quiz 13 7.1 - 7.6

Question 1

T or F. A depositor should keep his PIN (personal identification number) with his ATM (automatic teller machine) card.

Answer 1

false

Question 2

T or F. The balance in a bank account changes each time a deposit or withdrawal is made.

Answer 2

true

Question 3

T or F. Interest that is added to an account quarterly is paid six times per year.

Answer 3

false - 4 times

Question 4

T or F. Paying bills by check or debit card frees a person from having to keep large amounts of cash on hand.

Answer 4

true

Question 5

T or F. A full role of pennies has only 35 pennies.

Answer 5

false

Question 6

T or F. The person writing a check should sign his name before he writes anything else on the check.

Answer 6

false

Question 7

T or F. If the rate i the simple interest formula is an annual one, time should be given in months.

Answer 7

false

Question 8

T or F. A budget can help to eliminate foolish and “spur-of the moment” buying.

Answer 8

true

Question 9

T or F. canceled checks are checks that have been processed by the bank.

Answer 9

true

Question 10

T or F. the register number identifies a check on the deposit slip.

Answer 10

false

Question 11

Use the formula i=prt to find the simple interest.

p=$500 r = 9% t = 1 yr. i = ___

Answer 11

$45

Question 12

Use the formula i=prt to find the simple interest.

p=$9000 r = 12% t = 5 yr. i = ___

Answer 12

$5,400

Question 13

Use the formula i=prt to find the simple interest.

p=$5000 r = 11 1/2% t = 3 yr. i = ___

Answer 13

$1,725