Quiz about Math in Action Midterm-Spring 2025

Question 1

What do you call a transaction that puts money into your account? What about taking money out?

Accepted Answer

Deposit and Withdrawal

Answer

Credit and Debit

Answer

Income and Expense

Answer

Save and Spend

Question 2

Which of the following purchases would you pull from your savings account for as an adult?

Accepted Answer

Buying a house

Answer

Purchasing groceries

Answer

Going to the movies

Answer

Buying a coffee

Question 3

How does putting your money in a bank benefit you?

Accepted Answer

It keeps your money safe and secure.

Answer

It allows you to spend money freely.

Answer

It decreases the value of your money.

Answer

It makes your money disappear.

Question 4

How does the bank benefit?

Accepted Answer

All of the above

Answer

Through interest on loans

Answer

By charging account fees

Answer

By offering investment services

Question 5

What fees might a bank charge?

Accepted Answer

All of the above

Answer

Maintenance fees

Answer

Overdraft fees

Answer

ATM fees

Question 6

Your debit card is connected to your checking account and works like a ______ wallet that you can access daily for money that will be flowing in and out regularly.

Accepted Answer

digital/electronic

Answer

physical

Answer

traditional

Question 7

Which of the following is an example of a day-to-day purchase that you'd use your checking account for, rather than pulling from your savings account each day as an adult?

Accepted Answer

Groceries

Answer

Buying a house

Answer

Investing in stocks

Answer

Saving for retirement

Question 8

How can you improve saving habits?

Accepted Answer

Set up automatic deposits from your checking account into savings.

Answer

Spend more on luxury items.

Answer

Avoid budgeting.

Answer

Ignore financial goals.

Question 9

What are some challenges or barriers that could keep you from saving enough money?

Accepted Answer

All of the above

Answer

Lack of budgeting skills

Answer

Unexpected expenses

Answer

Low income

Question 10

How can you improve saving habits?

Accepted Answer

By setting a budget

Answer

By spending more

Answer

By ignoring expenses

Answer

By not tracking income

Question 11

Which of the following is an example of a day-to-day purchase you might use your checking account for, rather than pulling from your savings account each day as an adult?

Accepted Answer

Groceries

Answer

Buying a house

Answer

Retirement savings

Answer

Emergency fund

Question 12

Fill in the formula for calculating simple interest: I = P * r * t

Accepted Answer

I = P * r * t

Answer

I = P + r + t

Answer

I = P / r / t

Answer

I = P - r - t

Question 13

I deposited $350 into a savings account with 3% interest. How much will be in the account after 2 years?

Accepted Answer

$371.85

Answer

$360.50

Answer

$371.00

Answer

$380.00

Question 14

How many times would you get paid in a year if you were only paid quarterly?

Accepted Answer

4

Answer

6

Answer

12

Answer

3

Question 15

How many times would you be paid in a year if you were paid semi-annually?

Accepted Answer

2

Answer

4

Answer

3

Answer

12

Question 16

What do we call money that is taken out of your paycheck to help pay for government expenses?

Accepted Answer

taxes

Answer

Fees

Answer

regulation pay

Answer

interest fees

Question 17

Which of the following cases may require you to access your emergency fund?

Accepted Answer

Unexpected medical expenses

Answer

Buying a new car

Answer

Vacation trip

Answer

Dining out at a restaurant

Question 18

Identify the key difference between simple and compound interest.

Accepted Answer

Simple interest is calculated on the initial principal only, while compound interest is calculated on the principal and also on the accumulated interest.

Answer

Simple interest is calculated on the principal and accumulated interest, while compound interest is calculated only on the initial principal.

Answer

Simple interest and compound interest are calculated in the same way.

Answer

Simple interest is always higher than compound interest.

Question 19

How many times per year (n) is the interest compounded if it is compounded monthly?

Accepted Answer

Monthly

Answer

Quarterly

Answer

Semiannually

Question 20

What's included in the balance for compound interest?

Accepted Answer

Principal and interest

Answer

Principal only

Answer

Interest only

Answer

None of the above

Question 21

How many times per year is interest compounded if it is compounded monthly?

Accepted Answer

12

Answer

4

Answer

2

Question 22

Which of the following best describes the difference between simple and compound interest over time?

