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