Fin Prod tesr

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School

Fullerton College *

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Course

MISC

Subject

Accounting

Date

Jan 9, 2024

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docx

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Uploaded by ProfessorFrog3874 on coursehero.com

Offering Financial Products 23-24 assessment 1. What is the tax preparer required to disclose before allowing a customer to apply for a Financial Product? a) All filing and product options available to the customer, including those with no additional costs b) The timing and costs associated with each refund option c) All fees and/or repayments that will be deducted from the refund d) All of the above e) Nothing. The tax preparer is not required to disclose anything to the customer. 2. True or False: The tax preparer should provide filing and product options to the taxpayer(s) only after the taxpayer asks for options. a) True, filing and product options should be provided to the taxpayer(s) only after the taxpayer asks for options. b) False, filing and product options should be provided to the taxpayer(s) once the tax preparer establishes there is a tax refund due to the taxpayer(s) 3. Which refund option(s) must you always present to a client when explaining financial products? a) DEEPBLUE Debit Account b) Refund Transfer c) Easy Advance d) Check Printed in the office e) IRS Direct Deposit and IRS mailed Check 4. What is a benefit of a customer applying for and receiving a Refund Transfer (RT)? a) It allows a taxpayer to receive their refund in less than 24 hours, and is the most efficient option. b) It is a free refund option, but the taxpayer must pay the tax preparation fees out of pocket. c) It allows unbanked taxpayers to have their refund processed as a direct deposit rather than waiting for their check to be mailed from the IRS, and allows the tax preparation fees to be paid from the refund. 5. True or False: All applicable fees, which may include tax preparation fees, an account handling fee, a disbursement fee and/or electronic filing fee must be disclosed to a taxpayer who applies for and obtains a Refund Transfer (RT).

Offering Financial Products 23-24 assessment a) True b) False 6. True or False: A receptionist in the tax office does not prepare taxes, but is responsible for answering customer questions related to Financial Products. This employee IS REQUIRED to take this Compliance and Product Training and Test. a) True b) False 7. True or False: A customer may apply for an RT and/or EA even if tax preparation fees are paid at the time of tax preparation. a) True b) False 8. A customer wants to apply for a Refund Transfer (RT) on a Married Filing Joint (MFJ) return but says the spouse is working and cannot come into the office. You should: a) Complete the return without the spouse’s signatures, and then file the return with the IRS and JTHF. b) Inform the customer the RT is not complete until the spouse reviews and electronically signs the Financial Product Application and all disclosures. c) Complete the return, instruct the applicant to forge the spouse’s signature on the Financial Product Application and disclosures, and then file the return with the IRS and JTHF. d) Complete the return, have another tax preparer sign the Financial Product Application and disclosures in place of the spouse, and file it with the IRS and JTHF. 9. True or False: If a customer whose spouse passed away at the end of last year comes in to have their taxes prepared Married Filing Jointly (MFJ) the customer may apply for a Financial Product. a) True, anyone can apply for a Financial Product. b) False, the customer and/or spouse cannot be deceased to apply for a Financial Product. 10. True or False: Customers who apply for an EA must receive the EA proceeds by deposit to a DEEPBLUE Debit Account as their disbursement method.

Offering Financial Products 23-24 assessment a) True, all customer’s will have their EAs disbursed via DEEPBLUE Debit Account, with the exception of VT, ME, and filing with an ITIN. b) False, the customer can choose check, direct deposit, or to a DEEPBLUE Debit Account. 11. If a customer is approved for a lower EA amount than applied for, how will the customer receive the updated TILA? a) The updated TILA will be mailed to the customer’s address. b) The customer will need to contact Liberty Support Center for the updated TILA. c) The customer will need to contact Republic Bank for the updated TILA. d) The customer will not receive an updated TILA. 12. True or False: Refund Transfers and the Easy Advance cannot be offered when the return is prepared based on paystubs or other improper income documentation. Those found submitting Financial Product returns based on paystubs may be suspended from offering Financial Products or terminated from the entire Program. a) True b) False 13. Once the customer completes the signature process in the tax office, the tax preparer must print the signed Financial Product Application, as well as all disclosures, Important Information and the Privacy Policy from the tax software. When must these documents be given to the customer? a) Never, the customer does not need copies of their signed documents. b) Once the customer’s refund is received, the documents must be given to the customer. c) As soon as the signature process is completed and the signed documents have been printed, the documents must be given to the customer. 14. True or False: For virtual tax preparation that includes Financial Products, all documents and required disclosures must be provided to the customer via telephone discussion and through email communication before the application may be completed. a) True b) False 15. True or False: The taxpayer must choose a Refund Transfer in order to apply for an Easy Advance.

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