Free Printable Apps & Model Review Unit 5 Loans and Banking

1.

Which of the following best describes this sequence?

\left\{2,\ -4,\ \ 8,\ -16,\ 32,\ ...\right\}

a)

Arithmetic

b)

Geometric

c)

Neither

d)

Both

2.

Which of the following best describes this sequence?

\left\{32,\ 20,\ 8,\ -4,\ ...\right\}

a)

Arithmetic

b)

Geometric

c)

Neither

d)

Both

3.

Which of the following best describes this sequence?

\left\{1,\ 3,\ 6,\ 10,\ 15,\ 21,\ ...\right\}

a)

Arithmetic

b)

Geometric

c)

Neither

d)

Both

4.

Which explicit formula describes the sequence?

$-1,\ 3,\ 7,\ 11,\ ...$

a)

$a_n=-4+\left(n-1\right)\left(-1\right)$

b)

$a_n=\left(-4\right)\left(-1\right)^{\left(n-1\right)}$

c)

$a_n=-1+\left(n-1\right)\left(4\right)$

d)

$a_n=\left(-1\right)\left(-4\right)^{\left(n-1\right)}$

5.

256, 128, 64, 32, ...

What's next?

a)

24

b)

18

c)

16

d)

8

6.

To find the next term in a geometric sequence…

a)

add the common difference d

b)

multiply by the common ratio r multiply by the common ratio r

7.

To find the next term in an arithmetic sequence…

a)

add the common difference d

b)

multiply by the common ratio r

8.

-21, -16, -11, -6, ...

Is this sequence arithmetic, geometric, or neither?

a)

arithmetic (common difference d = 5)

b)

geometric (common ratio r = 5)

c)

neither (no common difference OR common ratio) neither (no common difference OR common ratio)

9.

3, 9, 15, 22, ...

Is this sequence arithmetic, geometric, or neither?

a)

arithmetic (common difference d = 6)

b)

geometric (common ratio r = 4)

c)

neither (no common difference OR common ratio) neither (no common difference OR common ratio)

10.

What is the first term of the sequence below?

6, 9, 12, 15, ...

a)

3

b)

6

c)

9

d)

12

11.

Write the explicit formula for the geometric sequence.

a)

a_n = 7(1)ⁿ

b)

a_n = 7(-1)ⁿ

c)

a_n = 7(-1)^n-1

d)

a_n = -1(7)^n-1

12.

Find the next three terms in the arithmetic sequence: 25, 34, 43, 52, ...

a)

63, 72, 81

b)

79, 88, 97

c)

70, 79, 88

d)

61, 70, 79

13.

What is the 9^th term in a geometric sequence with a common ratio of 2 and a first term of 3?

a)

384

b)

768

c)

1,536

d)

27

14.

Daisy received $2 on her first birthday. Each year, the amount of money she received tripled. How much money will she receive on her 5^th birthday?

a)

$10

b)

$300

c)

$162

d)

$416

15.

$\sum_{x=3}^9\left(2x+2\right)$ How many terms are in the sequence?

a)

6

b)

7

c)

3

d)

2

16.

Which of the following represents the SUM of a geometric series with 8 TOTAL terms and whose FIRST TERM is 3 and whose COMMON RATIO is 4?

a)

32,756

b)

42,560

c)

28,765

d)

65535

17.

Money that is borrowed and expected to be paid back with interest

a)

Loan

b)

Credit

c)

Bankruptcy

d)

Lender

18.

A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit

a)

Gift Card

b)

Debit Card

c)

Credit Card

d)

Birthday Card

19.

The original amount in a bank account OR borrowed for a loan

a)

Interest

b)

Principal

c)

Term

d)

Credit Score

20.

Money paid regularly for the use of money borrowed

a)

Amortization Schedule

b)

Principal

c)

Term

d)

Interest

21.

A table with each monthly payment on a loan. It shows how much of the monthly payment goes toward interest and principal.

a)

Amortization Schedule

b)

Schumer Box

c)

Authorization Table

d)

Check Register

22.

The shorter your term length, the _______ your monthly payments, and the _______ the total interest you will pay.

a)

higher, lower

b)

higher, higher

c)

lower, lower

d)

lower, higher

23.

