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WorksheetsCFE Quarter 1 Review
Total questions: 101
Worksheet time: 1hrs 14mins
All of these are common banking fees, EXCEPT...
Insufficient funds fee
Overdraft fee
ATM fee
Account opening fee
Which of the following is a disadvantage of using a check casher, compared to a bank?
You wait longer to get your money at a check casher than at a bank.
You pay a higher fee to cash checks at a check casher than at a bank.
You can only cash checks worth more than $500 at a check casher.
You can cash fewer checks at a check casher than at a bank.
Isabella notices her bank statement includes a $25.72 charge from Shell Gass 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 responsding.
Which of thse options correctly matches the fee with its average cost?
Monthly maintenance fee -$50
Overdraft fee -$35
ATM fee -$35
Overdraft fee -$50
Your friend Samir very excitedly tells you about opening his new checking account. “I’m so glad they only had a minimum opening amount of $50! I will leave my money in there so it can grow!” What is some advice you might give to Samir?
A checking account isn’t very safe, so you should hide your money in your mattress instead
A checking account is the best place to leave your money because of the high interest rates
A checking account won't grow your money much because of low interest rates and fees
A checking account won’t be good because it will be difficult to get your money into and out of
Which of these bank alerts will help protect you from overdrafting your account?
Unusual activity alert
Low balance alert
Debit card alert
Profile change alert
Which of the following is a way you can get money out of your checking account?
Using your credit card to get cashback at a supermarket
Withdrawing cash using an ATM
Depositing a check at a bank branch
Having your paycheck deposited electronically
Joakim is hesitant to set up online bill pay with his credit union account. All of these are benefits of online bill pay you could share with him EXCEPT...
Online bill pay can help you meet your payment deadline
You can pay electronically or still have a paper check sent instead
It takes a bit of time to set up initially, but it could save you time in the long run
Banks require that you have a large account balance in order to use bill pay
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
Person-to-person payments are becoming more popular, so it’s a good idea to understand how they work. Which of the following is TRUE?
To use a person-to-person payment, both people must have a checking account at the same bank branch
Paying a cashier using your debit card is an example of a person-to-person payment because you’re both physically in the same location
Each transaction with a person-to-person payment app typically has large fees attached, so you should use them sparingly
Person-to-person payments are usually conducted using a smartphone app rather than a computer
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
Customers utilize mobile banking mostly for which activity?
Making international transfers
Inquiring about their account balance
Paying bills
Updating their account settings
All of the following are benefits of having a checking account, EXCEPT…
You can pay bills, check your balance, and transfer money using mobile banking
You can track your finances using alerts, statements, and online banking
You can earn a high interest rate on the money in your account
You can have your paycheck deposited automatically into your account
Liam accidentally charged more on his debit card than he had in his checking account. His balance is now -$12.75. He is charged a $10 overdraft fee each day his account balance is below $0. He makes no other withdrawals or deposits. Which equation accurately represents his balance, y, after x days?
y=-12.75x+10
y=-12.75x-10
y=10x-12.75
y=-10x-12.75
How much did John Jones have in his account on the first day of the statement period?
$694.81
$1,442.61
$0.55
-$72.47
When the sign of the slope is negative, the line travels...
up as you move from left to right
down as you move left to right
horizontally
vertically
John has two ATM transactions but only one of them has a fee (Interac). Why?
First Bank charges customers for using their ATMs.
Banks charge fees if you take out less than $100 at an ATM machine.
The first ATM transaction is free but all additional ATM transactions have a fee.
Interac is an out-of-network ATM and First Bank charges customers if they use out-of-network ATMs.
How many squares are in Figure 0?
(a)
Write an equation for this pattern. Use y to represent the total. Use x to represent the figure number.
(a)
How many circles are in figure 10?
(a)
How many circles are in figure 25?
(a)
A class of middle schoolers was surveyed by their teacher. Each student was asked what their favorite after-school activity is. The results of this survey are compiled in the following bar chart.
Based on the data, which circle graph best represents the percentages each result contributed to the total number of responses?
