Cooperatives
  3. Union of Defense and Public Safety Cooperatives
  4. National Confederation of Cooperatives
  5. None of the above
  1. ACDI MPC is geographically divided into how many areas of operations?
  2. Six (6)
  3. Seven(7)
  4. Nine (9)
  5. None of the above
  1. It is the highest policy making body of ACDI MPC, composed of regular members in good standing (MIGS).
  2. Board of Directors
  3. Mediation and Conciliation Committee
  4. General Assembly
  5. None of the above
  1. It is a subsidiary of ACDI MPC responsible for providing aviation education and training services, to members and dependents, as well as in the development of the aviation industry.
  2. AylaAviatonAcademy
  3. LeadingEdgeInternationalAcademy
  4. RAMCEL
  5. None of the above
  1. The following are franchised stores of ACDI MPC, except:
  2. McDonalds
  3. Chowking
  4. MiniStop
  5. None of the above
  1. It is a corporation formed by ACDI MPC to operate/manage the various consumer goods, commodities, and business lines that will be offered to the members and the public.
  2. LeadingEdgeInternationalAcademy
  3. RAMCEL
  4. Jade King
  5. None of the above
  1. It is a franchised generic medicine store by ACDI MPC. This store is intended to provide members and the public with low cost medicines and medical supplies.
  2. Generika
  3. Generics Pharmacy
  4. Gamot Publiko
  5. None of the above
  1. The following comprised the goals of ACDI MPC, except:
  2. Provide complementary services to improve the lives of the members.
  3. Commit to serve and uplift the quality of life by attending to the employees’ physical, emotional-social, mental, and spiritual well-being.
  4. Assist in preserving nature and enhance its beauty and capability to sustain life.
  5. None of the above
  1. He/She is appointed by the Board of Directors to oversee the financial management of the Cooperative.
  2. Treasurer
  3. Secretary
  4. President
  5. None of the above

Module II:Fundamentals and Elements of Tellering/Cashiering

  1. It is a source of cash receipts.
  1. Inter-branch accommodation
  2. Time deposit
  3. Liquidation of advances
  4. All of the above
  1. It is issued upon receipt of Post Dated Check (PDC) from depositor/investor or borrower/member.
  1. Official receipt
  2. Acknowledgement receipt
  3. On-Us check
  4. None of the above
  1. Issued check by the depository bank and such payment is considered as “cash”.
  1. Manager’s Check
  2. Personal Check
  3. Local Check
  4. All of the above
  1. Issued check beyond six (6) months.
  1. Crossed Check
  2. Dated Check
  3. Stale Check
  4. None of the above
  1. If cash disbursement/payment is through representative, he/she must present ______.
  1. Special Power of Attorney
  2. Authorization letter
  3. ID of member and representative
  4. All of the above
  1. Upon receipt of cash from a savings depositor, the passbook and deposit slip should be forwarded to the ______for posting.
  1. Branch Accountant
  2. Savings Bookkeeper
  3. Payee
  4. None of the above
  1. It is a process by which a business pays out money (cash/checks) to a person or organization, typically related to operating expenses for that business.
  1. Cash receipt
  2. Cash disbursement
  3. Cash monitoring
  4. None of the above
  1. During cash/check receipts from new member, a duplicate copy of the ______and the filled out membership form should be sforwarded to the (answer in item no. 6) for posting/recording of the nature of transaction.
  1. Withdrawal slip
  2. On-Us Check
  3. Official receipt
  4. All of the above
  1. Issued check already deposited to ACDI depository account and cleared by the bank but no available balance or closed account.
  1. Second Endorsed Check
  2. Post Dated Check (PDC)
  3. Stale Check
  4. None of the above
  1. The following are the functions of teller/cashier, except:
  1. Opens/closes vaults and monitor in and out of cash box, checks, and other documents.
  2. Monitors cash on hand and PDCs
  3. Preparation of reports (daily, monthly, quarterly, semi-annually, and annually)
  4. All of the above

