Algebra with Finance Final Exam Fall 2024

Front

What is the formula to calculate the adjusted balance in a bank account?

Back

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

Front

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

Back

$38.00

Front

What is the total amount of checks if Janae has checks totaling $362.21 and $190.49?

Back

Total Checks = $362.21 + $190.49 = $552.70.

Front

How do you calculate the total deposit if you have cash and checks?

Back

Total Deposit = Total Checks + Cash (sum of all bills and coins).

Front

What is the total amount Jamahl Jones earned from cutting grass, babysitting, and selling baseball cards?

Back

Total Earned = $20.50 + $16.50 + $4.95 = $41.95.

Front

If Jamahl puts all but $10.00 in his checking account, how much does he deposit?

Back

Deposit = Total Earned - $10.00 = $41.95 - $10.00 = $31.95.

Front

What is the adjusted balance if the statement balance is $808.47, with outstanding checks of $100.62 and $71.62, and outstanding deposits of $453.14?

Back

Adjusted Balance = $808.47 - ($100.62 + $71.62) + $453.14 = $1,089.99.

Front

What is the total value of 8 ten-dollar bills, 5 five-dollar bills, 4 one-dollar bills, 12 quarters, 8 dimes, and 54 nickels?

Back

Total Cash = (8*10) + (5*5) + (4*1) + (12*0.25) + (8*0.10) + (54*0.05) = $80 + $25 + $4 + $3 + $0.80 + $2.70 = $115.50.

Front

What is the definition of outstanding checks?

Back

Outstanding checks are checks that have been written and recorded in the checkbook but have not yet cleared the bank.

Front

What is the definition of outstanding deposits?

Back

Outstanding deposits are deposits that have been made but have not yet been processed by the bank.