How can you improve saving habits?

Set up automatic deposits from your checking account into savings.

Identify the key difference between simple and compound interest.

Simple interest is calculated on the initial principal only, while compound interest is calculated on the principal and also on the accumulated interest.

Simple interest is calculated on the principal and accumulated interest, while compound interest is calculated only on the initial principal.

Simple interest and compound interest are calculated in the same way.

Simple interest is always higher than compound interest.

Which of the following best describes the difference between simple and compound interest over time?

Simple interest accumulates at a constant rate, while compound interest grows exponentially.

Simple interest grows exponentially, while compound interest accumulates at a constant rate.

Both simple and compound interest grow at a constant rate.

Both simple and compound interest grow exponentially.

Brynn just started her first job and needs a way to manage her daily financial transactions. What is the purpose of a Checking Account for Brynn?

To make cash withdrawals, deposits, purchases, and pay everyday expenses and bills.

To invest money for long-term growth.

To save money with high interest rates.

To borrow funds for large purchases.

You should review the transactions on your account either online or on your printed bank statement to

ensure you have not become a victim of identity theft.

ensure you have enough money every month available for savings.

calculate your average minimum balance for the month.

see if you can afford the monthly payment on a credit purchase.

A function of banks is to

Calculate customer credit (FICO) scores

Determine the rate of inflation

Allow depositors to apply for passports

All of the following actions lead to the payment of a credit card fee EXCEPT...

Paying your credit card bill in full and on time every month.

Using your credit card to get cash from an ATM.

Using your credit card to purchase items in a foreign country.

Paying your credit card bill ten days after the Due Date.

What can help consumers avoid paying bank fees?

Being aware of the fees ahead of time and shopping around for options with fewer fees

Keeping a minimum balance in the account

Only using ATMs of the bank where the account is held

Closing the account and keeping cash at home

What is a withdrawal in a bank transaction?

When money is taken out of an account.

When money is deposited into an account.

When money is transferred between accounts.

When money is invested in stocks.

What are some common bank fees associated with transactions?

Overdraft fees, ATM fees, wire transfer fees, and foreign transaction fees

Discuss the impact of bank fees on a person's financial transactions.

Bank fees can reduce a person's overall balance and increase the cost of using banking services.

Bank fees are beneficial for a person's financial transactions

Bank fees only affect the bank's profits and do not impact the person's finances

Bank fees have no impact on a person's financial transactions

What is a credit card?

a card in which your purchases are paid by a bank (who issued you the card) to be paid back at a later date

a card in which your purchases are paid by you and deducted from your checking account

a card used to show you have medical insurance when going to the doctor

another form of insurance offered to you by your bank

What is social security?

money for those people who are 65 years or older paid to you by the government

health insurance for the elderly

health insurance for all employees within a company

money for those people who are 64 years or younger paid to you by the government

the amount of money the bank charges you to borrow their money

the amount of money subtracted from your account after you make a transaction

the amount of money added to your account after you make a transaction

the amount of money you charge the bank to keep your money in their bank

Math in Action Midterm-Spring 2025

Authored by Summer Wetwiska

Mathematics

8th Grade

CCSS covered

Used 4+ times

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MULTIPLE CHOICE QUESTION

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a day-to-day purchase that you'd use your checking account for, rather than pulling from your savings account each day as an adult?

Groceries

Buying a house

Investing in stocks

Saving for retirement

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Math in Action Midterm-Spring 2025

What do you call a transaction that puts money into your account? What about taking money out?

Which of the following purchases would you pull from your savings account for as an adult?

How does putting your money in a bank benefit you?

How does the bank benefit?

What fees might a bank charge?

Your debit card is connected to your checking account and works like a ______ wallet that you can access daily for money that will be flowing in and out regularly.

Which of the following is an example of a day-to-day purchase that you'd use your checking account for, rather than pulling from your savings account each day as an adult?

How can you improve saving habits?

What are some challenges or barriers that could keep you from saving enough money?

How can you improve saving habits?

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