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Scott, MIT Graduate

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Experience: MIT Graduate (Math, Programming, Science, and Music)

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1. When completing a check stub, to arrive at the ending balance,

Customer Question

1. When completing a check stub, to arrive at the ending balance, take the beginning balance and: (Points: 2)
add the deposit and the check
subtract the check and add the deposit
subtract the check and the deposit
add the check and subtract the deposit
all of the above
2. Writing the words "For Deposit Only" along with your checking account number on the back of a check is called a: (Points: 2)
qualified endorsement
restricted endorsement
pure endorsement
simple endorsement
all of the above
3. The amount a bank charges if someone writes you a check, but does not have the necessary money in the bank to cover it, is termed a(n): (Points: 2)
statement charge
ATM charge
returned check fee
NSF charge
all of the above
4. When reconciling the bank statement, outstanding deposits are: (Points: 2)
subtracted from the bank statement
added to the checkbook
subtracted from the checkbook
added to the bank statement
none of the above
5. Charles's checking account register showed a balance of $2,416.78 on August 1. After reviewing his bank statement he noticed an NSF charge in the amount of $70.25, a service charge of $19.00, and a note collected for $456.00. There was one deposit not yet credited for $155.00 and no checks outstanding. What was his reconciled balance? (Points: 2)
$2,783.53
$2,902.53
$2,820.53
$2,902.35
none of the above
6. The bank statement for Burton Co. revealed a balance of $1,475.00 while the checkbook balance showed a balance of $1,822.00. Outstanding checks totaled $185.00. A check printing charge of $35.00 appeared on the bank statement. There was a $76.00 NSF check reported on the bank's statement. A deposit in the amount of $735.00 was not yet credited. What was Burton Co.'s reconciled balance? (Points: 2)
$1,390.00
$1,475.00
$1,087.00
$2,125.00
none of the above
7. William received his bank statement from Trader's Bank indicating an ending balance of $6,206.55. William's checkbook showed a balance of $5,549.30. William noticed that $759.00 in checks were outstanding. The bank statement reflected an NSF charge in the amount of $86.75 and a monthly service charge of $15.00. The reconciled balance was: (Points: 2)
$5,549.30
$6,206.55
$5,447.55
$5,477.55
none of the above
8. The December 31 checkbook balance of the Advance Co. was $5,691.99. The ending bank statement balance was $4,890.18. Checks in the amount of $691.50 were outstanding. The statement failed to reflect a deposit in the amount of $1,433.84. The monthly service charge was $37.65. The bank paid interest on their average balance in the amount of $30.79. It was discovered that the bookkeeper had failed to record a check in the amount of $52.61. The reconciled balance was: (Points: 2)
$5,632.52
$5,632.25
$6,532.52
$5,623.52
none of the above
9. A debit memorandum discovered during the reconciliation process should be (Points: 2)
added to the bank statement balance of cash
added to the book balance of cash
deducted from the book balance of cash
deducted from the bank statement balance of cash
none of the above
10. The one who is authorizing the payment of the check is: (Points: 2)
payee
payer
maker
none of the above.
11. Deposits that appear on your records, but not on the bank statement, are known as: (Points: 2)
ATM
outstanding
NSF
in transit
none of the above
12. The one who writes the check is known as the: (Points: 2)
payee
endorsee
maker
drawee
none of the above
13. The term AB means to multiply A by B. (Points: 2)
True
False
14. In the equation B - 11 = 27, B = 16. (Points: 2)
True
False
15. When solving an equation, you should attempt to isolate the unknown on the right side and the numbers/symbols on the left side. (Points: 2)
True
False
16. An equation is a mathematical statement of equality. (Points: 2)
True
False
17. A letter or symbol that represents one or more unknown values is a(n): (Points: 2)
equation
constant
variable
known
none of the above
18. In the equation B + 127 = 52, B equals? (Points: 2)
179
-179
-75
27
19. Any statement that uses an equal sign is called a(n): (Points: 2)
unknown quantity
equation
symbol
variable
none of the above
20. The value of N in the equation N/27 = 52 is: (Points: 2)
79
25
1,404
193
none of the above
