Financial Math - Mixed Review

Front

What is the amount of money that you put into an account?

Back

Deposit

Front

What is the term for the amount of money in your account?

Back

Balance

Front

If you borrowed money from a bank, how would you want your interest compounded for the best outcome?

Back

Yearly

Front

Calculate the total investment worth after 3 years if Jessie invests $3345 at an average return of 7.8%.

Back

$4,127.73

Front

True or False: The formula for figuring straight-time pay is your hourly rate divided by the number of hours worked in a week.

Back

False

Front

What is the formula for calculating simple interest?

Back

Front

What is the term for the fee charged by a bank for account maintenance?

Back

Service Charge

Front

What is the difference between a deposit and a withdrawal?

Back

A deposit adds money to an account, while a withdrawal takes money out.

Front

What does it mean to reconcile a bank statement?

Back

To ensure that the bank's records match your own records of transactions.

Front

What is the effect of compounding interest on savings?

Back

It increases the amount of interest earned over time.