Savings Accounts Answers

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?

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.

Paul has decided to set up his own recording studio. He needs to purchase four speakers at $435 apiece and two mixers at $772 apiece. He also needs to soundproof a room, which will cost him $838. If Paul has $4,500 in his savings account, how close can he come to setting up his studio?

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

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?

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

Consider the following incomplete deposit ticket: What was the value of the third check Tony deposited?

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.

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

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.