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Consumer's Mathmatics A Mid-term
all of the quizes and assignments up to the mid-term
227
Mathematics
12th Grade
10/29/2012
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Term
W=HR + 1.5VR + B + T, H=0. B=$300, T=$43.40; find W
 Definition
$343.40
Term
W= HR + 1.5VR + B + T, H=0, B=$100, T=$109.00; find W
 Definition
$209.00
Term
W= HR + 1.5VR + B + T, H=40, R=$5.15, V=0, B=0, T=0, find W
 Definition
$206.00
Term
W=HR + 1.5VR + B + T, H=40, R=$4.70, V=0, B=0, T=0; find W
 Definition
$188.00
Term
Edna Stewart works 32 hours per week and earns $4.50 per hour plus tips of $37.90! Anything over 40 hours is "time-and-a-half." What were her weekly earnings? Use W= HR + 1.5VR + B + T, where H is the regular hours worked, and V is the number of hours over 40.
 Definition
$181.90
Term
Talitha Bivens works 47 hours at $6.10 per hour. She makes no tips or bonuses. Anything over 40 hours is "time-and-a-half." What are her weekly earnings? Use W=HR + 1.5VR + B + T, where H is the regular hours worked, and V= 47-40.
 Definition
$308.05
Term
Your new modeling career has a starting salary of $35,900. How much will your gross earnings be per month?
 Definition
$2,991.67
Term
Mabel Deerwood earns an average of $345.72 per week. What are her annual earnings to the nearest cent? Use A = 52W, where W = average weekly earnings and A are the annual earnings.
 Definition
$17,977.44
Term
Ruth Anne Wilson earns an average of $425.27 per week. What are her annual earnings to the nearest cent? Use A = 52W, where W = average weekly earnings and A are the annual earnings.
 Definition
$22,114.04
Term
Avery Edwards worked 45.5 hours, and his pay rate is $5 per hour. What are his gross earnings? He earns no tips nor bonuses. Anything over 40 hours is overtime. Use W = HR + 1.5VR + B + T, where H is the regular hours worked, and V = 45.5 - 40.
 Definition
$241.25
Term
W = HR + 1.5VR + B + T, H = 0, B = $220, T = $77.45; find W.
 Definition
$297.45
Term
W = HR, H = 32.5, R = $7.00; find W.
 Definition
$227.50
Term
W = HR + 1.5VR, R = $6.50, H = 40 and the total hours worked is 52. Solve for W.
 Definition
$377.00
Term
W = HR + 1.5VR + B + T, H = 40, R = $4.25, V = 0, B = 0, T = 0; find W.
 Definition
$170.00
Term
W = HR + 1.5VR, R = $5.25, H = 40 and the total hours worked is 48. Solve for W.
 Definition
$273.00
Term
W = HR + 1.5VR, R = $4.95, H = 40 and the total hours worked is 50. Solve for W.
 Definition
$272.25
Term
W = HR + 1.5VR, R = $6.05, H = 40 and the total hours worked is 46. Solve for W.
 Definition
$296.45
Term
W = HR + 1.5VR + B + T, H = 0, B = $85.75, T = $42.50; find W.
 Definition
$128.25
Term
W = HR, H = 35, R = $6.25; find W.
 Definition
$218.75
Term
W = HR, H = 25, R = $5.75; find W.
 Definition
$143.75
Term
Pepe Rodriquez is a materials handler earning $6.20 per hour.
If Pepe works 42.5 hours with time-and-a-half for anything over 40 hours, what will his earnings be? He has no tips or bonuses. Use W = HR + 1.5VR + B + T, where H is regular hours worked, and V = 42.5 - 40.
 Definition
$271.25
Term
Julious Sanchez earns an average of $425.50 per week. What are his annual earnings to the nearest cent? Use A = 52W, where W = average weekly earnings and A are the annual earnings.
 Definition
$22,126.00
Term
Charlie Brown earns an average of $375.52 per week. What are his annual earnings to the nearest cent? Use A = 52W, where W = average weekly earnings and A are the annual earnings.
 Definition
$19,527.04
Term
W = HR, H = 30.5, R = $5.65; find W.
 Definition
$172.33
Term
As a bouncer, your annual salary is $32,000. How much will your gross earnings be per month?
