Algebra with Finance Final Exam Fall 2024

Front

What is the total amount of checks and cash in a deposit?

Back

To find the total deposit, sum the amounts of checks and cash. For example, if you have checks totaling $362.21 and $190.49, and cash in various denominations, add them all together.

Front

How do you calculate the new balance after multiple transactions?

Back

Start with the initial balance, add deposits, and subtract withdrawals. For example, if the initial balance is $626.30, add a deposit of $894.06, then subtract $410.00 and $81.75.

Front

What is a check register?

Back

A check register is a record of all transactions in a checking account, including deposits, withdrawals, and checks written.

Front

How do you reconcile a check register with a bank statement?

Back

Compare the check register balance with the bank statement balance, adjusting for outstanding checks, fees, and interest to find the correct balance.

Front

What is an outstanding check?

Back

An outstanding check is a check that has been written but not yet cleared by the bank.

Front

What is an overdraft fee?

Back

An overdraft fee is a charge incurred when a withdrawal exceeds the available balance in a checking account.

Front

How do you calculate the total value of cash in different denominations?

Back

Multiply the number of each denomination by its value and sum the results. For example, 8 ten-dollar bills = 8 x 10 = $80.

Front

What is the formula for calculating the new balance after a series of transactions?

Back

New Balance = Initial Balance + Total Deposits - Total Withdrawals.

Front

What is the significance of electronic deposits?

Back

Electronic deposits are direct transfers of funds into an account, which can speed up the availability of funds compared to traditional checks.

Front

How do you determine the total deposit amount?

Back

Add all checks and cash together, including coins and bills, to find the total deposit amount.