21. If a parenthetic expression is a part of an equation, you remove the parenthesis by ________ each term within the parenthesis by the number to the left of the parenthesis. (Points: 2)
adding
dividing
multiplying
subtracting
none of the above
22. In the equation A/9 + 7 = 15, A equals: (Points: 2)
24
27
22
72
none of the above
23. In the equation K + 6K -13 = 57, K is equal to: (Points: 2)
13
10
17
57
none of the above
24. An equation is: (Points: 2)
an expression of a mathematical inequality
a mathematical unknown
a mathematical statement of equality
none of the above
25. One sixth of all sales at John's Bike Shop are for cash. If cash sales for the week were $265.00, what were John's total sales? (Points: 2)
$2,910.00
$21,900.00
$4,416.00
$2,190.00
none of the above
26. A table is a symbolic or pictorial display of numerical information. (Points: 2)
True
False
27. On a bar graph, the bars are always vertical. (Points: 2)
True
False
28. An example of non-visual data presentation is the bar graph. (Points: 2)
True
False
29. In a circle graph, the circle itself represents 100% and each section of the circle illustrates a part of the total quantity. (Points: 2)
True
False
30. Wally’s Pastry Shop baked the following numbers of cookies each week: Week 1-1850, Week 2-1500, Week 3-1475, Week 4-1700, Week 5-1650, Week 6-1800. What is the range of the data? (Points: 2)
325
375
425
200
None of the above
31. What is the median of 32, 32, 37, 39, 40, 44, and 48? (Points: 2)
39
38.9
272
32
None of the above
32. The median of 35, 22, 43, 18, 22, 27, 48, 39, 31 and 16 is: (Points: 2)
29
30
31
22
None of the above
33. A good statistical indicator to avoid the distortion of extreme values is the: (Points: 2)
Mean
Median
Weighted mean
mode
All of the above
34. The middle value in a series of numbers arranged in order from smallest to largest is the : (Points: 2)
Mean
Range
Median
Mode
None of the above
35. The median of 105, 108, 117, 122, 129, and 129 is: (Points: 2)
117
119.5
129
122
None of the above
36. The mode of 210, 210, 105, 62, 43, and 146 is: (Points: 2)
125.5
210
105
62
None of the above
37. 1/360 of a complete circle is a: (Points: 2)
Graph
Range
Degree
Mean
None of the above
38. The pay period intervals biweekly and semimonthly are similar in that the same number of pay periods occur in either method. (Points: 2)
True
False
39. A wage is normally stated as a fixed amount of money paid each year to an employee. (Points: 2)
True
False
40. Carrie Blue earns a salary of $26,480.00 per year. If Carrie is paid biweekly, her gross paycheck would be $1,190.00. (Points: 2)
True
False
41. Internal Revenue Service tax tables are contained in the Circular E. (Points: 2)
True
False
42. The percent of social security tax charged and the amount of salary subject to the tax can change from year to year. (Points: 2)
True
False
43. Employee contributions to medicare are limited on an annual basis. (Points: 2)
True
False
44. Wages that are not taxable are referred to as "exempt wages." (Points: 2)
True
False
45. If you receive paychecks 12 times a year at fixed intervals, you are probably being paid: (Points: 2)
weekly
bimonthly
biweekly
monthly
none of the above
46. If Kevin is paid an hourly rate of $18.90 and he earns one and one half times his regular rate for overtime, his overtime rate would be: (Points: 2)
$22.45
$28.35
$18.90
$9.45
none of the above
47. Samson Corporation pays its employees on a graduated commission scale: 5% on the first $50,000 of sales, 5.5% on sales above $50,000.00 to $75,000.00, and 6% on sales over $75,000.00. Gary's total sales for the fourth quarter were $192,500.00. What was Gary's commission? (Points: 2)
$4,520.00
$19,025.00
$10,925.00
$9,250.00
48. The Federal Insurance Contribution Act resulted in what tax? (Points: 2)
SUTA
social security
FUTA
withholding
none of the above
49. Social security and medicare are: (Points: 2)
calculated based upon the W-4 form
only paid by the employer
withheld from the employee's paycheck and matched by the employer
only paid by the employee
none of the above
50. The withholding of 7.65% of the first $87,900 of earnings in a year includes: (Points: 2)
medicaid tax
medicare tax
social security and medicare tax
social security tax
none of the above
51. The amount of money borrowed or invested is called the maturity value. (Points: 2)
True
False
52. When solving a simple interest problem, the rate should be written as a decimal number. (Points: 2)
True
False
53. The interest paid on a $10,000.00 loan for 2 years at 13.5% interest is $1,250.00. (Points: 2)
True
False
54. The formula to find the rate is interest divided by (principal times time). (Points: 2)
True
False
