Consumer Math Exam Review Sem1 - compound interest & checks

Flashcard
•
Mathematics
•
11th - 12th Grade
•
Hard
+8
Standards-aligned
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the purpose of reconciling a bank statement?
Back
To determine if there are any discrepancies in your records.
2.
FLASHCARD QUESTION
Front
What does the term 'present balance' refer to in banking?
Back
The current amount of money in an account after all transactions have been accounted for.
Tags
CCSS.7.NS.A.1A
3.
FLASHCARD QUESTION
Front
What is labeled number 5 on a check?
Back
Amount in numbers.
Tags
CCSS.6.EE.A.1
4.
FLASHCARD QUESTION
Front
What is labeled number 6 on a check?
Back
Signature.
Tags
CCSS.5.NBT.A.3A
5.
FLASHCARD QUESTION
Front
If the final balance in the bank statement is $3500, outstanding checks equal $200 and outstanding deposits total $400, what is the final balance in the business's bank account?
Back
$3700.
Tags
CCSS.7.NS.A.3
6.
FLASHCARD QUESTION
Front
What is the formula to calculate the present balance in a bank account?
Back
Present Balance = Previous Balance + Deposits - Checks - Service Charges + Interest.
Tags
CCSS.7.NS.A.3
7.
FLASHCARD QUESTION
Front
What is a routing number?
Back
A unique number assigned to a bank or credit union to identify it in transactions.
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