While going out bowling with her friends, Kennedy keeps track of the number of pins she knocks over with each bowl. Kennedy then constructs a line plot from the results she compiles.
Based on the total number of times Kennedy bowled, which circle graph best represents the amount of times each number of pins was knocked over?
A class of middle schoolers was surveyed by their teacher. Each student was asked what their favorite after-school activity is. The results of this survey are compiled in the following bar chart.
Based on the data, which circle graph best represents the percentages each result contributed to the total number of responses?
Mrs. Johnson has a Kindergarten class in which she rewards good behaviour with a star-shaped sticker. She places these stars on a chart next to the name of the kids who earn them.
Based on the total number of stars Mrs. Johnson has given out, which circle graph best represents the percentage of these stars each student has received?
When the sign of the slope is negative, the line travels...
Up as you move from left to right.
Down as you move left to right.
Horizontally
Vertically
Each of the following is a convenience of online banking EXCEPT...
Avoid the service charge associated with doing your banking in person at a bank branch
Set up automatic alerts for low balances, suspicious activity, etc
Transfer money between your checking and savings accounts
Monitor your account balances to try to avoid overspending or overdrawing
What is the slope of the linear function shown in the table below?
14
7/2
2/7
0
Which of the following graphs represents the equation y = -2x + 1?
A
B
C
D
Direct deposit typically refers to your _________ sending your ___________ electronically to your bank account.
employer; bills
parents; allowance
credit card company; bills
employer; paycheck
Choose the scatter plot that has a negative correlation.
A
B
C
D
For the equation f(x)=-2x-5; if x=5, the f(5)=?
(a)
Amir’s checking account has a minimum balance of $500. He is charged a $7 fee every month his account balance is below that minimum. In January 2021, Amir’s balance is $385. He makes no other deposits or withdrawals throughout the year. Write an equation to represent Amir's checking account balance after x months since January.
(a)
Amir’s checking account has a minimum balance of $500. He is charged a $7 fee every month his account balance is below that minimum. In January 2021, Amir’s balance is $385. He makes no other deposits or withdrawals throughout the year.
How much will Amir have after 2 months? (INCLUDE UNITS EX. $44)
(a)
Amir’s checking account has a minimum balance of $500. He is charged a $7 fee every month his account balance is below that minimum. In January 2021, Amir’s balance is $385. He makes no other deposits or withdrawals throughout the year. How much will Amir have after 12 months?
(a)
Amir’s checking account has a minimum balance of $500. He is charged a $7 fee every month his account balance is below that minimum. In January 2021, Amir’s balance is $385. He makes no other deposits or withdrawals throughout the year. After how many months will Amir's balance be $0? (INCLUDE UNITS)
(a)
Andre has $157 in his checking account an earns $120 per week at his part-time job. Assume he has no expenses currently. Write an equation to model his earnings.
(a)
Andre has $157 in his checking account an earns $120 per week at his part-time job. Assume he has no expenses currently. How much money does he have after 10 weeks. Remember units!
(a)
Andre has $157 in his checking account an earns $120 per week at his part-time job. Assume he has no expenses currently. Andre wants to save up to buy a new car for $10,000. How many weeks is this going take? Round UP to the nearest whole number.
(a)
What is the value of A (enter as a decimal).
(a)
What is the value of B? (Enter as a decimal)
(a)
What is the value of C?
(a)
What is the value of D?
(a)
Find the equation of the line given the chart. Enter the slope as a fraction. (ex. 4/5)
(a)
Which person-to-person payment activity will likely result in your paying a fee?
Linking P2P to your credit card
Linking P2P to your bank checking account
Sending money to a P2P member who is not in your contact list
Receiving money from another member of the P2P app
Write the equation of the line.
(a)
Write the equation of the line.
(a)
Write the equation of the line.
(a)
Write the equation of the line.
(a)
Write the equation of the line.
(a)
How much do personal finance experts recommend having saved in an emergency fund?
1-3 month of expenses
3-6 months of expenses
6-9 months of your salary
1-2 years of expenses
Lucas's saving balance is represented by the line y=40x+20. Marcos's savings balance is represented by the line y=30x+90. What does the intersection of the two lines represent?
