Education Service Center Region 13



Name: ______________________________________________________ Period: ____ Score: ________ FM Chapter 2 Review 11. (SM2-1:9) Create a check register for the transactions listed. a. Your balance on 1/5 is $822.67.b. You write check 1076 on 1/6 for $600.00 to Excel Health Club.c. You deposit a paycheck for $227.45 on 1/11.d. You deposit a $50 rebate check on 1/15.e. On 1/16, you begin writing a donation check to Clothes for Kids but make an error and have to void the check. You write the very next check for $100 to this organization.f. On 1/20, you withdraw $200 from the ATM at the mall. The company owning the ATM charges you $3.50 and your bank charges you $2.50 for the ATM transaction.g. On 1/21, you made a debit card purchase at Stacy’s Store for $134.87.h. Your friend gave you the $1,300 he owed you and you deposit it on 1/22.i. You write the next check on 1/23 to iBiz for $744.24 for a new computer.j. You deposit your paycheck for $227.45 on 1/23.k. On 1/24, you withdraw $50 from the ATM affiliated with your bank. There are no fees.l. On 1/24, you write the next check for $75.00 to iTel Wireless.m. On 1/25, you write a check for $120 concert tickets to Ticket King.2. (SM2-2:3) Tasha filled out the following information on the back of her bank statement:Ending balance from statement $764.22Deposits outstanding + $387.11Total of checks outstanding – $455.32Revised statement balance $Balance from checkbook $669.01a) Find Tasha’s revised statement balance. b) Does her account reconcile?3. (SM2-2:6) Use Mitch West’s monthly statement and his check register to the right to answer the following. a) Complete the reconciliation table below. b) What is his register balance?c) Does his account reconcile?Statement Ending Balance+ Total Deposits outstanding- Total Withdrawals OutstandingRevised Statement BalanceContinued on the back!4. (SM2-3:9) Colin deposited $1,230 in an account that pays 2.19% simple interest for three years.a. What will the interest be for the three years?b. What will be the new balance after three years?c. How much interest did the account earn the first year, to the nearest cent?d. How much interest did the account earn the second year, to the nearest cent?e. How much interest did the account earn the third year, to the nearest cent?5. (SM2-3:11) Use the simple interest formula to find the missing entries in the following table. Round monetary amounts to the nearest cent, percents to the nearest hundredth of a percent, and time to the nearest tenth of a year (one decimal place). Use 365 days = 1 year.InterestPrincipalRateTimea.$9802.6%1 yrb. $2,9003.05%15 mo$400$3,5004.5%c.$400d.0.66%4 yrs$400$3,000e.3yrsf.$750,0001.2%100 days6. Teri estimates that it will cost $200,000 to send his daughter to a private college in 16 years. He currently has $125,000 to deposit in an account. What simple interest rate would he need so that $125,000 grows into $200,000 in 16 years? Round to the nearest percent. (Hint: Think carefully about the amount of interest you will need to meet your goal.)7. How long will it take $8,000 to double in an account that pays 3.9% simple interest? Round to the nearest year. (Hint: Think carefully about the amount of interest you will need to meet your goal.) ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download