Chapter Three Review

Directions Answers the questions the best you can. Click on the answer you think is correct. If you are right, you will need to click anywhere on the slide to move to the next question. If you are wrong, you will need to click anywhere on the slide to move back to the question and try again. If you find any problems with the presentation, please let me know so it can be corrected. GOOD LUCK!!

Vocabulary Review An electronic method allowing you to pay bills using your home computer is ????. Electronic Funds Transfer (EFT) online banking transaction direct deposit

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Vocabulary Review The amount of money in a checking account is called a(n) ????. compound amount check register balance bank statement

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Vocabulary Review The total in a savings account at the end of a period after interest is added is called the ????. compound amount compound interest balance interest

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Vocabulary Review A printed report of bank transactions given to a depositor is called a(n) ????. deposit slip reconciliation form check register bank statement

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Vocabulary Review A savings plan also known as a time deposit or savings certificate is called a(n) ????. compound amount online banking certificate of deposit (CD) term

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Vocabulary Review A record you keep of deposits made and checks written is called a(n) ????. check register bank statement certificate of deposit (CD) deposit slip

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Vocabulary Review When employers send the pay of employees to their bank account instead of issuing a paper check, they are making a(n) ????. Electronic Funds Transfer (EFT) direct deposit online banking transaction

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Vocabulary Review The movement of money from one bank’s computer to another computer is called ????. direct deposit Automated Teller Machine (ATM) Electronic Funds Transfer (EFT) transaction

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Vocabulary Review The fixed period of time money is on deposit in a savings account is called the ????. interest maturity date term service charge

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Numerical Review Justin Nucci listed these items on his deposit slip: (bills) 9 one-hundreds, 27 fifties, 83 fives, 141 ones; (coins) 13 quarters, 117 nickels; (checks) $317.94, $57.89, $527.24, $77.49. He received cash back of 30 twenties and 11 tens. What total deposit did he make? $4,195.91 $2,985.66 $2,040.10 $980.56

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Numerical Review Zora Omar had a balance of $1,189.17 in her checking account. She wrote checks for $62.41, $224.14, $12.92, and $357.16. Her deposits were $197.34 and $879.13. What was Zora’s new bank balance? $2,922.27 $112.70 $1,785.80 $1,609.01

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Numerical Review At the start of the day, Grade Williams’ checking account had a $201.87 balance. She used her debit card to pay $56.12 for groceries and $28.45 for cleaning. Grace then transferred $150 to her checking account from savings using her bank’s ATM. She also directed her bank to transfer funds electronically from her checking account to pay a charge account bill of $187.12. What was the balance of Grace’s checking account at the end of the day? $80.18 $323.56 $623.56 $454.42

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Numerical Review Basil Tomlin’s online checking account had a balance of $371.07. The balance did not include a direct deposit of $672.80 that will be transferred to the checking account by Basil’s employer at 11:00 a.m. Basil’s bank will automatically deduct a house payment of $720 at the end of the business day. Basil plans to make online payments for $34.85, $90.29, and $368.20. How much money does Basil need to transfer to compete these transactions and still have a balance of $100? $169.47 $269.47 $942.27 $47.20

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Numerical Review Giselle Mulroon’s bank statement shows a balance of $539.22. Checks outstanding were #841 for $29.67, #843 for $89.02, and #844 for $9.76. A $130 deposit was outstanding. Reconcile Giselle’s bank statement. $280.59 $540.77 $410.77

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Numerical Review Elva Mayberry’s check register balance was $641.18. Her bank statement listed several items that did not appear in Elva’s check register. These include interest earned of $0.48, a service charge of $2.80, and two ATM withdrawals of $300 each. Reconcile Elva’s check register. $37.90 $1,244.46 $38.86 $643.50

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Numerical Review Henry Sokol’s bank statement balance on June 30 was $845.43. His check register balance was $247.62. His comparison of the two records showed a check for $85 was recorded twice in the register, a check for $138.11 was recorded as $183.11, and an ATM deposit of $368 and a debit card purchase for $81.10 were not recorded in the register. Also, an ATM withdrawal of $50 and interest earned of $0.82 were not recorded. Three checks were outstanding: $191.22; $23.87; $15. Reconcile Henry’s bank statement and check register. $1,213.15 $17.53 $615.34 $614.52

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Numerical Review Bob Rowinski made a $4,000 deposit to a savings account paying 1.6% annual interest compounded semiannually. If he kept the money on deposit for 6 months, what would his account balance be after the interest payment is made? $7,200 $4,640 $4,032 $3,032

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Numerical Review On April 1, Preston McCord deposited $1,400 in a passbook savings account that pays annual interest of 3.2% compounded quarterly. If he made no deposits or withdrawals in the account, what interest could he earn by keeping his money on deposit until October 1? $1,848 $22.49 $1,444.80 $44.80

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Numerical Review Sonya Lister’s 6-month CD pays 5.3% simple interest. Her deposit to the CD was $4,500. At the end of each 6-month period, Sonya withdraws the interest earned and renews the CD on its original terms. What total interest will Sonya have earned at the end of one year? $2,385 $238.50 $1,192.50 $477

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Numerical Review Dale Lawrence had $80,000 on deposit in a six-month CD paying 2.72% simple interest. At the end of three months, Dale withdrew $4,000. The penalty for early withdrawal of money from this CD is one-month interest. What was the amount of the penalty Dale had to pay? $2,176 $9.07 $1,088 $108.80

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You have completed the review. Good luck on the test!