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Financial Algebra Semester 1 Pre-Test

Authored by Shawna N

Life Skills

9th - 12th Grade

Used 1+ times

Financial Algebra Semester 1 Pre-Test
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5 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

John has $1,800 in his checking account that charges a $23 per check overdraft fee. In the next 3 days, the following checks arrived from payment in the following order: check 128 for $1,620.00, check 126 for $450, and check 127 for $85.00. How much does John have in the bank?

-401

-378

-293

-270

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debbie receives a monthly checking statement from the bank showing a balance of $900 in her checking account. Debbie realizes that the statement does not include the checks she wrote for $120 and for $20. Her paycheck in the amount of $1,400 was deposited into her checking account one day after the statement ending date. What balance should Debbie show in her checkbook?

640

760

1400

2160

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much simple interest would Herald earn on his savings account with a starting balance of $800 over 3 years at 4.5%? Round to the nearest cent.

36

108

1080

10800

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many years does it take for $500 to double at simple interest of 16%? Round up to the next whole year.

3

7

90

900

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Andy deposits $7,000 in a savings account that pays 8% interest, compounded quarterly. What is the balance of the account after two year? Round to the nearest cent.

correct answer

worng answer

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