AnswersFall 24 Personal Finance and Economics ICInflation and Stagflation

Banking: How to Manage Your Money Answers

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Lupe is ready to open a checking account.What does she need to have when she goes to the bank? Check all that apply.identificationher most recent bank statementher Social Security numberproof that she is a studentproof of her addressmoney to deposit

A
identification
B
her most recent bank statement
C
her Social Security number
D
proof that she is a student
E
proof of her address
F
money to deposit
27225
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Number or codeDescriptionPayment amountDeposit amount

A
Number or code
B
Description
C
Payment amount
D
Deposit amount
27226

Number or codeDescriptionPayment amountDeposit amount

A
Number or code
B
Description
C
Payment amount
D
Deposit amount
27231

How much money does Lupe now have in her checking account? $ [___]

Answer:

75.00

27232

Study the entries in Lupe’s records in the CloseReader.For which entry was the amount recorded in the wrong column?

A
the purchase at Gio’s Pizza
B
the 11/15 paycheck
C
the 11/30 paycheck
D
the purchase at Lola’s Books
27233

Compare the entries in Lupe’s records with the entries on the bank statement.What other mistake did Lupe make?

A
She recorded a transaction twice.
B
She forgot to record a transaction.
C
She wrote the wrong amount for a transaction.
D
She made a math error when calculating her balance.
27234

Study the entries in Lupe's records and bank statement.What is the first action Lupe should take when she discovers a difference between her records and the bank's records?

A
She should check her own records to see if she made a mistake.
B
She should go to her bank and ask to discuss her account with a bank officer.
C
She should contact the police about possible theft.
D
She should call the bank to have the charge taken off her account.
27235

Which statement best describes the lesson we can learn from Lupe's experience?

A
It’s too much work to open a checking account.
B
It’s only important to track large amounts in personal records.
C
It’s important to keep accurate records.
D
It’s best to use only one document to track spending.

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Inflation and Stagflation