 Definition
$2,666.67
Term
Which is NOT true of a linear equation?
 Definition
It contains a squared variable.
Term
3^1 = 3, (-2.5) 1 = -2.5. What is 15^1?
 Definition
15
Term
Looking at the graph of Holley Green’s earnings, how much does she make in two hours?
(description of graph)
A graph with a line passing through the points 0 comma 0 2 comma 30 4 comma 60 6 comma 90 ending on 8 comma 120
 Definition
$30.00
Term
5.5^1 = 5.5, (-7) 1 = -7. What is 8^1?
 Definition
8
Term
What is another way to write BB?
 Definition
B^2
Term
2^2 = 2(2) = 4, 3^2 = 9, 4.52 = 20.25, etc. What is 13^2?
 Definition
169
Term
1.23^1 =?
 Definition
1.23
Term
Another way to write a2 = aa, what is another way to write b^2?
 Definition
bb
Term
Another way to write x^2 = xx, what is another way to write y^2?
 Definition
yy
Term
Which of the following is NOT a linear equation?
 Definition
y = 8/x
Term
2^2 = 2(2) = 4, 3^2 = 9, 4.52 = 20.25, etc. What is 15^2?
 Definition
225
Term
2^2 = 2(2) = 4, 3^2 = 9, 4.52 = 20.25, etc. What is (-5)^2?
 Definition
25
Term
4^1 = 4, (-2.5) 1= -2.5. What is 0^1?
 Definition
0
Term
Looking at the graph of Holley’s earnings, how much does Holley Green make in eight hours?
(description of graph) A graph with a line passing through the points 0 comma 0 2 comma 30 4 comma 60 6 comma 90 ending on 8 comma 120
 Definition
$120
Term
Looking at the graph of Holley’s earnings, how much does Holley Green make in one hour?
A graph with a line passing through the points 0 comma 0 2 comma 30 4 comma 60 6 comma 90 ending on 8 comma 120
 Definition
$15
Term
Another way to write Z^2 = ZZ, what is another way to write AA?
 Definition
A^2
Term
Which of the following is NOT a linear equation?
 Definition
y = xy + 3
Term
Which of the following is NOT a linear equation?
 Definition
y^2 = x + 1
Term
Looking at the graph of Holley’s earnings, how much does she make in one eight-hour day?
A graph with a line passing through the points 0 comma 0 2 comma 30 4 comma 60 6 comma 90 ending on 8 comma 120
 Definition
$120
Term
2^2 = 2(2) = 4, 3^2 = 9, 4.5^2 = 20.25, etc. What is 4.6^2?
 Definition
21.16
Term
W = HR + 1.5VR + B + T, H = 0, B = $300, T = $43.40; find W.
 Definition
$343.40
Term
Examining Danny Otero’s graph of earnings for one day, what was his regular or straight time earnings only?
A graph with a line passing through the points 0 comma 0 4 comma 50 8 comma 95 10 comma 130 ending on 12 comma 166 point 25.
 Definition
$95.00
Term
Refer to Danny Otero’s Graph. What was his total pay for the day he worked exactly 12 hours?
A graph with a line passing through the points 0 comma 0 4 comma 50 8 comma 95 10 comma 130 ending on 12 comma 166 point 25.
 Definition
$166.25
Term
If one employee earns a salaried weekly earnings of $428, but another works hourly at W = $15H, where H is the number of hours worked each week and W is his weekly earnings, then how many hours have to be worked by the hourly employee to make $428?
 Definition
About 28 1/2 hours
Term
Refer to Danny Otero’s Graph. What would his total weekly pay be if he worked 12 hours per day, five days per week?
A graph with a line passing through the points 0 comma 0 4 comma 50 8 comma 95 10 comma 130 ending on 12 comma 166 point 25.
 Definition
$831.25
Term
Edna Stewart works 32 hours per week and earns $4.50 per hour plus tips of $37.90! Anything over 40 hours is “time-and-a-half”.
What are her weekly earnings? Use W = HR + 1.5VR + B + T, where H is the regular hours worked, and V is the number of hours over 40.
 Definition
$181.90
Term
Avery Edwards worked 45.5 hours, and his pay rate is $5 per hour. What are his gross earnings? He earns no tips nor bonuses. Anything over 40 hours is overtime. Use W = HR + 1.5VR + B + T, where H is the regular hours worked, and V = 45.5 - 40.
