FIN MATH VOCAB quiz 2B Financial institutions

Which of the following DOES NOT describe inflation

• cost of gas increasing over the years

• price of consumer goods increasing over the years

• increase in minimum wages over the years

• average height of humans increasing over the years

a check written for an amount greater than the balance of the account

• overdraft

• overspend

• fraud

What is the main advantage of a mutual fund for an investor?

• Its price doesn't change much.

• It offers diversity in investment.

• It has a set maturity date.

• It can be sold at a profit.

Compound interest

• Compound interest is a quick and easy method of calculating the interest charge on a loan.

• Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words,interest on interest.

• Compound interest is money in your checking account

Interest on the principal only.

• Compound Interest

• Simple Interest

Tags

CCSS.8.EE.C.7B

Which term refers to things you want to accomplish within a year?

• long-term goals

• short term risks

• long term expenses

• short-term goals

Which of the following is an example of a debit adjustment (increases what the pt. owes)

• professional discount

• discount for paying in cash

• discount from the insurance company

• check returned for insufficient funds

Taking more money out of your account than is available​ is called?

• Overdraft

• Deposit

• Withdraw

• Balance

What do you call the process of bringing your checkbook register into agreement with the bank statement?

• Withdrawal

• Deposit

• Reconciliation

• Endorsement

You should keep track of your spending because if you spend more money than you have in your bank account you may get an __________________ notice. and the payment will be rejected.

• Balance

• Withdraw

• Bankruptcy

• insufficient funds