WorksheetsEconomics Final Review
Total questions: 100
Worksheet time: 6hrs 41mins
1. The beginning balance on the monthly bank statement for Joaquin's checking account was $393.05, and the ending balance was $244.67. What can be said about Joaquin's transactions for the month?
He had $148.38 more in credits than in debits.
He had $148.38 more in debits than in credits.
He had $637.72 more in credits than in debits.
He had $637.72 more in debits than in credits.
2. Rory wrote a check for $85 to pay his monthly credit card bill, but when balancing his checkbook, he accidentally recorded it as a credit rather than as a debit. How will his check register compare to his monthly bank statement when he receives it?
The balance in his check register will be $85 over the balance on his bank statement.
The balance in his check register will be $85 under the balance on his bank statement.
The balance in his check register will be $170 over the balance on his bank statement.
The balance in his check register will be $170 under the balance on his bank statement.
3. Which of these would appear in the Credits column of a bank statement for a checking account?
An ATM withdrawal
A direct deposit
An online bill payment
Bank fees
4. Which of these would appear in the Debits column of a bank statement for a checking account?
A transfer of funds into the account
A direct deposit
Interest earned
An online bill payment
5. Enrico wrote four checks last month, and these were the only transactions for his checking account. According to his check register, his balance is $893.48, but the bank statement he just received says his balance is $1076.32. If the four checks were for $173.75, $173.84, $182.75, and $182.84, the check for which amount has not yet cleared?
$173.75
$173.84
$182.75
$182.84
6. The beginning balance on the monthly bank statement for Ike's checking account was $194.58, and the ending balance was $371.93. What can be said about Ike's transactions for the month?
He had $177.35 more in credits than in debits.
He had $177.35 more in debits than in credits.
He had $566.51 more in credits than in debits.
He had $566.51 more in debits than in credits.
7. Sigmund wrote four checks last month, and these were the only transactions for his checking account. According to his check register, his balance is $887.79, but the bank statement he just received says his balance is $1065.27. If the four checks were for $168.48, $168.93, $177.48, and $177.93, the check for which amount has not yet cleared?
$168.48
$168.93
$177.48
$177.93
9. Mia's bank statement shows a closing balance of $75.65. There are no outstanding checks or deposits. Her checkbook shows a balance of $77.95. What might account for different balances?
Interest earned in the amount of $1.35
Monthly service fee of $2.30
Transposing of numbers
None of the above
10. Which of these would appear in the Debits column of a bank statement for a checking account?
A transfer of funds into the account
A direct deposit
Interest earned
An online bill payment
11. Bess wrote four checks last month, and these were the only transactions for her checking account. According to her check register, her balance is $869.96, but the bank statement she just received says her balance is $1054.13. If the four checks were for $175.17, $175.35, $184.17, and $184.35, the check for which amount has not yet cleared?
$175.17
$175.35
$184.17
$184.35
12. The beginning balance on the monthly bank statement for Ignatius' checking account was $124.82, and the ending balance was $659.27. What can be said about Ignatius' transactions for the month?
He had $534.45 more in credits than in debits.
He had $534.45 more in debits than in credits.
He had $784.09 more in credits than in debits.
He had $784.09 more in debits than in credits.
13. Katrina's bank statement shows a closing balance of $140.62. There are no outstanding checks or deposits. Her checkbook shows a balance of $145.62. What might account for different balances?
Monthly service fee of $5.00
Interest earned in the amount of $5.35
A direct deposit of $ 5.00
Transposing of numbers
14. What does the set of numbers below the check represent?
An account number
The bank's routing number
The check serial number
The checkbook number
15. If you are going to write a check, where do you put your signature?
(Please refer to the parts of the check represented by letters.)
A
B
C
D
16. What do you call the same numbers written above and below the check?
The account number
The routing number
The check number
The checkbook number
17. What do you write in C as shown in the check?
The payee
The amount of the check
The purpose of the check
Your signature
18. What is being represented by the set of numbers in the check as shown?
The account number
The routing number
The check number
The checkbook number
19. In which part of the check are you going to write the amount of the check in words?
A
B
C
D
20. Which of the following would not go in the debit column of a check register?
A direct deposit
An online bill payment
A bank fee
An outstanding check
#1) Richard deposited $5,500 for 6 years on 2.40% interest rate in his savings account. How much simple interest will he earn?
$729
$6,229
$5,500
$79,200
Principal = $47,300, Rate = 3%, Time = 3 months. What will the TOTAL PRINCIPAL + INTEREST PAYMENT be?