 Definition
$241.25
Term
If H = 40 and R = $4.50, use an inequality to compare HR with $550.
 Definition
HR < $550
Term
If an employee works hourly at W = $20H, where H is the number of hours worked each week and W is his weekly earnings, then how many hours have to be worked by the hourly employee to make $600?
 Definition
30 hours
Term
If H = 40 and R = $5.75, use an inequality to compare HR with $230.
 Definition
HR = $230
Term
If an employee working 40 hours per week earns a salary of $600 per week but gets a chance to work 40 hours per week, hourly at W = $20H, where H is the number of hours worked each week, then should he take the hourly job or stick with the salary?
 Definition
The employee earns most by working the hourly position.
Term
If an employee earns a salaried weekly earnings of $600, but another employee works hourly at W = $12H, where H is the number of hours worked weekly and W is his weekly earnings, then how many hours have to be worked by the hourly employee to make $600?
 Definition
50 hours
Term
If H = 40 and R = $5.25, use an inequality to compare HR with $250.
 Definition
HR < $250
Term
If H = 40 and R = $6.50, use an inequality to compare HR with $240.
 Definition
HR > $240
Term
W = HR + 1.5VR + B + T, H = 0, B = $100, T = $109.00; find W.
 Definition
$209.00
Term
W = HR + 1.5VR + B + T, H = 0, B = $85.75, T = $42.50; find W.
 Definition
$128.25
Term
W = HR + 1.5VR + B + T, H = 40, R = $5.15, V = 0, B = 0, T = 0; find W.
 Definition
$206.00
Term
Refer to Danny Otero’s Graph. What would his total pay be if he worked a full 40 hour week with no overtime?
A graph with a line passing through the points 0 comma 0 4 comma 50 8 comma 95 10 comma 130 ending on 12 comma 166 point 25.
 Definition
$475.00
Term
W = HR + 1.5VR + B + T, H = 40, R = $4.70, V = 0, B = 0, T = 0; find W.
 Definition
$188.00
Term
Examining Danny Otero’s graph of earnings for one day, what would you say is his basic hourly earnings? Hint: Use the first line segment and calculate dollars per hour.
A graph with a line passing through the points 0 comma 0 4 comma 50 8 comma 95 10 comma 130 ending on 12 comma 166 point 25.
 Definition
$11.88 dollars per hour
Term
W = HR + 1.5VR + B + T, H = 40, R = $4.25, V = 0, B = 0, T = 0; find W.
 Definition
$170.00
Term
Examining Danny Otero’s graph of earnings for one day, what were his overtime earnings only, not including his regular or straight time?
A graph with a line passing through the points 0 comma 0 4 comma 50 8 comma 95 10 comma 130 ending on 12 comma 166 point 25.
 Definition
$71.25
Term
W = HR + 1.5VR + B + T, H = 40, R = $4.25, V = 0, B = 0, T = 0; find W.
 Definition
$170.00
Term
Refer to Danny Otero’s Graph. What would his total weekly pay be if he worked 12 hours per day, four days per week, and each day he earned time and one-half after eight hours?
A graph with a line passing through the points 0 comma 0 4 comma 50 8 comma 95 10 comma 130 ending on 12 comma 166 point 25.
 Definition
$665.00
Term
W = HR + 1.5VR + B + T, H = 0, B = $220, T = $77.45; find W.
 Definition
$297.45
Term
What is the additive inverse to a?
 Definition
-a
Term
Subtraction: What is 4 - 32, 9 - 9, and 0 - 5?
 Definition
-28, 0, -5
Term
What is the additive inverse to -8?
 Definition
8
Term
What is the additive inverse to -36?
 Definition
36
Term
18/3 = 6 is an example of division. What is 24/4?
 Definition
6
Term
What is the additive inverse to 22?
 Definition
-22
Term
What is the additive identity?
 Definition
0
Term
What is the multiplicative identity?
 Definition
1
Term
The multiplicative identity is 1. For any number a, a(1) = a, 1(a) = a. What is –7 (1)?
 Definition
-7
Term
What are the four fundamental operations of arithmetic?
