2.5 Checking & Savings REVIEW
Flashcard
•
Mathematics
•
12th Grade
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the purpose of a check endorsement?
Back
To authorize the transfer of funds from the check writer's account to the check holder's account.
2.
FLASHCARD QUESTION
Front
Where does the payee sign a check?
Back
On the back of the check.
3.
FLASHCARD QUESTION
Front
How do you calculate the periodic interest rate?
Back
Divide the annual interest rate by the number of periods.
4.
FLASHCARD QUESTION
Front
What is the formula for calculating simple interest?
Back
Simple Interest = Principal x Rate x Time.
5.
FLASHCARD QUESTION
Front
What does FDIC stand for?
Back
Federal Deposit Insurance Corporation.
6.
FLASHCARD QUESTION
Front
Which type of account is typically not FDIC insured?
Back
Savings Bond.
7.
FLASHCARD QUESTION
Front
What is a Full endorsement on a check?
Back
An endorsement where the payee signs the check and instructs it to be paid to someone else.
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