$82,775
$35,475
$47,654.75
$354.75
Andrew borrows $79,500 for 5 years on 6.30% interest rate. Calculate the simple interest.
$0.0630
$104,542.50
$2,504,250
$25,042.50
#4) Nelson lands $4,650 on 2% interest rate. He plans to pay this after 2 months. What will the TOTAL principal + interest payment be?
$15.81
$4,665.81
$186
$4,836
#5)Principal = $6,000, Rate = 7%, Time = 1 year. Calculate the simple interest.
$42,000
$6,420
$48,000
$420
#6) Diana takes a loan of $10,000 on 3% interest rate. She plans to pay the loan off after 2 years. Calculate the simple interest.
$600
$10,600
$60,000
$70,000
#7) Kelly borrows $5,200 on a 4% interest rate for 6 months. What will the TOTAL principal + interest payment be?
$1,040
$104
$5,304
$124,800
#8) John wants to open a showroom that he borrows $48,000 on 12% interest rate. He plans to pay this after 4 years. What will the TOTAL principal + interest payment be?
$71,040
$23,040
$48,000
$2,304,000
#9) Principal = $2,400, Rate = 2%, Time = 2 months. Calculate the simple interest.
$2,408.16
$8.16
$9,600
$96
#10) Bob takes a loan of $7,000 on 5% interest rate for 5 months. Calculate the simple interest.
$7,500
$7, 147
$1,750
$147
Tina invested $2,000 in a simple interest account and earned 8% rate for 5 years. What is the interest that she earned on the account?
$160
$800
$80,000
$16
Emilio borrows $1200 from a bank with 8.5% simple interest per year. How much will he have to pay back total in 2 years?
$204
$996
$1,020
$1,404
The simple interest formula is I=Prt. The P represents the principal. The principal is ___________________.
the amount of money borrowed or deposited
the percent interest for his year
the amount taxed
the amount the bank owes you for being a customer at their bank
Interest rate =5%
Time = 5 years
What is the interest earned?
95
105
125
135
6%
7%
8%
9%
Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?
What is the principle? (a)
What is the rate? (b)
What is the time? (c)
4.3%
Interest rate = 2.5%
TIme = 3 years.
How much interest?
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.
A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in three years?
$5375
$375
$3750
$425
Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%. What is the total amount she will repay for the car loan?
$504000
$5040
$23040
$18000
A bank is offering 7% annual compound interest on a savings account. If you deposit $1,500, what will be the total amount of money in your savings account after three years?
$337.56
$1837.56
$1663.08
$1843.88
Kara borrowed $21,000 for 5½ years at an annual compound interest rate of 7.5% to buy a car. What is the total amount she will repay the bank for the auto loan?
$31258.34
$10258.34
$455961.91
$27165
Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?
$6,248.76
$6,314.08
$3,105.14
$6,427.94
Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 5 years?
$33,299.42
$537908.61
$38,157.04
$34,710.88
Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years?
$11,255.37
$15,683.28
$8.928.59
$16,349.72
The Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually,how much interest will they have paid after 30 years?
$412,749.79
$429,305.61
$503,774.21
$494,546.99
Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually,how much interest will Riley earn in 15 years?
$1,584.62
$1,663.90
$1,706.86
$1,893.45
Interest calculated using only the principal for each year (or time increment). The amount earned in interest does not change with each time interval.
Simple Interest
Compound Interest
In the compound interest formula A=P(1+r)t what does the P stand for?
The time
The total amount
The principal amount (original amount)
The interest rate
Semi-Annually means how many times a year?
4
2
1
6
Julia invested $1000 for college in an account earning 5% compounded annually. When she checked the account after 4 years, how much money did she find in the account?
Not enough
$563.24
$1215.51
$3200.12
Daniel invests $360 in a bank account that is compounded annually for 8 years with an interest rate of 5.5%. What will be the total amount in the account after the 8 years is over?
$625.88
$950.12
$315.45
$552.49
In the compound interest formula A=P(1+r)t what does the A stand for?
The amount of interest
The total amount
The interest rate
The time
In the compound interest formula A=P(1+r)t what does the P stand for?
The time
The total amount
The principal amount (original amount)
The interest rate
Semi-Annually means how many times a year?
4
2
1
6
Julia invested $1000 for college in an account earning 5% compounded annually. When she checked the account after 4 years, how much money did she find in the account?