 Definition
Addition, Subtraction, Multiplication, and Division
Term
Zero (0) is the additive identity. For any number a, a+0=a and 0+a=a. What is 273+0?
 Definition
273
Term
What is the additive inverse to 12?
 Definition
-12
Term
Subtraction: What is 13 - 5, 7 - 7, and 18 - 0?
 Definition
8, 0, 18
Term
The multiplicative identity is 1. For any number a, a(1) = a, 1(a) = a. What is ½ (1)?
 Definition
1/2
Term
25/5 = 5 is an example of division. What is 54/3?
 Definition
18
Term
Multiply the fractions to get a simpler fraction! (1/2)·(3/1)
 Definition
3/2
Term
Bill’s FICA tax is 7.65% of his earnings of 325.78 per week. How much FICA tax should his employer withhold?
 Definition
$24.92
Term
Which is the higher paying job, a $60,000 per year salary, or $27.00 per hour working an average of 47 hours per week and 52 weeks per year with straight time only?
 Definition
The hourly position is the higher paying of the two.
Term
Simplify! 14(18/3)
 Definition
84
Term
Sandra’s take-home pay (Net) will be N = W – t – f, where W is her weekly gross of $425.00, t is her weekly income tax of $18.20, and f is her weekly FICA withholding of $32.51. What amount will appear on her check?
 Definition
$374.29
Term
If Elaine has 4 exemptions and makes $520 per week, what will her income tax be according to the table?
 Definition
$2.00
Term
Simplify! 170/(12·14)
 Definition
1.012
Term
For any number a (provided a not = 0), the multiplicative inverse is 1/a and a (1/a ) = 1, the multiplicative identity. If a = 5, what is the multiplicative inverse?
 Definition
1/5
Term
The multiplicative identity is 1. For any number a, a(1) = a, 1(a) = a. What is 1/2 (1)?
 Definition
1/2
Term
Sandra’s take-home pay (Net) will be N = W – t – f, where W is her weekly gross of $425.00, t is her weekly income tax of $18.20, and f is her weekly FICA withholding of $32.51. What amount will appear on her check?
 Definition
$374.29
Term
What is the additive inverse to 22?
 Definition
-22
Term
For any number a (provided a not = 0), the multiplicative inverse is 1/a and a ( 1/a ) = 1, the multiplicative identity. If a = -9, what is the multiplicative inverse?
 Definition
-9
Term
What is the additive inverse to a?
 Definition
-a
Term
If David’s salary is $29,512. What is a 6% match? (What is 6% of the salary?)
 Definition
$1,770.72
Term
What is the additive inverse to -8?
 Definition
8
Term
What is the multiplicative identity?
 Definition
1
Term
What is 18% of 42?
 Definition
7.56
Term
Zero (0) is the additive identity. For any number a, a + 0 = a and 0 + a = a. What is 273 + 0?
 Definition
273
Term
Subtraction: What is 4 – 32, 9 – 9, and 0 - 5?
 Definition
-28, 0, -5
Term
What is the additive inverse to -36?
 Definition
36
Term
25/5 = 5 is an example of division. What is 54/3?
 Definition
18
Term
Zero (0) is the additive identity. For any number a, a + 0 = a and 0 + a = a. What is –15 + 0?
 Definition
-15
Term
Fringe benefits for a week are B = F + S + H + V, where F = FICA, S = 401K savings, H = Health insurance, and V = Vacation pay. If F = $224, S = $250, H = $18, and V = $21.50, what is B?
 Definition
$513.50
Term
The multiplicative identity is 1. For any number a, a(1) = a, 1(a) = a. What is –7 (1)?
 Definition
-7
Term
What is the additive inverse to 12?
 Definition
-12
Term
What are the four fundamental operations of arithmetic?
 Definition
Addition, Subtraction, Multiplication, and Division
Term
The company will pay $550 per year for your health insurance. What is the monthly amount they will pay?
 Definition
$45.83
Term
18/3 = 6 is an example of division. What is 24/4?
 Definition
6
Term
What is 5% of $24,500?
 Definition
$1,225
Term
If Elaine has 4 exemptions and makes $520 per week, what will her income tax be according to the table?
 Definition
$2.00
Term
Subtraction: What is 13 – 5, 7 – 7, and 18 – 0?
