FA The Last Fall Final Review 2024

Front

What is a scatter plot?

Back

A scatter plot is a graph that shows the relationship between two quantitative variables by displaying data points on a two-dimensional axis.

Front

What does 'No Correlation' mean in a scatter plot?

Back

'No Correlation' means that there is no discernible relationship between the two variables being plotted; changes in one variable do not predict changes in the other.

Front

How do you calculate overtime pay?

Back

Overtime pay is calculated by multiplying the regular hourly rate by 2. For example, if the regular rate is $14.60, the overtime rate is $14.60 x 2 = $29.20.

Front

What is an overdraft fee?

Back

An overdraft fee is a charge that a bank applies when a customer withdraws more money than is available in their account.

Front

How do you calculate the current balance after a transaction?

Back

To calculate the current balance, subtract the amount of the transaction from the previous balance. For example, if the previous balance is $782.46 and the transaction is $950, the new balance is $782.46 - $950 = -$207.54.

Front

What does it mean for an account to reconcile?

Back

An account reconciles when the balance in the check register matches the bank statement balance after accounting for outstanding transactions.

Front

How do you find the mean of a set of numbers?

Back

To find the mean, add all the numbers together and then divide by the total count of the numbers. For example, for the prices $28,878, $36,921, $36,436, $35,627, and $34,575, the mean is ($28,878 + $36,921 + $36,436 + $35,627 + $34,575) / 5 = $34,487.40.

Front

What is a debit in banking?

Back

A debit is a transaction that decreases the balance of a bank account, such as a withdrawal or a payment.

Front

What is a credit in banking?

Back

A credit is a transaction that increases the balance of a bank account, such as a deposit or a payment received.

Front

What is the purpose of a check register?

Back

A check register is a record used to track all transactions in a bank account, including deposits, withdrawals, and the current balance.