Words to Know I
What ATM stands for
Automatic Teller Machine
What FDIC stands for
Federal Deposit Insurance Corporation
Where do you find the routing number on a check?
The first number on the bottom
You made the following purchases in a day: Uber $4, coffee $3, dinner $25, Netflix subscription $10, soccer gear $55. What percent of your purchases were on coffee?
3%
If you have $125 in your checking account today and $235 in your account in 2 months, what is the rate of change (slope) of your account balance?
$55/month
The difference between a debit and a credit
A debit is an amount of money deducted from your account and a credit is an amount deposited into your account
The formula for slope
(y_2-y_1)/(x_2-x_1)
Write $307.65 in words as you would on a check.
Three hundred seven and 65/100 dollars
Suppose you have no overdraft coverage on your account. You start with $125 in your account and then get $43 in gas and write a $75 check. You then Venmo $40 to your friend for dinner. If your bank charges a $35 NSF fee, what is your final balance for the day?
-$28
Find the equation of the line that goes through the following points: (2, 8) (4, 11) (6, 14). Write your answer in point-slope form.
y-8=3/2(x-2) or y-11=3/2(x-4) or y-14=3/2(x-6)
The amount of insurance that FDIC provides
$250,000
Give two examples of P2Ps.
Paypal, Venmo, Zelle
What is the number that follows the routing number on a check?
Your account number
Find your final balance: $425 starting balance, write a check for $78, Venmo $25 to your friend, deposit your paycheck for $158, earn $2.56 in interest.
$482.56
Michael has $112 in his checking account and earns $75 per week working part time. Write an equation that models this situation.
y=112 + 75x
What do we call the written record of all of the transactions that happen in a checking account?
Check register
What do we call an app that runs on your phone that securely stores your payment information and passwords and allows you to pay for items without needing your physical cards?
Digital wallet
$3040.02
If 72% of households reported paying no banking fees whatsoever and there are 131.3 million households in America, approximately how many paid banking fees?
36.764 million households
Walmart charges $4 fee to cash a check that is worth up to $1000. Write an equation to represent the total amount you'll pay in fees, y, if you deposit x number of $500 checks.
y=4x
The name for a fee charged to your account when it lacks the funds to cover a withdrawal.
Overdraft fee
Define direct deposit
An automatic electronic deposit of net pay to an employee's designated bank account.
Why do you have to write checks in blue or black permanent ink?
They are legal documents and must be able to be scanned clearly and not erased.
You have overdraft coverage on your checking account. There is a $25 fee for each transaction that exceeds the available balance. If you have $77 in your checking account and swipe your debit card for $96, how much is left in your checking account after this?
-$44
Michaela has $207 in her account. A $7.25 fee is charged each month the balance is below $100. She withdraws $120 one time. Write an equation to model her balance after x months since the withdrawal if she makes no further deposits or withdrawals.
y=-7.25x+87