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WorksheetsFall semester 2022 review
Total questions: 82
Worksheet time: 4hrs 37mins
2.50 3.75 1.25 2.25 3.00
6, 7, 2, 1, 5, 2, 1, 6
36, 42, 28, 52, 48, 36, 31
What is the median number of miles Jenna cycled?
Estimate the correlation coefficient for this scatterplot.
A) r = -0.9
B) r = 1
C) r = 0.9
D) r = -1
Describe the relationship between the variables.
A) Weak positive correlation
B) Weak negative correlation
C) Strong positive correlation
D) Strong negative correlation
Which value below could be the correlation of the scatterplot?
-0.923
-0.478
0.006
0.777
Which graph represents data that has a correlation coefficient close to -1?
Is r = -0.87 strong, moderate, or weak?
strong
moderate
weak
To take money out of your account means:
deposit
withdraw
When you withdraw money, your balance:
increases
decreases
To put money into your account means:
withdraw
deposit
When you deposit money, your balance:
increases
decreases
A record of your checking account transactions is called a ___________________.
checking account
electronic funds transfer
credit union
check register
When you __________ items, that means you make them agree.
sign
endorse
deposit
reconcile
A _____________ is a card that you can use to withdraw money directly from your checking account.
gift card
credit card
debit card
prepaid card
Statement period
Dates on a bank statement indicate the date of each transaction occurs.
Date on statement indicating the date the statement was printed.
Dates on a bank statement that indicate the range of dates in which the transactions occurred.
Reconciling
the process of making it consistent
Same as balancing; the process of verifying the bank’s records to make sure no errors have been made.
Deposits that do not appear on the bank statement are called (a)
Checks that do not appear on the bank statement are (a)
The amount of money in a checking account at the end of a statement period is
ending balance
starting balance
running balance.
cumulative balance
The amount of money in a checking account at the beginning of a statement period is
cumulative balance
ending balance
starting balance
running balance
A statement that includes all transactions that have occurred for a period of approximately 1 month in your checking and/or saving account(s)
billing statement
bank statement
credit card statement
mortgage statement
What is a balance...
Amount of money added to your account
Amount of money take out of your account for making a purchase
Amount of money in your account
Document sent to you that tells you all of your transactions
The compound interest formula is:
A = P(1 + r)t
What does the A represent?
The amount of interest earned.
The amount of time that has passed.
The total amount of money after a certain amount of time.
The amount required to invest.
the time has to be in _____________
years
months
days
seconds
Interest that grows only on the original principal each time is called:
Compound Interest
Simple Interest
Interest Rate
Basic Interest
Interest that grows on the new balance time and grows quickly is called:
Compound Interest
Simple Interest
Interest Rate
Basic Interest
Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.
$160
$800
$80,000
$16
Find the simple interest earned when the principal is $500 at a rate of 10% held in the bank for 8 months.
$33.50
$40,000
$50
$400
Find the simple interest paid on a deposit of $225 at a rate of 1.5% over 2 years.
$6.75
$3.375
$2,278.13
$6,750
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.
Ashleigh put some money into an account paying 4.5% compounded continuously for 10 years. She now has $3567.91 in the account. How much money did she start the account with?
$2275
$2725
$2572
$3275
A __________doesn’t charge interest if the balance of the account is paid off within a specified amount of time.
Introductory Interest Free
Charge Cards
Rent to Own
Deferred Payment Plan
When we purchase an item like electrical appliance through an instalment plan, we pay more than the cash price of an item. Why?
Because have to pay the operating expenses
Because we have to pay the interest charge
Because we have to pay the insurance
Because we have to pay the finance charge
Down payment
Used when a good is bought but not paid for at the time of purchase
A method of payment of purchases or service over a period of time
The upfront money applied to purchases that is made with a loan or credit
An organization or person who uses credit
Installment Plan
Used when a good is bought but not paid for at the time of purchase
An organization or person who uses credit
The upfront money applied to purchases that is made with a loan or credit
A method of payment of purchases or service over a period of time
Interest
A person’s ability to earn money now and in the future
An organization or person who extends credit to debtors
An organization that compile records on users of credit as to how well they repay their debts
The finance charge or fee that is charged to an installment buyer
Earning Power
The finance charge or fee that is charged to an installment buyer
A person’s ability to earn money now and in the future
An organization or person who extends credit to debtors
A organization that compile records on users of credit as to how well they repay their debts
Finance charge
A credit report card that shows how well a user of credit meets their financial obligations
A person property or what a person owns
The interest charged to buyer when paying for a purchase or service overtime
An organization or person who extends credit to debtors
Adam bought a $1,670 custom video game/sound system on a special no-interest plan. He made a $100 down payment and agreed to pay the entire purchase off in 1 ½ years. The minimum monthly payment is $10. If he makes the minimum monthly payment up until the last payment, what will be the amount of the last payment?
$1490
$1290
$280
500
Monique buys a $6200 living room set using an installment plan that requires 15% down. How much is the down payment? How much should she pay monthly to have it paid off in 18 months?
$930; $293
$930; $600
$1100; $420
$930; $344
Joe wants to purchase an ATV. The price of the ATV at Talladega Tractor, with tax, is $2,519. He can save $175 per month. How long will it take him to save for the ATV?
about 14 months
about 15 months
about 9 months
about 12 months
Mrs. Grudman bought a stove at a special sale. The dishwasher regularly sold for $850. No down payment was required. Mrs. Grudman has to pay $150 for the next six months. What is the average amount she pays in interest each month.
$900
$8.33
$50
$65
Gadgets and More has a new promotional payment plan. All purchases can be paid off on the installment plan with no interest, as long as the total is paid in full within twelve months. There is a $75 minimum monthly payment required. If the Koslow family buys a TV for $3800, and they make only the minimum payment for 10 months, and the last month they want to make two equal payments. how much will they have to pay for the last 2 month?
750
1525
2975
Rick's credit card had a previous balance of $350. If he made a $75 payment and purchased $90 on the card this month, what is his new balance if his periodic rate is 12.5%?
(a)
Chuck's credit card has a previous balance of $125.50. He made a $45.50 payment and charged $42.50 to the card this month. If his periodic rate is 13.8%, what is his new balance on the card?
(a)
Tim's credit card had a previous balance of $437.50. He made a $57.50 payment and charged $222.51 to the card this month. If his periodic rate is 9.7%, what is his new balance?
(a)
Omar's charge account uses the unpaid balance method, where the rate is 18.3%. His previous balance is $478.68 and he made payments of $150 and $60, with a $89.95 credit also. He charged $38.50, $65.74, and $125.61 on the account this month. What is his new balance?
(a)
What is a credit score?
a three-digit score that tells lenders how much money you make each year.
A five-digit numerical rating that reflects how likely you are to repay your debt.
A three-digit numerical rating that reflects how likely you are to repay your debt.
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
Find the total deferred payment price. (#1)
$1,940
$1,982
$1,853
$1,850
Find the finance charge. (#3)
$2,700
$2,800
$1,700
$1,800
Find the total deferred payment price. (#5)
$9,124.13
$10,560.24
$9,845.21
$10,832.34
Find the APR, using the Table 13-1. (#11)
12%
13%
14%
15%
