Algebra with Finance Final Exam Fall 2024

Front

What is the total amount of checks and cash deposits if Janae has checks totaling $362.21 and $190.49, along with 8 ten-dollar bills, 5 five-dollar bills, 4 one-dollar bills, 12 quarters, 8 dimes, and 54 nickels?

Back

Total Deposit: $668.20

Front

How do you calculate the total deposit for Arion James who has checks totaling $210.24 and $312.45, along with 7 ten-dollar bills, 6 five-dollar bills, 7 one-dollar bills, 16 quarters, and 9 dimes?

Back

Total Deposit: $634.59

Front

What is the process to reconcile a check register with a bank statement?

Back

Subtract service charges and checks from the check register balance, then add any interest and credits, and finally add deposits.

Front

How do you calculate the adjusted balance when given a statement balance, outstanding checks, and outstanding deposits?

Back

Adjusted Balance = Statement Balance - Outstanding Checks + Outstanding Deposits.

Front

If Ben has $24.00 in his bank account and makes a deposit of $14.00, how much does he have now?

Back

Total Amount: $38.00

Front

What is the formula for calculating total deposits?

Back

Total Deposits = Sum of all checks + Sum of all cash.

Front

Define 'outstanding checks'.

Back

Outstanding checks are checks that have been written but not yet cleared by the bank.

Front

What is a bank statement?

Back

A bank statement is a summary of all transactions in a bank account over a specific period.

Front

What does 'reconciling a bank statement' mean?

Back

Reconciling a bank statement means comparing the bank's records with your own to ensure they match.

Front

What is a service charge in banking?

Back

A service charge is a fee charged by a bank for account maintenance or transactions.