Which mathematical formula would you use to describe the financial activity on a bank statement?

Ending Balance = Previous Balance + Deposits - Withdrawals

Which statement is true regarding Check No. - 409?

This check was written by John and paid to another person or business.

What was the result of John overdrawing his checking account?

John's payment was greater than his balance so he was charged a $35 fee

John has two ATM transactions but only one has a fee (Interac). Why?

Interac is an out-of-network ATM; First Bank charges for out-of-network use

What is the impact of the Online Funds Transfer - From Savings that appears on John's statement?

Savings balance decreased by $50 and his checking balance increased by $50

Which fees was John charged on his checking account during this statement period?

ATM Fee, Overdraft Fee, Maintenance Fee

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Financial Literacy Quiz

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Answers

1
Which mathematical formula would you use to describe the financial activity on a bank statement?
Ending Balance = Previous Balance - Deposits + Withdrawals
Ending Balance = Previous Balance + Deposits - Withdrawals
Ending Balance = Previous Balance + Deposits + Withdrawals
Ending Balance = Previous Balance - Deposits - Withdrawals
2
Which transaction caused John to overdraw his account?
The Overdraft Fee of $35
Check No. 410 for $710.49
Check No. 409 for $100
The Online Bill Payment for $146.67
3
Which statement is true regarding Check No. - 409?
This check added $100 to John’s account.
This check caused John to overdraw his checking account.
This check likely came from John’s employer.
This check was written by John and paid to another person or business.
4
What was the result of John overdrawing his checking account?
The bank will deposit $237.81 to John's account so he can pay his bills
The bank will transfer $35 from a linked account.
John's payment was greater than his balance so he was charged a $5 fee
John's payment was greater than his balance so he was charged a $35 fee
5
John has two ATM transactions but only one has a fee (Interac). Why?
Banks charge fees if you take out less than $100 at an ATM machine
Interac is an out-of-network ATM; First Bank charges for out-of-network use
First Bank charges customers for using their ATMs
The first transaction is free; all additional ATM transactions have a fee
6
How frequently does John typically receive account statements from his bank?
Annually
Monthly
Weekly
Daily
7
According to his checking account, Johh was paid ___ every ___.
$200.00, 3 weeks
$100.00, 2 weeks
$300.00, 1 month
$694.81, 2 weeks
8
What is the impact of the Online Funds Transfer - From Savings that appears on John's statement?
Savings balance increased by $50 and his checking balance had no change
Savings balance stayed the same and his checking balance decreased by $50
Savings balance decreased by $50 and his checking balance increased by $50
Savings balance increased by $50 and his checking balance decreased by $50
9
Which fees was John charged on his checking account during this statement period?
Online Transfer Fee, Overdraft Fee, Per Check Fee
Per Check Fee, ATM Fee, Overdraft Fee, Maintenance Fee
ATM Fee, Overdraft Fee, Maintenance Fee
Online Transfer Fee, ATM Fee, Maintenance Fee
10
How much did John Jones have in his account on the first day of the statement period?
$0.55
-$72.47
$694.81
$1,442.61

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