1. Introduction to Business and Marketing

2. Identify the following: 1.Payee 2.Drawee 3.Drawer 1 2 3

3.  What are the advantages of using checks to make purchases?  Bank safely stores your money  Serve as written receipt of purchases  Can send checks through the mail  Banks keep current account of all checks paid and the remaining balance

4.  Change the following percents to a decimal 45% 134% 7% 15.6%

5.  Change the following decimals to percentages and round to the nearest hundredth .5390 .0345 .12  1.43 .679

6.  What type of identification does a bank need when opening a new account?  At least two of the following photo identifications Drivers License Military ID Student ID State ID card Passport Membership card

7. 1 year  The bank loans you $5,000 at 15% interest, how much interest would you owe for 1 year?  $750 4 months  How much interest would you owe if you paid the balance in 4 months?  $250

8.  What are the three large expenses the average American spends their money on? 1. Taxes (23%) 2. Housing (19%) 3. Transportation (10%) What about entertainment? Only 5%

9.  Approximately how much of your income is taken out of your paycheck for Federal Income tax? 15%  Approximately how much of your income is taken out of your paycheck for Social Security or FICA? 8%