General
For-profit depository businesses that offer financial services to both consumers and other businesses.
What is a Commercial Bank.
a debit and a deposit
debit takes money out, deposit puts money in
Miley makes the following deposits: a check for $100.00, a check for $250.00 and would like to receive $175.00 in cash. What is Miley's total deposit?
What is $175.00.
Define Deposit
What is an amount of money that you put into your bank account.
Principal = $2000
Rate = 5%
Time = 4 years
How much simple interest did the savings earn?
What is $400.
An account that allows quick access to funds for transactions.
What is a Checking Account.
A checkings and saving account
What is one is an account that is specifically made for spending the money you put in the account the other is for saving money
Bea makes a deposit of 5 twenty-dollar bills and 10 five-dollar bills. Bea also deposits his payroll check of $550.00. Bea would like to receive $55 in cash. What is Bea's total deposit?
What is $645.
What is a checking account?
What is an account that allows you to write checks and/or make debit charges against funds that have been deposited into it.
Principal = $15,000
Rate = 3.5%
Time= 18 months
How much simple interest was earned?
What is $787.50
Privately owned banks that are often for only people in certain jobs...provide an example
What is a Credit union? TFCU
Online banking and Mobile banking
What is online banking is accessed through the computer and mobile banking is accessed via mobile app.
Gordon's checking account had a balance of $512.54. He wrote a check for $54.71 on Nov 1st. He also wrote a check for $121.25 on Nov 2nd. On Nov 3rd his bank made an automatic transfer of $75.25 to pay his cell phone bill. He made a deposit of $350.00 on Nov 4th. What is the new balance in Gordon's account?
What is $611.33
Define check register
What is a place to keep a written record of all the deposits and payments made from your checking account.
Principal= $25,000
Rate = 3.25%
Time= 30 days
How much simple interest was earned?
What is $66.80
Financial experts recommend saving between _____ months of expenses....If your monthly expenses total $3,000 then you should have a total of _____ in savings.
What is 3-6 months....$18,000 total.
Simple Interest and Compound Interest
Simple interest is calculated on the principal, or original, amount of a loan. Compound interest is calculated on the principal amount and the accumulated interest of previous periods, and thus can be regarded as “interest on interest.”
Andrew wrote 8 checks last month. His bank allows 4 free checks per month and charges a $1.00 service fee for each additional check. His monthly service charge is $5.00. If isr starting balance was $800, What is his new balance?
What is $791.
Define bank statement.
What is a statement you receive from the bank each month listing all your bank transactions.
Brianna deposited $1500 in a new savings account that earns 3.5% interest compounded quarterly. She made no other deposits or withdrawals. What was the amount at the end of the 2nd quarter. What is the compound interest earned at the end of the 2nd quarter?
What is $13.13 + $13.24 = $26.37
The FDIC stands for?? insures your money up to....
What is Federal Depository Insurance Corporation...$250,000
A payroll card versus a debit card
What is a payroll card only uses the money in which is loaded from employers payroll. A debit card uses the money in which a person has in his/her own bank account.
Gianna wants to buy a pair of shoes for $95. She goes to the ATM to withdraw money. This was the fifth time she withdrew money this month. Her bank does not charge for the first three ATM uses each month. After that the fee is $1.50 each use. For this transaction, what is the total Gianna should subtract from her balance, including fees?
What is $98.
Define service charges and give 2 examples.
What is a fee charged by the bank for servicing the account....overdraft, bill payments
Helen deposited $5000 in a new savings account. The savings account earns 6 % interest compounded monthly. What was the amount of interest earned in the account at the end of the 3 months?
What is $75.38