55. The Truth in Lending Act requires the APR be accurately stated to the nearest of 1 percent. (Points: 2)
True
False
56. The monthly payments are calculated by adding the finance charge and the amount financed and dividing by the number of payments in the loan. (Points: 2)
True
False
57. John purchased a new boat for $24,600.00. He put a $5,400.00 down payment on it. The bank's loan was for 60 months. Finance charges totaled $6,400.00. His monthly payment was: (Points: 2)
$106.67
$410.00
$250.00
$426.67
none of the above
58. A fraction that shows what portion of the total finance charge has not been paid at the time a loan is paid off is called the: (Points: 2)
finance rebate
refund fraction
pay-off ratio
constant ratio
none of the above
59. The formula for ordinary interest using exact time is: (Points: 2)
exact days divided by 365
exact days divided by 360
30 divided by 360
30 divided by 365
none of the above
60. The maturity value of a simple discounted note in the amount of $4,850.00 at 10% for 70 days is: (Points: 2)
$4,850.00
$4,944.31
$4,755.69
$4,943.01
none of the above
61. The proceeds of a $7,500.00, 10% simple discounted note for 85 days is: (Points: 2)
$7,674.66
$7,322.92
$7,677.08
$7,325.34
none of the above
62. The method used to calculate interest that is sometimes known as the Banker's Rule is: (Points: 2)
exact interest using exact time
exact interest using ordinary time
ordinary interest using ordinary time
ordinary interest using exact time
none of the above
63. When interest is added to the principal and interest is again calculated on the new balance, the process is known as compound interest. (Points: 2)
True
False
64. The terms of a loan indicate how often interest is compounded. (Points: 2)
True
False
65. A compound interest table shows the compounded amount per dollar of principal. (Points: 2)
True
False
66. To compound daily means to compound 360 times a year. (Points: 2)
True
False
67. The number of compounding periods for $6,600.00 at 12% compounded quarterly for 15 years is 30 periods. (Points: 2)
True
False
68. The effective rate of a transaction can be calculated by dividing the interest for one year by the principal. (Points: 2)
True
False
69. The effective rate is: (Points: 2)
the stated rate
the nominal rate
the true semiannual rate
the true annual rate
none of the above
70. $25,000.00 for 15 years compounded at 10% quarterly results in a periodic interest rate of: (Points: 2)
10%
7%
5%
2.5%
none of the above
71. The effective rate is: (Points: 2)
the interest for one year divided by the principal
the interest for one year divided by the principal for three years
the interest for one year divided by the annual rate
never related to the compound table
none of the above
72. Bill deposits $16,500.00 into the National Bank which pays 10% interest that is compounded semiannually. By using Table 10-1, what will Bill have in his account at the end of 5 years? (Points: 2)
$26,786.76
$26,876.69
$26,876.67
$26,573.42
none of the above
73. Josh is having difficulty deciding whether to put his savings in the Mercantile Bank or the Boatmen's Bank. Mercantile offers a 10% rate compounded quarterly while Boatmen's offers 12% compounded semiannually. Josh has $40,000.00 to invest and expects to withdraw the money at the end of 5 years. (Use Table 10-1 from the textbook.) The best deal is: (Points: 2)
Mercantile Bank
Mercantile Bank for the last two years
Boatmen's Bank for the first two years
Boatmen's Bank
none of the above
74. Don deposited $27,500.00 in Trader's Bank at an interest rate of 12% compounded quarterly. (Use Table 10-1 from the textbook.) The effective rate was: (Points: 2)
12.55%
12%
13%
14.0%
none of the above
75. John estimates that he will need $15,000.00 for new equipment in 10 years. John decided that he would put aside the money now so that in 10 years the $15,000.00 will be available. His bank offers him 8% interest compounded semiannually. (Use Table 10-3 from the textbook.) How much must John invest? (Points: 2)
$6,845.85
$36,175.71
$6,584.80
$6,845.08
none of the above
76. A contingent annuity has a specific number of payment periods. (Points: 2)
True
False
77. An annuity with payments made at the end of each period is called an ordinary annuity. (Points: 2)
True
False
78. With an annuity due no interest is paid in the first period. (Points: 2)
True
False
79. The amount of an $8,000.00, 10%, 5 year ordinary annuity compounded semiannually is $100,624. (Points: 2)
True
False
80. The deposits or payments are made at the end of the period in ordinary annuities. (Points: 2)
True
False
