Banking/interest practice

To take money OUT of your account, is called:

• WITHDRAWAL
• DEPOSIT
• TRUST
• STEAL

Money added to a checking account is called a

• withdrawal

• deposit

• endorsement

• drawee

Cash can be withdrawn from a checking account using all of the following except a(n)...

• debit card. 
• check. 
• ATM.
• credit card.

• A

• B

• C

• D

• A

• B

• C

• D

• A

• B

• C

• D

• A

• B

• C

• D

Shannon makes a deposit in her checking account. She has checks for $178.16 and $36.00. She gets back $20.00 in cash.
What is her total deposit?

• $214.16
• $198.16
• $194.16
• $234.16

Question #1

If you wish to calculate the amount of interest earned on an investment with a rate of 6.17%, what number will you plug into your equation for the rate?

A. 0.00617

B. 0.0617

C. 0.617

D. 6.17

• A

• B

• C

• D

Question #2

Arthur has $19,500 to invest, and wishes to gain $8,000 in interest over eleven years. Approximately what is the minimum simple interest rate that Arthur needs to achieve his goal?

A. 2.64%

B.3.04%

C. 3.72%

D. 4.51%

• A

• B

• C

• D