Test 1
Fill in the blank: ______________ is what the bank pays you just for keeping money in an account.
Interest Earned
When interest is collected in advance on a loan, what do we define that as?
Fill in the Blank: To connect your home computer system to the Internet, you must open an account with an ___________
Internet Service Provider
Fill in the blank: _________ is the total amount of money that an employee is paid
Gross Pay
What is the world’s all-time best-selling car?
Toyota Corolla
Fill in the blank: A _____________ is something that happens that has to be recorded, such as a deposit or withdrawal.
Transaction
What is typically offered in a Installment plan?
Down payment and Monthly payments
Fill in the blank: ______________ is the price of one item or one measure of the item.
Unit Price
Fill in the blank: ________ is a fixed amount of money for each time period worked such as a day, week, month, etc.
Salary
What is the name of the scale used to measure the magnitude of an earthquake?
The Richter Scale
For the Ordinary Interest Method, what is the 360-day year referred to as?
Bankers Year
What is the unearned finance charge also referred to as?
Finance charge refund
How many bits are in one byte?
8
What is the social security tax rate?
6.20%
What is it called when a bowler makes three strikes in a row?
Turkey
What is the effective rate of interest referred to as?
Annually Percentage Yield
When calculating the interest on a Rule of 78 loan, what “monthly rate” would use for calculating the second month’s interest?
11/78
How many Kilobytes are their in one Megabyte?
1000
Fill in the blank: __________ is the tax rate is the same for every person, regardless of the amount of income they earn in a year.
Flat Tax
What are the names of the five Great Lakes?
Lake Huron, Lake Ontario, Lake Michigan, Lake Erie, and Lake Superior
The number you find within the compound interest table is called what?
Multiplier
What Act was created to force lenders to tell borrowers what annual rate is actually being charged on their loan?
Truth in Lending Act
Which of the following below is not an example of an internet connection?
Digital Connection
Fill in the blank: ________ is the process of banks using computers to transfer deposits, checks, or “funds,” from person and bank to bank.
Electronic Funds Transfer
One of Canada's national sport is Hockey, name Canada's other national Sport.
Lacrosse