 Definition
8, 0, 18
Term
Bill’s FICA tax is 7.65% of his earnings of 325.78 per week. How much FICA tax should his employer withhold?
 Definition
$24.92
Term
Which of the following is another term for a checking account?
 Definition
A demand deposit
Term
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.005, s = .05, x = 72, and f = $3.00. The bank requires a minimum balance of $800 and charges the service fee (f) regardless of the customer's balance; then what are the customer earnings for the month if only her minimum balance, B = $800, is maintained?
 Definition
-$2.60
Term
What value of x will make both the following equations true? y = -2x + 4 and y = 5x – 7
 Definition
N/A
Term
If a bank offers an annual interest rate for the money in your checking account, but pays interest monthly, that is the annual interest rate divided by what?
 Definition
12 months
Term
Which of the following is NOT equivalent to the expression 4 – 11?
 Definition
11 + (-4)
Term
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.0075, B = $1,000, s = 0, f = $2.00, and the bank charges the service fee (f) to all customers, regardless of their balance; then what is the customer earnings for the month if she maintains a minimum balance of $1,000?
 Definition
$5.50
Term
Which of the following is not advisable to put on a check?
 Definition
The social security number of the check writer
Term
Solve for x in the equation 5x + 9 = -3x – 4.
 Definition
-1.625
Term
On a standard check, which piece of information is written twice or in two different ways?
 Definition
The amount of the check
Term
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.008, s = 0.10, x = 21, f = $2.00. The bank requires a minimum balance of $500 and charges the service fee (f) regardless of the customer's balance. What are the customer’s earnings for the month if her minimum balance (B) is $1,210?
 Definition
$5.58
Term
If Baker’s Bank offers earnings of –0.09x + 10.2, and Elite Heights offers –0.02x + 7.5, where x is the number of checks written, at what number of checks will the banks pay approximately the same earnings?
Hint: Set the two expressions equal and solve for x.
 Definition
38.57
Term
Which of the following is not a method of cash transaction?
 Definition
Notary public services
Term
If two linear equations have a single solution, how do their graphs behave?
 Definition
The two lines cross at the same point which is the solution point.
Term
Sonia’s Salads has an opening checking account balance of $1,342.00. During the day, checks are written for $47.32, $233.95, $78.03, and $29.87. The night’s deposit is $1,765.88, and a transfer to savings is $945.00 What is the ending balance?
 Definition
$1,773.71
Term
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.0095, B = $2,000, s = 0, f = $4.00, and the bank charges the service fee (f) regardless of the balance; then what are the customer’s earnings for the month if she maintains a minimum balance of $2,000?
 Definition
$15
Term
Find the difference between 47.92 and 74.92.
 Definition
27
Term
Assuming that one error has been made in a check register and the ending balance at the bank and the ending balance of the check register differ by $8.01. What type of error was definitely not made?
 Definition
Transposition error
Term
Assume that the same transactions have been processed, and only one error occurred. If the ending balances disagree by $18.09, which of the following errors are possible?
 Definition
There was a transposition of digits or a shift of decimal position.
Term
$18.00 is not divisible into an even number of cents by which of the following?
 Definition
3.3
Term
Assume that one error has been made in a check register, and the ending balance at the bank differs from the ending balance of the check register by $0.20. What type of error is most likely of the following four?
 Definition
Borrowing or carrying error
Term
The check register and bank balances are the same, but the subtotals are different. Why is this okay?
 Definition
Groups of identical transactions may be entered in different orders.
Term
A deposit was entered as a check, and the difference in two otherwise identical balances is $142.18. What was the amount of the deposit?
 Definition
$142.18
Term
Find the difference between 1,118.42 and 1,174.42.
 Definition
56
Term
When you balance your checkbook, you find the closing balance of your check register disagrees with the bank balance. What is the requirement that must be met before deciding that there must be an error in your check register?
 Definition
A minimum of three days must pass where you write no checks to ensure all your checks have gone through.
Term
$426.38 is divisible into an even number of cents by which one of the following?
 Definition
2
Term
Which of the following is another term for a checking account?
 Definition
A demand deposit
Term
Solve for x in the equation 5x + 9 = -3x – 4.
