Unit 1 Financial Literacy Review

Question 1

Madi has $238.25 in her account. She writes checks for $103 and $63.71. She deposits $26. What is her balance?

Accepted Answer

$97.54

Question 2

Old balance: $283.35 with an interest payment of $1.12. What is the new balance?

Accepted Answer

$284.47

Question 3

You can spend more money than you have in your checking account and not have any penalties or fees.

Accepted Answer

False

Question 4

Old balance: $211.08 with a withdrawal of $102.36. What is the new balance?

Accepted Answer

$108.72

Question 5

What are some things you should take into account when choosing a bank account?

Accepted Answer

All of the above

Question 6

When completing a deposit slip you _________ cash back.

Accepted Answer

Subtract

Question 7

Money that you take out of your checking account is called _________.

Accepted Answer

a withdrawal

Question 8

Why should you start writing the amount of the check in words as close to the left as possible?

Accepted Answer

Someone can't add numbers to the side and change the amount

Question 9

Old balance: $45.67 with a deposit of $80.00. What is the new balance?

Accepted Answer

$125.67

Question 10

What do you write on the line with the star?

Accepted Answer

Signature

Question 11

Why do banks pay interest on savings accounts?

Accepted Answer

They use the money to lend to borrowers

Question 12

How are savings accounts different from checking accounts?

Accepted Answer

All of these

Question 13

Money placed by you into a savings or a checking account is called ________________.

Accepted Answer

a deposit

Question 14

Money that is added to your account by the bank is called ______________.

Accepted Answer

interest

Question 15

When interest is compounded quarterly, it is paid to you ______ times per year.

Accepted Answer

Four

Questions 15