Not enough
$563.24
$1215.51
$3200.12
Daniel invests $360 in a bank account that is compounded annually for 8 years with an interest rate of 5.5%. What will be the total amount in the account after the 8 years is over?
$625.88
$950.12
$315.45
$552.49
You borrowed $1,690 for 5.5 years at an interest of 5.7%. How much is the total you pay?
$1,690
$2,292.45
$1,87.55
$3,982.45
Trevor wants to have $4000 saved up in 3 years for a car. If he invests $1500 in a savings account that is compounded annually at an interest rate of 12%, will he have enough money at the end of the 4 years?
Yes
No
When calculating interest, what do we always change the percent to?
a fraction
a decimal
a round number
Post Malone
Which of the following are parts of writing a check?
Date
Signature
Who you are paying
The address of the person you are paying.
What is a payee?
Person you are paying
The amount of money you are paying
Your signature
Which of the following is a rule for writing a check?
Write the check in pencil
Leave the memo blank
Write the check in pen
What is wrong with this check?
They didn't write who they are paying.
The money amount in dollars is wrong.
The money amount written in words is wrong.
What is wrong with this check?
They did not draw the line at the end of the money amount.
The dollar amount is wrong.
The check was not signed.
The memo is wrong.
Where does your signature go?
The bottom left corner.
The pay to the order of blank.
The bottom right corner.
Where does the dollar amount go?
Pay to the order of blank.
Next to the dollar sign.
The memo
The blank under pay to the order of
The memo must be filled out.
True
False
Where can you find the account number?
Next to the date.
At the top of your check.
At the bottom of your check.
Where can you find the check number?
At the bottom of the check.
At the top of the check next to the date.
$10 from your favorite aunt for your birthday
Income
Expense
$10 from your favorite aunt for your birthday
Income
Expense
Donate $15 to the Animal Humane Society
Income
Expense
$5 for cleaning my room all week
Income
Expense
Put $20 in my savings
Income
Expense
Loaned $12 to my brother
Income
Expense
Ryan would like to save 15% of his take-home pay towards retirement. How much should he save each month if he makes $5,000 each month?
$750
$75,000
$1125
$75
If transportation costs include a car payment and gas, and Ryan's car payment is $350 and he pays $100 for gas, what percentage is Ryan paying for transportation costs each month if his take home pay is $9,000?
5 %
3.8 %
1.1 %
28 %
If Ryan's take-home pay is $3600, what percentage does he pay for rent if rent is $900.
25%
4%
0.04 %
0.25 %
Fort Bend county charges tax each year on the house that Jennifer owns. Which type of tax does she pay?
Property Tax
Sales Tax
Income Tax
Payroll Tax
Louis's dad pays a tax to the federal government each year based off the money he earns from his lawn mowing business. What type of tax does Louis's dad pay each year?
Payroll Tax
Income Tax
Sales Tax
Property Tax
Curtis purchased a new pair of jeans for $18. When Curtis pays for his jeans his total is almost $20 because of taxes. Which type of tax does Curtis pay?
Payroll Tax
Income Tax
Sales Tax
Property Tax
Money that is taken out of a paycheck that goes to city/state/country and for programs that help people when they retire
Property tax
Income/payroll taxes
sales tax
Mr. Mann owns a ranch that has 45 acres of land. Each year Mr. Mann pays $5,340 in taxes on the land for his ranch. Which type of tax does Mr. Mann pay?
Payroll Tax
Income Tax
Sales Tax
Property Tax
Jarrod was a contestant on a popular game show and won a $1,000 prize on the show. Jarrod had to pay $200 of his winnings in taxes. Which type of tax did Jarrod have to pay?
Payroll Tax
Income Tax
Sales Tax
Property Tax
Brooke spent $45.98, including tax, at the grocery store. Which type of tax did Brooke pay?
Payroll Tax
Income Tax
Sales Tax
Property Tax
Jan pays federal taxes every year based off her yearly income. Which type of tax is calculated by the amount of your income?
Payroll Tax
Income Tax
Sales Tax
Property Tax
Property Tax is-
Tax on things you buy or purchase
tax on the house or land you own
tax taken out of your paycheck
tax that you pay based on your income
Jake wants to purchase a video game for $10. Jake hands the cashier a $10 bill plus two $1 bills for tax. What tax is Jake paying?
Payroll Tax
Income Tax
Sales Tax
Property Tax
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
Which of these is the money you earn BEFORE taxes?
Gross Pay
Net Pay