 Definition
-1.625
Term
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.005, s = .05, x = 72, and f = $3.00. Then bank requires a minimum balance of $800 to earn interest and charges the service fee (f) regardless of the customer's balance. What are the customer's earnings for the month if only the minimum balance (B) of $800 is maintained?
 Definition
-$2.60
Term
When you balance your checkbook, you find the closing balance of your check register disagrees with the bank balance. What is the requirement that must be met before deciding that there must be an error in your check register?
 Definition
A minimum of three days must pass where you write no checks to ensure all your checks have gone through.
Term
Assuming that one error has been made in a check register and the ending balance at the bank and the ending balance of the check register differ by $8.01. What type of error was definitely not made?
 Definition
Shifted decimal error
Term
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.0075, s = 0, f = $2.00. The bank requires a minimum balance of $1,000 to earn interest and charges the service fee (f) regardless of the customer's balance; then what are the customer earnings for the month if she maintains the minimum balance (B) of $1,000?
 Definition
$5.50
Term
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.008, s = 0.10, x = 21, f = $2.00. The bank requires a minimum balance of $500 to earn interest and waives the service fee (f) if the customer maintains the minimum balance. What are the customer’s earnings for the month if she maintains a minimum balance (B) of $1,210?
 Definition
$5.58
Term
A deposit was entered as a check, and the difference in two otherwise identical balances is $142.18. What was the amount of the deposit?
 Definition
$71.09
Term
If Baker’s Bank offers earnings of –0.09x + 10.2, and Elite Heights offers –0.02x + 7.5, where x is the number of checks written, at what number of checks will the banks pay approximately the same earnings?
Hint: Set the two expressions equal and solve for x.
 Definition
38.57
Term
Which of the following is not a method of cash transaction?
 Definition
Notary public services
Term
What value of x will make both the following equations true? y = 2x + 1 and y = 3x – 2
 Definition
3
Term
What value of x will make both the following equations true? y = -2x + 4 and y = 5x – 7
 Definition
1.57
Term
If two linear equations have a single solution, how do their graphs behave?
 Definition
The two lines cross at the same point which is the solution point.
Term
Assume that one error has been made in a check register, and the ending balance at the bank differs from the ending balance of the check register by $0.20. What type of error is most likely of the following four?
 Definition
Borrowing or carrying error
Term
If a bank offers an annual interest rate for the money in your checking account, but pays interest monthly, that is the annual interest rate divided by what?
 Definition
12 months
Term
The check register and bank balances are the same, but the subtotals are different. Why is this okay?
 Definition
Groups of identical transactions may be entered in different orders.
Term
Which of the following is NOT equivalent to the expression 4 – 11?
 Definition
11 + (-4)
Term
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.0095, s = 0, f = $4.00. The bank requires a minimum balance of $1,000 to earn interest and charges the service fee (f) regardless of the balance. What are the customer’s earnings for the month if she maintains a minimum balance (B) of $2,000?
 Definition
$15
Term
Which of the following is not advisable to put on a check?
 Definition
The social security number of the check writer
Term
Sugar Shacks had an opening checking account balance of 728.32. The checks written during the day were for $99.48, $33.50, $18.23, and $72.05. The deposit at the end of the day is $1,109.90. What should the day’s ending balance be on the check register?
 Definition
$1,614.96
Term
Question Text
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.0075, s = .15, x = 61, and f = $2.50. The bank reqires a minimum balance of $1,000 to earn interest and waives the service fee (f) if that balance is maintained. What are the customer earnings for the month if her minimum balance (B) is $100?
 Definition
-$2.50
Term
Sonia’s Salads has an opening checking account balance of $1,342.00. During the day, checks are written for $47.32, $233.95, $78.03, and $29.87. The night’s deposit is $1,765.88, and a transfer to savings is $945.00 What is the ending balance?
 Definition
$1,773.71
Term
Find the difference between 47.92 and 74.92.
 Definition
27
Term
On a standard check, which piece of information is written twice or in two different ways?
 Definition
The amount of the check
Term
Assume that the same transactions have been processed, and only one error occurred. If the ending balances disagree by $18.09, which of the following errors are possible?
 Definition
There was a transposition of digits or a shift of decimal position.
Term
If you work 40 hours per week at $13.00 per hour and save 10% of your gross earnings, how much will you save per week?
