Flashcards in Test 5 Unit 7 Deck (32):

1

## the interest charged for the use of the installment plan

### finance charge

2

## a plan used in spending money

### budget

3

## the number used to identify a check on the deposit slip

### transit number

4

## an insurance payment

### premium

5

## a person who makes insurance calculations and predictions

### actuary

6

## an order for a bank to pay money

### check

7

## a required payment for the support of the government

### tax

8

## the amount of money in a bank account

### balance

9

## form used to put money in a bank account

### deposit slip

10

## check cashed by the bank

### canceled check

11

## buying on time

### installment plan

12

## a person who benefits from an insurance policy

### beneficiary

13

## Find the simple interest: p = $1,000; r = 10%; t = 1 yr.

###
1000 x .1 x 1=

$100

14

## Find the simple interest: p = $1,500; r = 12%; t = 2 yr.

###
1500 x .12 x 2 =

$360

15

## Find the simple interest: p = $800; r = 15%; t = 6 mo.

###
800 x .15 x .5 =

$60

16

## Find the simple interest: p = $3,600; r = 11%; t = 30 da.

###
3600 x .11 x .083 (or 1/12) =

$33

17

##
Budget based on a monthly salary of $2,800:

tithe and offerings - 11%

###
2800 x .11 =

$308

18

##
Budget based on a monthly salary of $2,800:

mortgage - 28%

###
2800 x .28 =

$784

19

##
Budget based on a monthly salary of $2,800:

utilities - 7%

###
2800 x .07 =

$196

20

##
Budget based on a monthly salary of $2,800:

food - 12%

###
2800 x .12 =

$336

21

##
Budget based on a monthly salary of $2,800:

medical - 9%

###
2800 x .09 =

$252

22

## Find the total deposit if $567.39 is deposited in checks, $95 in currency, and $.89 in coins.

###
567.39 + 95 + .89 =

$663.28

23

## Find the new balance if $875 is deposited and $316 is withdrawn from a balance of $2,056.

###
2056 + 875 - 316 =

$2,615

24

## A checkbook register began the page with a balance of $600.84. A check was written for $89.50. A deposit was made for $55. Bank charges of $25 were recorded. A check was written for $23, and a check was written for $75. Find the balance after these transactions have been accounted for.

###
600.84 - 89.5 + 55 - 25 - 23 - 75 =

$443.34

25

## Jonathan Sedridge budgeted $40 of his $250 for church activities. What percent of his money did he budget for church activities?

###
40 divided by 250 = .16

16%

26

## Mrs. Patrick bought a vacuum cleaner with a list price of $349. She paid $50 down and the rest in 12 monthly payments of $32 each month. find the amount of interest she had to pay.

###
12 x 32 = 384. 384 + 50 = 434. 434 - 349 =

$85 interest

27

## Find the annual premium for $75,000 in straight life insurance at $18.50 per thousand dollar unit.

### 18.5 x 75 = $1,387.50

28

## Raymond Blount pays $185 each month for health insurance. Fine the amount he pays in one year.

### 185 x 12 = $2,220

29

## Dr. Wilson insured his home at the rate of $.67 per $100 per year. The insurance company valued his home at $120,000. find his cost for one year of homeowner's insurance.

###
120,000 divided by 100 = 1200. 1200 x .67 =

$804

30

## Peter Pepper pays $425 for liability insurance, $216 for collision insurance, and $78 for comprehensive insurance. Find the total cost for his car insurance.

###
425 + 216 + 78 =

$719

31

## Find the sales tax on a purchase of $625 at the sales tax rate of 8%.

###
625 x .08 =

$50

32