Accepted Answer

Simple interest accumulates at a constant rate, while compound interest grows exponentially.

Answer

Simple interest grows exponentially, while compound interest accumulates at a constant rate.

Answer

Both simple and compound interest grow at a constant rate.

Answer

Both simple and compound interest grow exponentially.

Question 23

Brynn just started her first job and needs a way to manage her daily financial transactions. What is the purpose of a Checking Account for Brynn?

Accepted Answer

To make cash withdrawals, deposits, purchases, and pay everyday expenses and bills.

Answer

To invest money for long-term growth.

Answer

To save money with high interest rates.

Answer

To borrow funds for large purchases.

Question 24

You should review the transactions on your account either online or on your printed bank statement to

Accepted Answer

ensure you have not become a victim of identity theft.

Answer

ensure you have enough money every month available for savings.

Answer

calculate your average minimum balance for the month.

Answer

see if you can afford the monthly payment on a credit purchase.

Question 25

The money you put into your checking account is called a

Accepted Answer

deposit

Answer

withdrawal

Answer

credit

Answer

debit

Question 26

A function of banks is to

Accepted Answer

Provide loans to consumers

Answer

Calculate customer credit (FICO) scores

Answer

Determine the rate of inflation

Answer

Allow depositors to apply for passports

Question 27

If you use an ATM that is not sponsored by your bank, you may be...

Accepted Answer

charged a service fee.

Answer

given extra money.

Answer

given a hug.

Answer

given ice cream.

Question 28

All of the following actions lead to the payment of a credit card fee EXCEPT...

Accepted Answer

Paying your credit card bill in full and on time every month.

Answer

Using your credit card to get cash from an ATM.

Answer

Using your credit card to purchase items in a foreign country.

Answer

Paying your credit card bill ten days after the Due Date.

Question 29

What can help consumers avoid paying bank fees?

Accepted Answer

Being aware of the fees ahead of time and shopping around for options with fewer fees

Answer

Keeping a minimum balance in the account

Answer

Only using ATMs of the bank where the account is held

Answer

Closing the account and keeping cash at home

Question 30

All bank transactions should be recorded in the register

Accepted Answer

True

Answer

False

Question 31

What is a deposit in a bank transaction?

Accepted Answer

Money added to an account

Answer

Money taken out of an account

Answer

A fee charged by the bank

Answer

A loan from the bank

Question 32

What is a withdrawal in a bank transaction?

Accepted Answer

When money is taken out of an account.

Answer

When money is deposited into an account.

Answer

When money is transferred between accounts.

Answer

When money is invested in stocks.

Question 33

What are some common bank fees associated with transactions?

Accepted Answer

Overdraft fees, ATM fees, wire transfer fees, and foreign transaction fees

Answer

Credit card interest fees

Answer

Loan origination fees

Answer

Account opening fees

Question 34

Discuss the impact of bank fees on a person's financial transactions.

Accepted Answer

Bank fees can reduce a person's overall balance and increase the cost of using banking services.

Answer

Bank fees are beneficial for a person's financial transactions

Answer

Bank fees only affect the bank's profits and do not impact the person's finances

Answer

Bank fees have no impact on a person's financial transactions

Question 35

What is a credit card?

Accepted Answer

a card in which your purchases are paid by a bank (who issued you the card) to be paid back at a later date

Answer

a card in which your purchases are paid by you and deducted from your checking account

Answer

a card used to show you have medical insurance when going to the doctor

Answer

another form of insurance offered to you by your bank

Question 36

What is social security?

Accepted Answer

money for those people who are 65 years or older paid to you by the government

Answer

health insurance for the elderly

Answer

health insurance for all employees within a company

Answer

money for those people who are 64 years or younger paid to you by the government

Question 37

Taking money OUT of your account is called a ________.

Accepted Answer

withdraw

Answer

deposit

Answer

balance

Answer

fee

Question 38

Putting money into your account is called a ________.

Accepted Answer

deposit

Answer

withdraw

Answer

balance

Answer

fee

Question 39

Interest is_______.