 Definition
$52
Term
What is a great key to success in saving for the future?
 Definition
Save a set percentage of your earnings out of each paycheck.
Term
Saving a set percentage of your earnings has what advantage(s)?
 Definition
It keeps you saving all the time and automatically adjusts to your earnings.
Term
If you save $50 per month, how much will you save (not including interest) in one year?
 Definition
$600
Term
I = Prt is the formula for simple interest. The principal is $6,500, the interest rate is 4.25%, and the time is three years. What is the interest charge?
 Definition
$828.75
Term
If you earn a maximum of $750 per month and a minimum of $420 per month and save 5%, how much will you save?
 Definition
At most $37.50 and at least $21.00 per month.
Term
I = Prt is the formula for simple interest. The principal is $4,840, the interest rate is 6%, and the time is two years. What is the interest charge?
 Definition
$580.80
Term
What should you total up in addition to the sales price before making a large purchase?
 Definition
All taxes, indirect expenses, insurance, maintenance, and hidden costs
Term
What are three things that need to be known in order to find the total cost of a loan?
 Definition
The interest rate, monthly payment, and number of payments
Term
Which of the following least justifies a savings program?
 Definition
For a big night at the casino
Term
When you take out a loan to buy a large item such as a house, what is usually the case?
 Definition
You pay more in interest than you pay on the house.
Term
What is the name of the savings account which offers higher interest earnings than a regular savings account, but often limits you to two withdrawals per month and some minimum withdrawal like $500?
 Definition
A money market account
Term
What is the name of the special savings account that requires the bank and the customer to agree on the savings amount and the time that it will be on deposit?
 Definition
A certificate of deposit
Term
To set a goal high enough, do first things first, use enthusiasm, go the extra mile, and work hard is a highly reliable method of doing what?
 Definition
Achieving your main goal
Term
How much can you accumulate in a savings plan if your annual year-end deposit is $500, and you earn 6% annual interest for 8 years?

S= (P) (1=r)^n-1
___________

r
 Definition
$4,948.73
Term
What is the name of the special savings account that requires the bank and the customer to agree on the savings amount and the time that it will be on deposit?
 Definition
A certificate of deposit
Term
Because you can deposit and withdraw at will, a regular savings account is also called what?
 Definition
A passbook account
Term
How much can you accumulate in a savings plan if your annual year-end deposit is $400, and you earn 4% annual interest for 12 years?
S= (P) (1=r)^n-1
___________

r
 Definition
$6,010.32
Term
The successful person can change milestones as necessary without changing what?
 Definition
Ultimate goal
Term
Use B = P(1 + r)^n to find the balance owed on a house, where P is $77,000, r is 0.004, and n = 5 and n = 10?
 Definition
$78,552.37 and $80,136.04
Term
When you take out a loan to buy a large item such as a house, what is usually the case?
 Definition
You pay more in interest than you pay on the house.
Term
What is the name of the savings account which offers higher interest earnings than a regular savings account, but often limits you to two withdrawals per month and some minimum withdrawal like $500?
 Definition
A money market account
Term
What is the name of the special savings account that requires the bank and the customer to agree on the savings amount and the time that it will be on deposit?
 Definition
A certificate of deposit
Term
To set a goal high enough, do first things first, use enthusiasm, go the extra mile, and work hard is a highly reliable method of doing what?
 Definition
Achieving your main goal
Term
How much can you accumulate in a savings plan if your annual year-end deposit is $500, and you earn 6% annual interest for 8 years?
S = p times 1 + r quantity to the n power minus 1 all over r
 Definition
$4,948.73
Term
What is the name of the special savings account that requires the bank and the customer to agree on the savings amount and the time that it will be on deposit?
 Definition
A certificate of deposit
Term
Because you can deposit and withdraw at will, a regular savings account is also called what?
 Definition
A passbook account
Term
How much can you accumulate in a savings plan if your annual year-end deposit is $400, and you earn 4% annual interest for 12 years? S = p times 1 + r quantity to the n power minus 1 all over r
 Definition
$6,010.32
Term
The successful person can change milestones as necessary without changing what?
 Definition
Ultimate goal
Term
Use B = P(1 + r)^n to find the balance owed on a house, where P is $77,000, r is 0.004, and n = 5 and n = 10?
