When you reconcile your bank account, you verify that ___________________.

your balance agrees with the bank

interest has been calculated accurately

Which interest calculation method would allow you to earn more interest over time: simple or compound?

Compound interest will earn more over multiple periods.

Simple interest paid on accumulated interest.

Principal interest will earn more over multiple periods.

Simple interest paid on the principal balance.

Why is it important to know the correct balance in your checking account?

It will help you avoid being overdrawn.

To calculate how much interest is expected.

It is safer, and the money earns interest.

is paid only on the original principal.

cannot be paid by credit unions.

cannot be expressed as a percentage.

is another name for compound interest.

3 places you can do banking

Banks, Credit Unions, Automated Teller Machines (ATM)

Automated Teller Machine (ATM), Grocery stores, Banks

Credit Unions, Gas stations, ATM

Grocery Stores, Banks, Gas stations

Gas stations, Credit Unions, Automated Teller Machines

Identify two reasons why you would deposit money into a bank checking account instead of keeping it at home.

It provides a more convenient way to make payments.

The compound interest will earn more over multiple periods.

Financial Literacy Chapter 4

12th Grade

•

45 Qs

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Financial Literacy Chapter 4

Quiz

•

Mathematics

•

12th Grade

•

Practice Problem

•

Medium

•

CCSS

7.RP.A.3, 7.NS.A.3, RI.11-12.3

+34

Standards-aligned

Robin Duncan

Used 4+ times

FREE Resource

45 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Banks are a place to keep money safe.

True

False

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RL.11-12.2

CCSS.RL.8.2

CCSS.RL.9-10.2

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Putting money in a bank is called a deposit.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Interest is a fee charged by a borrower to the lender for the use of money.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The current amount of money in you bank account is your balance.

True

False

Tags

CCSS.5.NBT.A.1

CCSS.5.NBT.A.3

CCSS.5.NBT.B.7

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Simple interest is paid on principal and accumulated interest.

True

False

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Compound interest is paid on principal and accumulated interest.

True

False

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Debit cards are used to make deposits more conveniently than with deposit slips.

True

False

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Financial Literacy Chapter 4

45 questions

Banks are a place to keep money safe.

Putting money in a bank is called a deposit.

Interest is a fee charged by a borrower to the lender for the use of money.

The current amount of money in you bank account is your balance.

Simple interest is paid on principal and accumulated interest.

Compound interest is paid on principal and accumulated interest.

Debit cards are used to make deposits more conveniently than with deposit slips.

A bank statement is a report that regularly summarizes account activity.

Federal law prohibits charging fees related to bank accounts.

Routing numbers show the number of checks written on your accounts.

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