AnswersMO-Personal FinanceUnderstanding Checking and Debit Accounts

Understanding Checking and Debit Accounts — Unit test Answers

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1
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After reading a website article, someone created an organization to protect people’s environmental rights. The organization works closely with corporations to maintain clean air and water for future generations. Fifty-one percent of the organization is funded by contributions and membership.

A
holding hiring fairs for corporate partners
B
conducting lectures on sustainable agriculture
C
having grand openings of aquariums
D
employing healthcare providers for infants
2
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Which of these are goals of an expansionary policy? Check all that apply.

A
increased available credit
B
decreased available credit
C
increased money supply
D
increased inflation
E
increased interest rates
F
decreased interest rates
3

Natalie’s income statement for the month of October is shown. What is Natalie’s net income for the month of October?

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A
$930.00
B
$980.00
C
$1,930.00
D
$1,980.00
4

The EPA tries to balance protecting business interests with protecting

A
food.
B
air.
C
consumer products.
D
medical devices.
5

Marcus deposited his paycheck in the amount of $625.84. He’ll use the check register to record his transaction. What will be his new balance? Do not use commas in your answer. $

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Answer not available
6

Which are shown on a balance sheet? Select three choices.

A
assets
B
liabilities
C
age
D
time period
E
date of birth
7

[BLANK]

A
Occupational Safety and Health Administration
B
Environmental Protection Agency
C
Food and Drug Administration
D
Securities and Exchange Commission
8

What happens when a bank is required to hold more money in reserve?

A
It has less money for loans.
B
It has less money for operations.
C
It has less money for interest payments.
D
It has less money for withdrawals.
9

Fiona wrote a check to the veterinarian for $89.56. She’ll use the check register to record her transaction. What will be her new balance?

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A
$2,458.94
B
$2,484.83
C
$2,549.55
D
$2,575.44
10

Which group does the Fed serve?

A
financial institutions
B
consumers
C
government bodies
D
bankers
11

Which body manages the Fed?

A
the Appropriations Committee
B
the Federal Reserve Board
C
the Federal Open Markets Committee
D
the Economic Policy Subcommittee
12

In which column on a check register should the total current amount in the account be entered?

A
Deposit
B
Transaction
C
Balance
D
Debit
13

The best way to research an expensive product is to

A
visit multiple company websites.
B
watch many television commercials.
C
make a purchase and test it out.
D
read consumer information magazines.
14

Aliyah made a payment in the amount of $47.93. She’ll use the check register to record her transaction. What will be her new balance? Do not use commas in your answer.$

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Answer not available
15

Lauren is trying to find her net income. She used the statement and the steps shown.Step 1List all income, including tips and commissions, and list all expenses, including food, entertainment, and clothing.Step 2Total all the income. Then total all the expenses.Step 3Add the total of the income and the expenses.Which explains Lauren’s error?

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A
Lauren made an error in step 1 because she should not include tips and commissions in her income.
B
Lauren made an error in step 1 because she should not include entertainment in her expenses.
C
Lauren made an error in step 2 because she does not need to total the expenses.
D
Lauren made an error in step 3 because she should have subtracted the expenses from the income.

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