Marcos is saving $7 more than Lucas per week
Marcos has saved $300 more than Lucas after 7 weeks
They both saved $300 per week in the 7th week
They both have saved $300 total after 7 weeks
Shireen decided to deposit her graduation money into two different savings accounts. Account X has an interest rate of 0.5% and Account Y has an interest rate of 0.25%. Altogether, she recived $5000 from graduation. If after the first year her interest earned was $21.25, how much was deposited into each account? Write an equation, in standard form, representing the the amount earned in interest for each account. Remember to change the percents to decimals.
(Ex. 5x+7y=30)
(a)
Shireen decided to deposit her graduation money into two different savings accounts. Accout X has an interest rate of 0.5% and Account Y has an interest rate of 0.25%. Altogether, she recived $5000 from graduation. If after the first year her interest earned was $21.25, how much was deposited into each account? Write an equation to represent how much money goes into each account.
(a)
Shireen decided to deposit her graduation money into two different savings accounts. Accout X has an interest rate of 0.5% and Account Y has an interest rate of 0.25%. Altogether, she recived $5000 from graduation. If after the first year her interest earned was $21.25, how much was deposited into each account? (HINT: FIND THE Y INTERCEPTS) Put your answer Account X; Account Y.
(a)
4x+2y=7 represents a linear equation in standard form. Which of the following is the same equation in slope intercept form?
-2y=-4x+7
y=2x-7/2
y=-2x+7/2
x=1/2y+7/4
The equation for ther perimeter of a rectangle is P=2L+2W where L and W represent the length and width of the rectangle. Solve the perimeter equation for W.
(a)
All of the following are benefits of saving, EXCEPT...
Having money in a savings account enables you to prepare for large purchases.
Having money in savings account offsets the impact of changes in income.
Having money in a saings account cushions you when faced with unexpected expenses.
Having money in a savings account is more accessible than in a checking account.
Lucas has $300 in his savings account and starts saving $75 per month. He wants to meet his savings goal of $3000. How long will it take him to reach his goal?
4 months
10 months
36 months
40 months
The graph of a system of equations is given. How many solutions are there?
1
2
infinitely many
none
What is the solution to the system?
(a)
Write the equation of the line with the negative slope in standard form.
(a)
How many solutions does the following system have?
1
2
inifinitely many
none
What feature of the equations do they share?
y-intercept
x-intercept
slope
How many solutions does the system y=3x+4; 2y=6x+8 have?
1
infinitely many
2
0
True or False: the lines 7x+y=14 and y=7x+1 represent the same line.
false
true
What is the slope of the following function? -4x-8y=12 (ANSWER SHOULD BE A FRACTION, NOT A DECIMAL)
(a)
Sam makes bead jewelry to sell at the beach. She uses 11 beads to make a bracelet and 22 beads to make a necklace, and 33 beads to make a belt. Write an equation to model the scenario if she used 208 beads total to make just bracelets and necklaces. Which equation does not fit the problem?
11x+22y=208
y=-(1/2)x+104/11
y=(1/2)x+104/11
Betty uses 2 eggs to make brownies, 3 eggs to make a cake, and 6 eggs to make a soufflé. In all, she has one gross of eggs (that’s 144 eggs). If she only makes brownies and soufflés and she uses all the eggs, write an equation to model the eggs used by Betty. Represent this equation in standard form. (x=brownies; y=souffles)
(a)
Solve for z: xy-z=q
(a)
Solve for x: 4x-3y=15
(a)
Solve for r: C=2pr
(a)
Solve for x: 1/2h(x+y)=A
(a)
Solve the equation -3x+c=-3 for C
(a)
Solve the equation 12am=4 for a
(a)
What does it mean if a person lines 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.
Solve the system by substitution. -5x+y=-3; 3x-8y=24
(a)
Over the last twenty years, how have wages changed compared to the costs of housing, healthcare, and education?
Wages have increased at a slower rate than those costs.
Wages have increased at the same rate as those costs.
Wages have increased at a faster rate than those costs.
Wages have decreased as those costs have increased.