Module III: Fundamentals and Elements of Membership, SCC and SD

  1. A member who has not completed the required education and training program for membership.
  1. Associate member
  2. Regular member
  3. All-time member
  4. All of the above
  1. Members of the Junior Savers Club of ACDI MPC are below ______years old.
  1. 12
  2. 16
  3. 18
  4. None of the above
  1. Part of the rights and privileges of an associate member:
  1. Participate in the deliberation of any issue during membership meetings.
  2. Inspect and examine the Books of Accounts, the Minutes Books, the Share Register, and the records of the Cooperative during reasonable hours on business days.
  3. Avail the services of the Cooperative, subject to conditions prescribed by the Board of Directors.
  4. All of the above
  1. A regular member in good standing shall have the following rights, except:
  1. Participate in the deliberation during membership meetings.
  2. Seek any elective position, subject to the provisions of Section 12 Article III of ACDI By-Laws.
  3. Inspect and examine the Books of Accounts, the Minutes Books, the Share Register, and other rights and privileges of membership.
  4. None of the above
  1. The following are the requirements for ACDI membership, except:
  1. Valid ID
  2. Application for Membership-to be properly filled out by the member
  3. Initial deposit of P500.00
  4. None of the above
  1. A member may be terminated by a vote of the majority of the members of the Board of Directors if:
  1. When he/she has continuously failed to comply with his/her obligations.
  2. When he/she has violated any provision of the ACDI MPC By-Laws and the rules promulgated by the Cooperative.
  3. When he/she has not patronized the services/businesses of the Cooperative for more than 24 months.
  4. All of the above
  1. If deposit is through transfer of funds from SD or matured investment, the posting of the deposit through the PATVAIS system should be based on the ______.
  1. Check or Journal Voucher
  2. Credit Memo
  3. Official Receipt
  4. None of the above
  1. In savings deposit, interest is computed based on Average Daily Balance (ADB) multiply by interest rate divided by ______days.
  1. 183
  2. 365
  3. 91
  4. None of the above
  1. The minimum deposit in Junior Savers Club is ______.
  1. P300.00
  2. P400.00
  3. P500.00
  4. None of the above
  1. The following are the functions of a Savings Bookkeeper, except:
  1. Posting of deposit and withdrawals
  2. Prepares GL vs SL analysis and reconciliation (membership, SD, SCC-A, and JSC)
  3. Accepts and releases all cash/checks from and to members, including inter-branch accommodations.
  4. None of the above

(11-15) Problem: A member has a balance of P 3, 000.00 as of December 2010 and has the following transactions on his SD account.

DepositWithdrawal

5 January500.00

18 February400.00

03 March100.00

10 April500.00

  1. Compute for the interest earned for the month of December.
  1. 1.48
  2. 2.47
  3. 0.49
  4. None of the above
  1. Compute for the interest earned for the month of January.
  1. 15.53
  2. 17.5
  3. 9.78
  4. None of the above
  1. Compute for the interest earned for the month of February.
  1. 15.39
  2. 15.25
  3. 15.64
  4. None of the above
  1. Compute for the interest earned for the month of March.
  1. 17.67
  2. 12.77
  3. 16.27
  4. None of the above
  1. Compute for the interest earned for the month of April.
  1. 15.75
  2. 17.5
  3. 15.25
  4. None of the above

(16-20) Problem: A member has a balance on his SCC of P 2, 000.00 as of January 21, 2010. On June 29, 2010, he deposited P 1, 000.00. Compute the dividend for CY 2011 (1st semester) if rate is 16%. Show your computation on the space provided in the answer sheet.

Module IV: Fundamentals and Elements of Loans

  1. The following are the functions of a Loans Bookkeeper, except:
  1. Prepares necessary documents in relation to billing and collection.
  2. Entertains member’s inquiries and process loans.
  3. Opens/closes vaults and monitor in and out of cash box, checks, and other documents.
  4. None of the above
  1. A type of loan that is tied up with member’s ACDI Investments and can be paid through personal payment.
  1. Back to Back Loan
  2. Salary/Consumption Loan
  3. Business Loan
  4. None of the above
  1. The following belong to the 4Cs of credits, except:
  1. Character
  2. Capacity to pay
  3. Collateral
  4. None of the above
  1. Loan processing of accommodated branch shall not exceed a maximum of _____ hours upon application/processing of the accommodating branch.
  1. 36
  2. 72
  3. 24
  4. None of the above
  1. During inter-branch accommodation, submission of the complete set of billing documents is the responsibility of the ______.
  2. Accommodating branch
  3. Accommodated branch
  4. Head Office
  5. None of the above

(For items 6-20, refer to thetable below)

MOS / FACTORS / INTEREST RATE
12 / 11.110131 / 14.469
24 / 20.3988466 / 16.12
36 / 27.9584985 / 17.231
48 / 33.6611321 / 18.635
60 / 38.1423864 / 19.502

(6-7) Problem: A member is applying for loan with only P 2,500.00 available deduction on his payslip. Compute for the gross loan if term is:

  1. 12 mos
  2. 27, 777.50
  3. 27, 775.33
  4. 27, 778.25
  5. None of the above
  1. 60 mos
  2. 95, 355.97
  3. 94, 365.97
  4. 95, 365.97
  5. None of the above

(8-10) Problem: A member is applying for a gross loan of P202,000.00. Compute for the net proceeds if term is:

  1. 36 mos
  2. 194, 775.01
  3. 194, 776.10
  4. 194, 774.11
  5. None of the above
  1. 48 mos
  2. 196, 704.05
  3. 194, 775.01
  4. 195, 999.01
  5. None of the above
  1. 24 mos
  2. 183, 818.40
  3. 195, 775.01
  4. 192, 197.48
  5. None of the above

