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Find the new balance if $875 is deposited and $316 is withdrawn from a balance of $2,056.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