AnswersKapuschinskyWCA 3424 Consumer Applications 1st nine weeks 26-27Using a Debit Card

Savings Accounts Answers

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1
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Having a savings account can contribute to a person’s overall financial well-being. Which one of the following is NOT a benefit of maintaining a savings account?

A
A savings account provides security in tough financial times
B
With a savings account, you can invest when the opportunity presents itself
C
Having a savings account gives individuals the ability to borrow money from members in the community
D
A savings account allows an individual to fulfill life long dreams
2
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Consider the following incomplete deposit ticket: What was the value of the third check Tony deposited?

Question illustration
A
$617.60
B
$105.20
C
$31.28
D
$36.76
3

Consider the following incomplete deposit ticket: How much cash did Liz receive? Please select the best answer from the choices provided

Question illustration
A
$458.57
B
$670.71
C
$323.54
D
$1,805.32
4

Maggie noticed that her financial record is missing information. She recalls that on October 15th, she purchased gasoline in the amount of $32.51 and on October 16th, she and her friends went out for dinner, where she spent $25.62. Given this information, and the image below, determine her balance as of October 26th.

Question illustration
A
$112.16
B
$62.03
C
$27.62
D
$2.00
5

Which of the following would be a good reason to place your money into a savings account?

A
You can purchase stocks with a savings account
B
A savings account earns interest
C
You can write checks with a savings account
D
You can use a debit card to make transactions
6

Which of the following would be a good reason to place your money into a savings account?

A
You can purchase stocks with a savings account
B
A savings account earns interest
C
You can write checks with a savings account
D
You can use a debit card to make transactions
7

Manny has just filled out his deposit ticket for his savings account. He hands it to the teller and the teller hands it back to Manny. The teller explains to Manny that the deposit ticket cannot be accepted in its current form. What must Manny do to the deposit ticket in order for the teller to process the deposit ticket?

Question illustration
A
Manny forgot to sign the deposit ticket for less cash back
B
The subtotal is calculated incorrectly
C
The total is calculated incorrectly
D
Manny forgot to date the deposit ticket
8

Consider the following incomplete deposit ticket: Which of the following are possible amounts for the third check and the cash that Cindy deposited?

Question illustration
A
no cash and a $303.68 check
B
$140.50 in cash and a $267.14 check
C
$99.32 in cash and a $155.55 check
D
$122.04 in cash and a $205.64 check
9

Consider the following incomplete deposit ticket where "X" represents an unknown number: How much did Kay deposit in cash and coins?

Question illustration
A
$404.57
B
$213.51
C
$93.44
D
$284.50
10

You have decided both to open a savings account and to purchase a vehicle. You would like a savings account with the highest interest rate and a vehicle loan with a low interest rate. You currently have a checking account at Bank A. From the banks listed below, determine with which bank you should open a savings account and at which bank should you apply for your vehicle loan.

Question illustration
A
Bank A for the car loan and Bank B for the savings account
B
Bank C for the car loan and Bank C for the savings account
C
Bank B for the car loan and Bank A for the savings account
D
Bank B for the car loan and Bank B for the savings account
11

Roger wants to make a deposit into his savings account. He is depositing 2 checks, one for $125.62 and the other for $532.50. He would like to receive $40.00 in cash. Calculate the amount that he will be depositing into his savings account.

A
$658.12
B
$618.12
C
$743.74
D
$698.12
12

What does it mean for a savings account to have a minimum balance?

A
If you do not keep at least that much money in the account, you will be assessed fees.
B
If the amount of money you have in the account drops below the minimum, the interest rate will increase to replenish your savings to the minimum.
C
You must have the minimum amount of money in a separate account before you are allowed to open a savings account.
D
You must deposit that much money into the account every month or your account will be closed.
13

What does it mean for a savings account to have a minimum balance?

A
If you do not keep at least that much money in the account, you will be assessed fees.
B
If the amount of money you have in the account drops below the minimum, the interest rate will increase to replenish your savings to the minimum.
C
You must have the minimum amount of money in a separate account before you are allowed to open a savings account.
D
You must deposit that much money into the account every month or your account will be closed.
14

Consider the following incomplete deposit ticket: What was Art’s total deposit?

Question illustration
A
$1,701.23
B
$1,545.83
C
$1,856.63
D
$1516.35
15

Consider the following incomplete deposit ticket. What was the subtotal of Rachel’s deposit?

Question illustration
A
$1,145.39
B
$746.23
C
$399.16
D
$1,075.95
16

Maggie noticed that her financial record is missing information. She recalls that on October 15th, she purchased gasoline in the amount of $32.51 and on October 16th, she and her friends went out for dinner, where she spent $25.62. Given this information, and the image below, determine her balance as of October 26th.

Question illustration
A
$112.16
B
$62.03
C
$27.62
D
$2.00
17

Ruby wants to start her own business taking photographs. She already has her own camera, but needs to purchase lights, a photo printer, and photo paper. If the cost of the photo printer is $251.99, the cost of lighting is $150.00, and the cost for 100 sheets of photo paper is $30.98, determine how much of her savings will be used to start her company, given that she has $840.32 in savings.

A
$432.97
B
$840.32
C
$432.62
D
$407.35
18

Consider the following incomplete deposit ticket. What was the subtotal of Rachel’s deposit?

Question illustration
A
$1,145.39
B
$746.23
C
$399.16
D
$1,075.95
19

Manny has just filled out his deposit ticket for his savings account. He hands it to the teller and the teller hands it back to Manny. The teller explains to Manny that the deposit ticket cannot be accepted in its current form. What must Manny do to the deposit ticket in order for the teller to process the deposit ticket?

Question illustration
A
Manny forgot to sign the deposit ticket for less cash back
B
The subtotal is calculated incorrectly
C
The total is calculated incorrectly
D
Manny forgot to date the deposit ticket
20

Consider the following incomplete deposit ticket: What was Art’s total deposit?

Question illustration
A
$1,701.23
B
$1,545.83
C
$1,856.63
D
$1516.35

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