 Definition
$78,552.37 and $80,136.04
Term
How much can you accumulate in a savings plan if your annual year-end deposit is $400, and you earn 4% annual interest for 12 years? S =P[(1+r)n – 1]/r
 Definition
$6,010.32
Term
I = Prt is the formula for simple interest. The principal is $4,840, the interest rate is 6%, and the time is two years. What is the interest charge?
 Definition
$580.80
Term
Saving a set percentage of your earnings has what advantage(s)?
 Definition
It keeps you saving all the time and automatically adjusts to your earnings.
Term
If you work 40 hours per week at $13.00 per hour and save 10% of your gross earnings, how much will you save per week?
 Definition
$52
Term
To set a goal high enough, do first things first, use enthusiasm, go the extra mile, and work hard is a highly reliable method of doing what?
 Definition
Achieving your main goal
Term
What is a great key to success in saving for the future?
 Definition
Save a set percentage of your earnings out of each paycheck.
Term
If the money and interest are left in the bank, how much is the total accumulated savings at the end of the second year for a savings of $3,500 at 8% annually compounded interest?
 Definition
$4,082.40
Term
I = Prt is the formula for simple interest. The principal is $6,500, the interest rate is 4.25%, and the time is three years. What is the interest charge?
 Definition
$828.75
Term
Which of the following least justifies a savings program?
 Definition
For a big night at the casino
Term
Using the 25% rule, what is the maximum amount that a house payment should be if your monthly salary is $1,386.67?
 Definition
$346.67 per month
Term
How much can you accumulate in a savings plan if your annual year-end deposit is $500, and you earn 6% annual interest for 8 years? S =P[(1+r)n – 1]/r
 Definition
$4,948.73
Term
Using the formula for compound interest savings B = P(1 + r)n, what is P?
 Definition
The original principal
Term
What should you total up in addition to the sales price before making a large purchase?
 Definition
All taxes, indirect expenses, insurance, maintenance, and hidden costs
Term
If you earn a maximum of $750 per month and a minimum of $420 per month and save 5%, how much will you save?
 Definition
At most $37.50 and at least $21.00 per month.
Term
If you save $50 per month, how much will you save (not including interest) in one year?
 Definition
$600
Term
What are three things that need to be known in order to find the total cost of a loan?
 Definition
The interest rate, monthly payment, and number of payments
Term
What is the name of the savings account which offers higher interest earnings than a regular savings account, but often limits you to two withdrawals per month and some minimum withdrawal like $500?
 Definition
A money market account
Term
For compound interest, what are the interest earnings for the lender the first year for a $5,000 loan at 7.5% annual interest compounded annually?
 Definition
$375.00
Term
Because you can deposit and withdraw at will, a regular savings account is also called what?
 Definition
A passbook account
Term
How much must you invest at one time in order to accumulate $20,000 in 15 years at 5% annual interest? S = A/[(1+ r)n]
 Definition
$9,620.34
Term
For compound interest savings, what are the interest earnings for the lender the first year for $2,300 saved at 13% annual interest compounded annually?
 Definition
$299
Term
If the money and interest are left in the bank, how much is the total savings after three years for $2,000 at 11% annually compounded interest?
 Definition
$2,735.26
Term
Using the 25% rule, what is the maximum amount that a house payment should be if your monthly salary is $2,400?
 Definition
$600.00 per month
Term
What is the name of the special savings account that requires the bank and the customer to agree on the savings amount and the time that it will be on deposit?
 Definition
A certificate of deposit
Term
When you take out a loan to buy a large item such as a house, what is usually the case?
 Definition
You pay more in interest than you pay on the house.
Term
Use B = P(1 + r)n to find the balance owed on a house, where P is $77,000, r is 0.004; n = 5 and n = 10?
 Definition
$78,552.37 and $80,136.04
Term
Find the value of r in the geometric sequence 200, 20, 2, 0.2, ...
 Definition
1/10
Term
The successful person can change milestones as necessary without changing what?
 Definition
Ultimate goal
Term
Find the value of a in the geometric sequence 200, 20, 2, 0.2, ...
 Definition
200
Term
How much must you invest at one time in order to accumulate $18,000 in 12 years at 5% annual interest? S = A/[(1+ r)n]
 Definition
$10,023.07
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