(11-15) Problem: A member has an existing loan of P 150,000.00 granted on June 29, 2010, payable within 36 monthswith a monthly amortization of P 5,365.09. Breakdown of his payment are as follows:

July 2010P 4, 500.00

August 2010P 6, 000.00

September 2010P 6, 000.00

11. Compute the surcharge for the month of July.

A. 17.03

B. 17.30

C. 16.30

D. None of the above

12. Compute the interest for the month of August.

A. P 2,064.48

B. P 2,007.96

C. P 2,120.19

D. None of the above

13. Compute the interest for the month of September.

A. P 2,064.48

B. P 2,007.96

C. P 2,120.19

D. None of the above

14. Compute the surcharge for the month of August.

A. 4.65

B. 4.75

C. 4.85

D. None of the above

15. Compute the interest for the month of July.

A. P 2,253.88

B. P 2,064.48

C. P 2,120.19

D. None of the above

(16-20) Prepare the desired Loan Ledger.

Module V: Fundamentals and Elements of Billing and Collection

  1. It refers to the estimated loss charged against the current operation.
  1. Provision for Probable Loan Losses (PPLL)
  2. Allowance for Probable Loan Losses (APLL)
  3. Loan Receivable in Litigation
  4. None of the above
  1. It refers to the outstanding balance of loans with missed payments or shortage in monthly amortization.
  1. Loan Receivable Current
  2. Loan Receivable in Arrears
  3. Loan Receivable in Past Due
  4. All of the above
  1. This refers to the loans acquired whose present deductions are less than the prescribed monthly amortization.
  1. Resultant Accounts
  2. Accounts with no deduction
  3. Understated Accounts
  4. None of the above
  1. The following are automatic condonations, except:
  1. Payment from Co-makers
  2. Resultant Account
  3. Claims from Retirement Commutation
  4. None of the above
  1. Accounts to be written off are only those that are past due accounts and are non-moving for a minimum of _____ years from the date of last payment after the lapse of maturity date.
  1. 5
  2. 2
  3. 3
  4. None of the above
  1. Refers to collection received in settlement of the accounts previously written off.
  1. Recoveries
  2. Promissory Note
  3. Portfolio at Risk (PAR)
  4. None of the above
  1. It pertains to the remaining loan balances after collection from the 36 months lump sum and commutation of leave for those accounts granted.
  1. Pre-resumption loan
  2. Understated Account
  3. Resultant Account
  4. None of the above
  1. Refers to the loans being granted to retired AFP personnel whose monthly pension has not yet resumed.
  1. Understated Account
  2. Resultant Loan
  3. Pre-resumption Loan
  4. None of the above
  1. A follow-up collection letter signed by BM has ______months in default.
  1. 1-2
  2. 3-6
  3. above 6
  4. None of the above
  1. It refers to outstanding balance of loans with one day missed amortization payment.
  1. Loan receivable Current
  2. Portfolio at Risk (PAR)
  3. Loan Receivable Past Due
  4. None of the above

Module VI: Fundamentals and Elements of Investment

  1. The maximum deposit for TD (time deposit) is ______.
  1. P 5,000.00
  2. P 5, 000, 000.00
  3. P 20, 000, 000.00
  4. None of the above
  1. The interest rate of time deposit in two (2) years is ______.
  1. 6%
  2. 7%
  3. 8%
  4. None of the above
  1. An affordable super savers program for loaning members only
  1. Time Deposit
  2. Fortune Plan
  3. Special Savings Deposit
  4. None of the above
  1. The minimum deposit for Special Savings Deposit
  1. P 10, 000.00
  2. P 5, 000.00
  3. P 20, 000.00
  4. None of the above
  1. The minimum monthly deposit for Fortune Plan/ Fortune Plus
  1. P 2, 000.00
  2. P 100.00
  3. P 1, 000.00
  4. None of the above

6-10. Problem: An investor placed a TD amounting to P 700, 000.00 on January 31, 2011. Compute the interest earned if mode of interest payment are as follows:

  1. monthly
  1. P 36, 000.00
  2. P 35, 000.00
  3. P 25, 000.00
  4. None of the above
  1. quarterly
  1. P 45, 500.00
  2. P 46, 500.00
  3. P 44, 500.00
  4. None of the above
  1. semi-annually
  1. P 47, 000.00
  2. P 48, 000.00
  3. P 49, 000.00
  4. None of the above
  1. annually
  1. P 56, 000.00
  2. P 65, 000.00
  3. P 63, 000.00
  4. None of the above

10-15.Based on the above data, the investor decided to pre-terminate his investment on August 12, 2011. Compute the pre-termination rate and corresponding adjustment on the computed interest earned.Show your computation on the space provided in the answer sheet. Prepare the necessary accounting entries.

1