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WorksheetsUnit 4 Test Review (Financial Math)
Total questions: 24
Worksheet time: 2hrs 0mins
A (a) is a business that provides tools for managing money. Keeps money safe.
A _______________________ is an account that pays interest to the account holder but limits the number of withdrawals per month.
savings account
checking account
certificate of deposit
An account that allows customers to deposit money and write checks or use debit cards from the account
Checking Account
Savings Account
Mortgage
Certificate of Deposit (CD)
A (a) a document that authorizes a bank to transfer money to another person or entity.
True or False: A deposit is the act of putting money into a bank.
True
False
You ________ interest on a CD, while you ________ interest on a car loan.
pay, earn
earn, pay
pay, pay more
listen, pay
Check all the terms that mean money is coming out of your account.
Withdraw
Debit
Credit
Write a check
Deposit
A service fee is when...
the bank charges you money
the bank pays you money
doesn't let you have your money
the bank send you a statement
According to this deposit slip, did Jane deposit or receive cash and how much was it?
Deposited $60 cash
Received $339.95 cash
Received $60 cash
Deposited $100 cash
What will be the ending balance for this page of check register?
(a)
Which check is correct for the situation...
John Doe went to GameStop to buy a new video game on 11/30/2020, the game cost $70.36 after tax.
Braedyn received his bank statement showing a balance of $504.38. Not shown on the statement are deposits of $79.02 and $298.00 and payments of $120.10 and $207.97. What is Braedyn’s adjusted balance?
(a)
Last month, Molly received her September bank statement in the mail, showing a balance of $2,503.78. The following were not shown on the statement: a deposit of $100.78 and debit charges that she made for $79.54 and $133.43. What is Molly’s adjusted balance?
(a)
Which chart correctly shows the balance for this situation... Cari invested $450 in a savings account that yields 4% simple interest.
Using the rule of 72, find number of years it will take to double your money at the given the interest rate of 1.1%. Round to the nearest tenth of a year.
(a)
Using the rule of 72, find number of years it will take to double your money at the given the interest rate of 15%. Round to the nearest tenth of a year, if necessary.
(a)
Jose received a bonus check form work for $6,500. He decided to invest the money in an account with an annual interest rate of 2.75% that is compounded quarterly. If Jose leaves the money in the account and make no additional deposits, what will be the balance of the account in 8 years?
(a)
Hannah deposited $2,525 into a savings account that earns 7.2% simple interest. What will Hannah’s account balance be at the end of 6 months?
(a)
A simple interest savings account is yielding 2.25% at the local bank. If you deposit $10,000 into this type of account, how much interest will you earn over 20 years?
(a)
You decide to invest your annual bonus of $3500 in 5-year CD that earns 3.5% interest compounded daily. What will your account balance be at the end of the four years ?
(a)
What is the future value of $1500 deposited every year for 12 years if the interest rate is 7% annually?
(a)
What is the future value of $800 deposited every month for 15 years if the interest rate is 5.3%?
(a)
Find the present value of money needed right now if you wish to have $1,000,000, 30 years from now and are investing it at a 9.2% interest rate.
(a)
Find the present value of money needed right now if you wish to have $50,000, 15 years from now and are investing it at a 6.2% interest rate.
(a)