Accepted Answer

the amount of money the bank charges you to borrow their money

Answer

the amount of money subtracted from your account after you make a transaction

Answer

the amount of money added to your account after you make a transaction

Answer

the amount of money you charge the bank to keep your money in their bank

Question 40

If you spend more money than is in your account, your bank will charge you a fee.

Accepted Answer

True

Answer

False

Question 41

When using a credit card, you will be charged interest if the balance is not paid within 30 days.

Accepted Answer

True

Answer

False

Question 42

The amount left over from your paycheck after taxes and deductions are withheld is called ______________.

Accepted Answer

net pay

Answer

balance

Answer

transaction

Answer

gross balance

Question 43

You can continue to write checks as long as you have checks in your checkbook.

Accepted Answer

False

Answer

True

Question 44

All bank transactions should be recorded in the register.

Accepted Answer

True

Answer

False

Question 45

What is the machine called that is used to withdraw money and that is found in shopping centers, in convenience stores, and outside financial institutions?

Accepted Answer

ATM (Automatic Teller Machine)

Answer

GWB (Great Wonderful Bank)

Answer

EBT (Easy Bank Teller)

Answer

AMM (Awesome Money Maker)

Question 46

Property owned by a person or company that has value.

Accepted Answer

Assets

Answer

Savings

Answer

Budget

Answer

Depreciation

Question 47

An estimate of income and spending for a set period of time, usually by month or year.

Accepted Answer

Budget

Answer

Markdown

Answer

Income Tax

Answer

Sales Tax

Question 48

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Accepted Answer

Interest Rate

Answer

Compound Interest

Answer

Simple Interest

Answer

Budget

Question 49

Your total income before income tax or other deductions are taken out of it.

Accepted Answer

Gross Income

Answer

Net Income

Answer

Income Tax

Answer

Interest Income

Question 50

Property owned by a person or company that has value.

Accepted Answer

Assets

Answer

Liabilities

Answer

Depreciation

Answer

Simple Interest

Question 51

An identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time.

Accepted Answer

Credit Card

Answer

Debit Card

Answer

Bank Card

Answer

Check

Question 52

Money paid to the government

Accepted Answer

Taxes

Answer

Budget

Answer

Fees

Answer

Food stamps

Question 53

Tax on something you buy

Accepted Answer

Sales Tax

Answer

Property tax

Answer

income tax

Answer

payroll tax

Question 54

Investing in the Stock Market is risky.

Accepted Answer

True

Answer

False

Question 55

What is the stock market?

Accepted Answer

A place where parts of businesses are bought and sold.

Answer

A type of farmers market where people buy and sell food.

Answer

A special type of grocery store that sells stocks.

Answer

A type of bank that gives out loans to new businesses.

Question 56

The name for a part of a business that is bought and sold on the stock market is:

Accepted Answer

Share

Answer

Part

Answer

Marker

Answer

Stocker

Question 57

Why would a company need to issue stock?

Accepted Answer

To raise money.

Answer

To increase its' customer base.

Answer

To stop the government from regulating it.

Answer

To show customers that it's successful.

Question 58

You can buy stock in any company in the world.

Accepted Answer

False, a company is only listed on the stock exchange if it wants to be.

Answer

True, all companies are required to offer stock.

Question 59

As long as you are 18 years old and have some money, you can invest it in the stock market.

Accepted Answer

True

Answer

False

Question 60

The possibility of losing some or all of a particiular investment.

Accepted Answer

risk

Answer

index

Answer

industry

Answer

profit

Question 61

AAPL, TSLA, FB, and TWTR are examples of

Accepted Answer

Ticker Symbol

Answer

Uptick

Answer

Shareholders

Answer

Stock Signs

Question 62

Represents shares of ownership in a company.

Accepted Answer

stock

Answer

portfolio

Answer

volume

Answer

industry

Question 63

The financial benefit when the revenue of a company exceeds expenses, costs, and taxes.

Accepted Answer

profit

Answer

loss

Answer

volume

Answer

portfolio

Question 64

Overdraft protection...

Accepted Answer

Allows you to withdraw more money than you have in your account

Answer

Protects your account from unauthorized transactions

Answer

Helps you save money for emergencies

Answer

Provides insurance for your deposits

Math in Action Midterm-Spring 2025

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