Financial Math - Fall Semester Exam

All of these are common banking fees, EXCEPT...

• Overdraft fee

• Account opening fee

• Insufficient funds fee

• ATM fee

Tags

CCSS.7.RP.A.2B

Isabella notices her bank statement includes a $25.72 charge from Shell Gas that she does not remember making. She should do all of the following, EXCEPT...

• Set up text alerts, so she will be notified of potentially fraudulent charges in the future

• Contact the bank immediately, so they can investigate the charge

• Review her receipts and the details of the transaction, so she can confirm if the charge is real

• Wait for the bank to contact her, so she has the complete fraud report before responding

Tags

CCSS.6.RP.A.3B

Which of the following is a way you can get money out of your checking account?

• Using your credit card to get cashback

• Depositing a check at a bank branch at a supermarket

• Having your paycheck deposited electronically

• Withdrawing cash using an ATM

All of these are tips to be safe with online banking EXCEPT...

• Use strong passwords and different ones for each account

• Don't use any part of your Social Security number as a password

• Keep your browser and computer or mobile device up to date

• Make sure you carry a written password as a backup

Your bank statement includes all of the following information, EXCEPT...

• Your credit score

• The statement period

• Any fees charged by the bank

• Debits and credits on your account

What happens to the money that you deposit in a savings account at a bank?

• The bank lends out the money at a higher interest rate than what they are paying you

• The bank lends out the money at a lower interest rate than what they are paying you

• The money sits at the bank until you are ready to withdraw or use it

• The money is sent to the Federal Reserve, where it sits until you're ready to withdraw or use it

Which of the following is true about the comparison between credit unions and banks ?

• Credit unions are owned by shareholders and banks are owned by customers

• Credit unions are structured to maximize profits and banks are non-profit entities serving their members

• Credit unions tend to be large organizations and banks are often smaller/more local organizations

• Credit unions compete mostly on services relationships and banks try to offer a one-stop-shop for products

What does it mean if a person lives paycheck-to-paycheck?

• They use their entire paycheck to cover monthly expenses and have very little money saved

• Their income varies month-to-month and they save a large portion of their biggest paychecks

• They use direct deposit, so their paycheck is automatically split between their checking and savings accounts

• They have high-paying jobs, so don't have to worry about how much is in each paycheck

Tags

CCSS.RI.11-12.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RL.11-12.4

CCSS.RL.9-10.4

Tre just got a part-time job, and his sister recommends he 'pay himself first.' What is she talking about?

• Tre should deposit his check as quickly as possible before taxes can be taken out

• Tre should set aside part of every paycheck for savings before he does any spending

• Tre should spend the money he needs before he lends any to friends or gives to charity

• Tre should start his own business rather than being someone else's employee

Scout has each of the following options available to her for paying for her first year of college. Which should she choose first?

• A work-study job worth $500

• A $1,500 scholarship from her father's employer

• A $2,000 subsidized federal loan

• A $14,000 private student loan

Tags

CCSS.6.NS.C.7A

CCSS.6.NS.C.7B