81. $111,834 is the amount of an ordinary ammunity of $6,000 for 4 years at 8% compounded quarterly. (Points: 2)
True
False
82. John owns five health food stores in the Columbia area, and they are realizing a good profit. John decides to invest a portion of the profits in an annuity offered by Penn Life Insurance. Penn Life will guarantee John 8% interest compounded quarterly for the first 5 years, as long as he deposits $10,000.00 every quarter of the term of the guaranteed rate. Assuming John fulfills the obligations of the investment, what will be the value of the investment at the end of the 5 year term? (Points: 2)
$261,832.74
$245,446.58
$242,970.00
$255,446.40
none of the above
83. An annuity without a specific number of payment periods is termed a(n): (Points: 2)
non-standard annuity
annual annuity
annuity certain
contingent annuity
none of the above
84. Nancy plays drums in a dance band on weekends in addition to her full-time job at the local junior college. Nancy decided on her 35th birthday to establish her own retirement savings account by investing $2,400.00 of her weekend earnings every six months into an ordinary annuity paying 12% interest compounded semiannually. If Nancy makes these regular deposits until her 65th birthday, how much will this retirement account be worth? (Points: 2)
$1,297,503.10
$1,281,903.10
$1,297,503.01
$1,279,507.20
none of the above
85. Derek established his own retirement account ten years ago. He has discovered that he can obtain a better rate for the next 10 years at 12% interest compounded semiannually. Consequently, Derek established a new ordinary annuity account (beginning amount $0.00) and he will contribute $7,000.00 semiannually into the account for the next 10 years. What will be the value of this account at the end of the 10 year period? (Points: 2)
$244,707.61
$83,652.59
$264,501.86
$257,502.00
none of the above
86. The table factor for an annuity due of 4% compounded semiannually for 4 years is: (Points: 2)
8.923740
7.436704
2.981042
8.582961
none of the above
87. The amount of interest on an ordinary annuity of $11,600.00 for 5 years at 8% compounded semiannually is: (Points: 2)
$139,269.60
$23,296.60
$116,000.00
$23,269.60
None of the above
88. The total of all the monthly payments plus the amount of the mortgage is equal to the total cost of interest. (Points: 2)
True
False
89. A mortgage of $80,000.00 with 2 points means the borrower must pay $800.00 at the loan closing. (Points: 2)
True
False
90. Not all mortgages are paid on a monthly basis. (Points: 2)
True
False
91. Monthly payments are the fastest way to pay off a home mortgage. (Points: 2)
True
False
92. Amortization is a means of computing how much of each monthly payment is applied to the outstanding principal. (Points: 2)
True
False
93. Land or anything permanently attached to the land is termed: (Points: 2)
collateral
FNMA
real property
personal property
none of the above
94. Points represent: (Points: 2)
monthly payments
an additional cost of financing
2 percent of the amount borrowed
a 3 percent up front payment
none of the above
95. Donald purchased a home for $250,000.00. He put down 25 percent of the purchase price. The mortgage was at a rate of 5.50% for 30 years. By using Table 12-1 in the textbook, what were his monthly payments? (Points: 2)
$1,056.00
$1,240.00
$1,065.00
$1,420.00
none of the above
96. Brian bought a new ranch style home for $180,000.00. Brian made a 30 percent down payment. Assuming a rate of 6.5% on a 30 year mortgage, Brian's monthly payment is: (Use the tables in the textbook.) (Points: 2)
$1,783.80
$1,982.00
$594.60
$796.32
none of the above
97. Bill took out a $125,000.00 mortgage on a lake house. The bank charged 2 points at the closing. The points amounted to: (Points: 2)
$5,000.00
$2,500.00
$750.00
$7,500.00
none of the above
98. Derek purchased a home for $225,000.00 with a down payment of $30,000.00 at 8.75% for 25 years. Since then the rate has fallen to 5.25%. How much less would his monthly payment be if he purchased the house with the mortgage at 5.25%? (Use Table 15-1 in the textbook.) (Points: 2)
$443.58
$434.85
$443.85
$434.58
none of the above
99. "One point" represents: (Points: 2)
1 percent of the amount borrowed.
1 payment per month.
1 additional percent for every $10,000 borrowed.
1 percent per month additional charge.
none of the above
100. The repayment of a loan in equal installments that are applied to principal and interest over a specific period of time is called: (Points: 2)
amortization
adjustable rate mortgage
conventional mortgage
constant mortgage
none of the above