My mom gets sooooo annoyed when my friends call and their conversation with my mom goes like this:
*ring ring*
MOM: "Hello?"
FRIEND: "Hello?"
M: "Hello..."
F: "Hi?"
M: "Hi. May I ask who's calling?"
F: "Ummm.... it's for Olivia."
M: "Okaaaay... Who is this, please?"
F: "Um.... Hannah (or whatever their name is)"
M: "Okay, she's right here."
Meanwhile, I'm standing there, hand outstretched, waiting for the phone...
Personally, if I know it's my friend calling (caller ID) I say "Hey Heather (or whoever), what's up?" But if I don't know who's calling, or if it's for my parents, Our conversations go:
ME: "Hello."
CALLER: "Hello, may I speak to ___ (insert parent's name here) please?"
ME: "Sure. This is his/her daughter speaking, let me go find them... May I ask who's calling?"
CALLER: "It's ___"
By then I've found the proper person and have handed over the phone saying, "It's ___."
My friend Sally doesn't have caller ID, and she always answers the phone, "Hello, this is Sally."