The majority of Americans...
HAve an adequate emergency fund and have enough saved for retirement.
Have an adequate emergency fund but do NOT have enough saved for retirement.
Do NOT have an adequate emergency fund but have enough saved for retirement.
Do NOT have an adequate emergency fund and do NOT have enough save for retirement.
Using the 50/30/20 budgeting plan can help you save money because...
It limits your spending to $50 per month.
It recommends that 20% of your budget goes to debt repayment or savings.
It recommends that 50% of your budget goes to debt repayment or savings.
For every $50 you save, a bank will give you $30 or a credit union will give you $20.
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.
Misty is going to use the 50/30/20 rule in order to save $3000 for her family's next big vacation. Her month income is $2500. How many months will it take her to reach her savings goal?
2.4 months
4 months
5 months
6 months
Which pair of savings strategies will likely work best if your goal is saving $5000 before heading off to college?
Get a couple of part time jobs to increase income and then also increase your spending.
Control impulse spending and break your goal into smaller time frames.
Pay all of your bills incash and then save all of your pocket change.
Keep your money in a checking account and only spend using your debit card.
Given the system, how many solutions will there be? y=2x+4; y=2x-7
There will be no solution
There will be one solution
There will be two solutions
There will be three solutions
Solve the system by substitution. y=6x-11; -2x-3y=-7
(a)
Solve the system by substitution. 2x-3y=-1; x-y=1
(a)
Solve the system by substitution. y=-3x+5; 5x-4y=-3
(a)
Solve by substitution. -5x+y=-3; 3x-8y=24
(a)
You are solving the system of equations below by eliminating y first. Which of the following options below shows the correctly multiplied pair of equations?
You and your sister have been saving and decide to buy a Playstation 5 together. You need $500 to buy the Playstation. Together you have $850 saved up. Since you havem ore money, you contribute 50% of your savings and your sister cocntributes 75% hers toward the $500 cost. How much do each of you have saved individually? Which system models this problem?
0.5x+0.75y=500; x+y=850
0.5x+0.75y=500; x-y=850
0.5x-0.75y=500; x+y=850
0.5x+0.75y=850; x+y=500
You and your sister have been saving and decide to buy a Playstation 5 together. You need $500 to buy the Playstation. Together you have $850 saved up. Since you havem ore money, you contribute 50% of your savings and your sister cocntributes 75% hers toward the $500 cost. How much did you save?
(a)
You and your sister have been saving and decide to buy a Playstation 5 together. You need $500 to buy the Playstation. Together you have $850 saved up. Since you havem ore money, you contribute 50% of your savings and your sister cocntributes 75% hers toward the $500 cost. How much did your sister save?
(a)
Solve the system by elimination. -4x-2y=-12; 4x+8y=-24
(a)
Solve the system by elmination. x-y=11; 2x+y=19
(a)
Solve by elimination. -3x+7y=-16; -9x+5y=16
(a)
Solve by elimination. -7x+y=-19; -2x+3y=-19
(a)
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 ffer a one-stop-shop for products
Order these types of accounts by their typical or average interest rate offered, from lowest to highest.
checking, savings, CD, money market
money market, savings, CD, checking
checking, savings, money market, CD
savings, money market, CD, checking
What is a disadvantage of saving for your retirement in a traditional savings account?
Savings accounts are not very safe, and you could lose all your money
Savings accounts earn very little interest, and your growth may not keep pace with inflation
Savings accounts are very costly to maintain, and the fees will reduce your savings in the long-term
Savings accounts are traditionally used for bill pay, and you will likely change accounts before your retirement bills are due
Which statement is MOST accurate regarding 529 plans and health savings accounts (HSAs)?
529 plans and HSAs are both used to provide income during retirement
529 plans allow you to invest for retirement while HSAs allow you to invest for future health expenses
529 plans can be used for education expenses while HSAs can be used for health expenses
529 plans have tax advantages while HSAs do not
A Roth IRA is best described as…
A retirement investment account with specific tax advantages
A specialized savings account that allows you to save for college
A checking account from which you pay your healthcare bills
A savings account at an online-only bank
