Bank spring exam practice

Bank spring exam practice

Multiple Choice

Hei-Hei has $1500 in a retirement account earning 5% interest compounded annually. After 5 years how much does Hei-Hei have in the account?

• $1750

• $2010.14

• $2500

• $1914.42

Multiple Choice

Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?

• $565.70

• $262609.38

• $65.70

• $630.20

Multiple Choice

In the compound interest formula A=P(1+r)^t what does the P stand for?

• The time

• The total amount

• The principal amount (original amount)

• The interest rate

Multiple Choice

In the compound interest formula A=P(1+r)^t what does the A stand for?

• The amount of interest

• The total amount

• The interest rate

• The time

Multiple Choice

Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

• $827.52                     (Mr. Williams)       
• $831.10                 (Mrs. Hoch)
• $839.45                    (Mr. Krajunus)
• $846.80                   (Ms. Palombo)

Multiple Choice

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

Multiple Choice

What is the condition that exists when Albertson's runs out of 2% milk?

• Scarcity

• Shortage

Multiple Choice

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

Multiple Choice

If 5 people want an ice-cream, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Multiple Choice

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

Multiple Choice

Marginal utility is equal to which of the following

• total income divided by the price of the product
• the change in total utility from consuming one more unit of a good
• the satisfaction obtained from consuming any number of units of a good
• none of the above is correct

Multiple Choice

As more of a good is consumed, total utility

• increases
• decreases
• remains the same
• becomes negative and then turns positive

Multiple Choice

The value of the next-best alternative, which was given up when the preferred alternative was chosen.

• trade-off

• marginal utility

• opportunity cost

Multiple Choice

The sum of all the benefit gained from consuming all the instances of an item is

• marginal utility

• total utility

• production efficiency

Multiple Choice

Too many "cooks in the kitchen" is an example of?

• Law of Supply
• Diminishing Marginal Return (Adding more workers will increase or decrease production)

Multiple Choice

The Law of Supply states:

• as price increases, supply increases
• as prices decrease, demand increases

Multiple Choice

What kind of graph is this?

• Supply
• Demand

Multiple Choice

A necessity is something we need to live. Which answer describes a necessity?

• Food
• School

Multiple Choice

When the population of Ankeny increases, the demand will: increase or decrease?

• Increase
• Decrease

Multiple Choice

Law of demand says if the price of pizza falls, the demand for pizza will what?

• Increase
• Decrease

Multiple Choice

Amount of a product consumers will buy at a given prices is called what?

• Substitute
• Demand

Multiple Choice

The graph represents: Demand or Supply?

• Demand
• Supply

Multiple Choice

What is a trade-off?

• the item you receive after you pay
• giving up one thing for another
• the amount of money paid for something

Multiple Choice

What is a benefit?

• the item you receive after you pay for it
• giving up one thing for another
• the amount of money paid for something

Multiple Choice

What is a cost?

• the item you receive after you pay
• giving up one thing for another
• the amount of money paid for something

Multiple Choice

What is a cost-benefit analysis?

• The taxes that people pay when they buy something.

• A process that allows businesses and individuals to analyze where to spend money.

• The amount of money required to have or do something

Multiple Choice

Which of thes options best describes opportunity cost?

• The price of taking a chance

• The alternative you have to go without in a choice of two things

• The cost of opportunity

• The price you pay when you make a choice

Multiple Choice

What is the value of a nations currency in relation to a foreign country?

• Trade Deficit

• Foreign Exchange Market

• Exchange Rate

• Trade Surplus

Multiple Choice

How is an exchange rate determined in the money market?

• The forces of supply and demand

• Government/the Federal Reserve Bank

• Whatever sellers of goods are willing to take

• Investors decide the value of the currency they wish to invest

Multiple Choice

According to the table, what is the USD equivalent of 1 Australian?

• 0.97 USD

• 1.32 USD

• 1.28 USD

• 1.03 USD

Multiple Choice

According to the table, what is the Euro equivalent of 1 USD?

• 1.32 Euros

• 0.53 Euros

• .76 Euros

• 1.59 Euros

Multiple Choice

What is an exchange rate?

• The rate at which goods are exchanged between two countries

• The price of one nation's currency in terms of another's

• How many US dollars you can exchange for RMB at Travelex

• The price of goods in terms of a foreign currency

Multiple Choice

When eating a chocolate easter bunny, what do most people bite off first? Ears or feet?

• Ears
• Feet
• Neither tail first
• I eat it whole!!!

Multiple Choice

Take money out from your bank account.

• withdraw
• deposit
• pay bills
• savings

Multiple Choice

Who works in a bank?

• teacher
• doctor
• teller
• receptionist

Multiple Choice

Put money into a bank account.

• withdraw
• deposit
• cash
• cheque

Multiple Choice

This is the symbol for...

• Spider-man

• Superman

• Captain america

• Hawk-eye

Multiple Choice

What is the Hulk's superpower?

• Flying

• Invisibility

• Super strength

• Super speed

Multiple Choice

What is The Flash's superpower?

• Flying

• Super strength

• X-ray vision

• Super speed