What is it called when your pay from work goes right into your bank account?

a)

Paycheck

b)

Paystub

c)

Direct Deposit

24.

Do you always have to have taxes taken out of your paycheck?

a)

Yes

b)

No

25.

Is health insurance a tax or benefit?

a)

Tax

b)

Benefit

26.

Which of the following is NOT a deduction on your pay stub?

a)

overtime

b)

FICA Social Security

c)

Federal Income Tax

d)

401K

27.

If you check has 3/15/22 - 3/30/22 on it, that is the

a)

days you worked

b)

pay period

c)

days eligible for state income tax but not federal income tax

d)

days eligible for federal income tax but not state income tax

28.

Options for banking accounts:

a)

Interest-bearing account

b)

No minimum requirement

c)

Free checks

d)

Vanity checks (have pictures on them)

29.

A periodic (usually monthly) check that your account balance and statements accurately reflect the actual deposits made to the account and the checks written against.

a)

ATM

b)

Balancing (a checkbook)

c)

Bank

d)

Bank Statement

30.

Like a credit card, but directly attached to a checking account; a _____ ____ can be used to pay for items at a store.

a)

Debit card

b)

Direct deposit

c)

Fees

d)

Interest-bearing checking account

e)

Overdrafts

31.

An automatic deposit of a paycheck without having to take a physical check to the bank.

a)

Debit card

b)

Direct deposit

c)

Fees

d)

Interest-bearing checking account

e)

Overdrafts

32.

Amounts withdrawn from your account beyond the money the account holds.

a)

Debit card

b)

Direct deposit

c)

Fees

d)

Interest-bearing checking account

e)

Overdrafts

33.

A savings account is to save money and grow interest.

a)

True

b)

False

34.

Getting a loan.

a)

Interest

b)

Credit

c)

Deposit

d)

Withdrawal

35.

Putting money into an account.

a)

Interest

b)

Credit

c)

Deposit

d)

Withdrawal

36.

Taking money out of an account.

a)

Interest

b)

Credit

c)

Deposit

d)

Withdrawal

37.

What should you do if you receive an email or message asking for your online banking password?

a)

Share it with them

b)

Ignore the message

c)

Immediately report it to a trusted adult

38.

Write the percent as a decimal.
4.3%

a)

4.3

b)

.43

c)

.043

d)

4300

39.

Rachel invested $2,700 in a savings account earning 7% simple interest. If she invests for 2 years, how much money will she have in total?

a)

$3,078

b)

$378

c)

$40,500

d)

$4536

40.

Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

a)

$827.52

b)

$831.10

c)

$839.45

d)

$846.80

41.

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?

a)

$6,273.50

b)

$6,314.08

c)

$6,385.72

d)

$6,427.94

42.

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?

a)

$33,299.42

b)

$33,672.68

c)

$34,157.04

d)

$34,710.88

43.

When calculating

interest, how do you write the percent?

a)

a fraction

b)

a decimal

c)

a round number

d)

not enough information

44.

What is the loan amount?

(a)

45.

What is the length of the loan (in years)?

(a)

46.

Stef took out a $7,500 loan with an APR of 3.875% and agreed to pay it back monthly for 6 years. How many monthly payments did she make?

a)

70

b)

72

c)

60

d)

68

47.

When you are filling out your check register, what should you do with checks you write?

a)

subtract the amount to the previous balance

b)

add the amount to the previous balance

c)

subtract the check number

d)

keep the amount the same

48.

When you are filling out your check register, what should you do with the direct deposit?

a)

subtract the amount

to the previous balance

b)

add the amount

to the previous balance

c)

subtract the check number

d)

keep the amount the same

49.

When you are filling out your check register, what should you do with the amount taken from an ATM?

a)

subtract the amount

to the previous balance

b)

add the amount

to the previous balance

c)

subtract the check number

d)

keep the amount the same

50.

When reconciling your bank statement, what should you do with checks that have not yet cleared?

a)

Add them back on to your checkbook balance

b)

Subtract them from your check book balance

Apps & Model Review Unit 5 Loans and Banking

Total questions: 50

Worksheet time: 3hrs 30mins

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