@tcmeyer14, you've mostly got it -- but for question #1, the machine would actually run. Ground is bonded to neutral at the breaker box, so this is technically a complete circuit.

But ground is carrying current in this configuration, since it's acting as the return for the 120 VAC circuits in the range. Ground is never supposed to be a current-carrying conductor. Its sole purpose is to act as a safety.

@rbair, you're spot on with every question!

For those curious, this is what the corrected terminal block looks like:

27 minutes ago, vallen513 said:

In this configuration, wouldn't you get shocked if you touched the metal frame of the range?

Good question! The answer is no, unless there is a break somewhere in ground, either in the power cord or in the house wiring. And if that's the case, then the range wouldn't run at all, since it would have no 120 VAC return.

In order for a person to get shocked by an appliance, there needs to be a voltage difference between the chassis and another surface that they are touching (say, the floor or a piece of metal plumbing). In our case, there's no voltage standing on the chassis because the machine is still grounded.

This video demonstrates this concept very clearly. As the Samurai shows here, you can grab hold of neutral with dozens of amps of current flowing through it, but since neutral is at ground voltage potential, you don't feel a thing. It's all about the voltage difference between two points.

14 minutes ago, Myappliancefixed said:

Green wire threw me off looks like it was connected from the factory. What if I would not remove the green wire an connect the white one to the same terminal. Would you get electricuted from touching the stove because a return wire is connected to the body of the stove? 

Nope, it wouldn't cause someone to get electrocuted, for the same reasons I gave in my previous comment in response to vallen513. However, if you left that jumper there, you would invalidate the entire purpose of having a 4 wire cord.

The 4 wire cord is a safety improvement over the 3 wire cord, since it keeps ground and neutral separate. With a 4 wire, even if neutral goes open, the machine is still properly grounded. Not so with a 3 wire cord, and not so with this configuration if you correct the neutral but leave the ground jumper.

Just to add... another reason the NEC is requiring 4-wire configurations is for the situation where the Neutral goes open and Line contacted the chassis as in a shorted load like a motor. In a 3-wire configuration, when Neutral goes open, so does Ground and the chassis is now at Line potential wrt to another grounded surface (kitchen tap, refrigerator, floor, etc). In a 4-wire configuration in this same situation— open Neutral— the breaker will trip as soon as Line touches the grounded chassis because of the independent Ground conductor.