CHAPTER 7 – Questions and Answers Students - Here are 14 questions to test what you have learned! Press the buttons on the left to check your answers.

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Presentation transcript:

CHAPTER 7 – Questions and Answers Students - Here are 14 questions to test what you have learned! Press the buttons on the left to check your answers. If you answer correctly, I will tell you “Affirmative”. If you answer incorrectly, I will tell you “Negative”. IT IS TIME TOPROCEED TO THE FIRST QUESTION

Question 1 - When you “terminate collection action” on a debt you are: A.stopping all collection action on the debt. B.ceasing active collection on the debt. C.writing-off the debt.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 2 - Temporarily ceasing active collection on a debt is called: A.being lazy. B.currently-not-collectible. C.suspension.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 3 - All of the following are legitimate reasons for terminating collection action except: A.The debtor is discharged in bankruptcy. B.You cannot locate the debtor. C.Your boss tells you to finish action on the debt before you go on vacation. D.The debtor does not have the ability to pay any portion of the debt.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 4 - The term write- off refers to: A.A decision by Santa Clause that a child should not receive a present for the upcoming Christmas. B.A determination that a debtor does not have to pay a debt that is owed. B.A determination that a debtor does not have to pay a debt that is owed. C.A determination that a debt has no value for accounting purposes and an agency’s action to reflect this determination in the agency’s accounting reports. C.A determination that a debt has no value for accounting purposes and an agency’s action to reflect this determination in the agency’s accounting reports.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 5 - You may only write-off a debt after the debt has been terminated: A.True B.False C.True and False

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 6 - According to OMB Circular No. A-129, how many classifications of write- off are there? A. Two B. Three C. This is a trick question - there is no such thing as OMB.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 7 - The two classifications of write-off are called: A. Termination and currently-not-collectible. B. Jack and Jill. C. Currently-not-collectible and close-out.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 8 - A debt is classified as “close-out”... A. Before it is terminated. B. When it is determined that the agency does not intend to take any further action to collect the debt. C. When it is determined that a debt is ineligible for the Treasury Offset Program.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 9 - A 1099-C is... A. A form filed with the Internal Revenue Service used to report potential income of a debtor whose debt has been closed-out. B. A Federal Claims Collection Standards section dealing with termination of indebtedness. C.A new jumbo aircraft created by Boeing that can hold up to 1099 passengers.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 10 - The dollar threshold for mandatory 1099-C reporting is: A. $1.37 B. $500 C. $600

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 11 - What is an “identifiable event”? A. A lineup at a police station where a witness to a crime identifies a suspect. B. An event that triggers the requirement to report a discharge of indebtedness to IRS as potential income. C. A verifiable UFO siting.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 12 - How many identifiable events are there under IRS regulations? A. 6 B. 8 C. Its not the quantity that matters, but the quality.

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 13 - Which answer has each of the terms on the left matched to the appropriate source document on the right. A.Active collection A.Active collection --- Federal Claims Collection Standards Discharge of Indebtedness Discharge of Indebtedness --- Internal Revenue Code Currently-not-collectible Currently-not-collectible --- OMB Circular No. A-129 B. Active collection B. Active collection --- OMB Circular No. A-129 Discharge of Indebtedness Discharge of Indebtedness --- Internal Revenue Code Currently-not-collectible Currently-not-collectible --- Federal Claims Collection Standards C. Active collection C. Active collection --- The Bone Collector Discharge of Indebtedness Discharge of Indebtedness --- A River Runs Through It Currently-not-collectible Currently-not-collectible --- The Merchant of Venice

“AFFIRMATIVE” Click anywhere to go to the next question….

Question 14 - If a debtor files for Chapter 11 bankruptcy protection, the agency should: A. Close-out the debt and issue a 1099-C. B. Terminate collection action on the debt. C. Write-off the debt. D. Suspend collection action until the bankruptcy case is dismissed.

“AFFIRMATIVE” Click anywhere to continue…

YOU HAVE FINISHED MY TUTORIAL. YOU ARE A GOOD STUDENT AND DID WELL. “HASTA LA VISTA, BABY!”

“NEGATIVE!” HIT BACK ARROW AND TRY AGAIN