AnswersPersonal Finance - SC 26-27 For CreditBanking: How to Manage Your Money

Banking: How to Manage Your Money Answers

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1
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Lupe is a student who wants to open a bank account.Which type of bank is most likely the best option for her needs?

A
a retail bank
B
a savings and loan
C
a commercial bank
D
an investment bank
2
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Number or codeDescriptionPayment amountDeposit amount

A
Number or code
B
Description
C
Payment amount
D
Deposit amount
3

Lupe wants an account into which she can deposit her paychecks.She also wants to use the money in her account to pay for her expenses.Which type of account is most likely best for her?

A
CD
B
checking account
C
savings account
D
money market account
4

Lupe is ready to open a checking account.What does she need to have when she goes to the bank? Check all that apply.identificationher most recent bank statementher Social Security numberproof that she is a studentproof of her addressmoney to deposit

A
identification
B
her most recent bank statement
C
her Social Security number
D
proof that she is a student
E
proof of her address
F
money to deposit
5

Number or codeDescriptionPayment amountDeposit amount

A
Number or code
B
Description
C
Payment amount
D
Deposit amount
6

Number or codeDescriptionPayment amountDeposit amount

A
Number or code
B
Description
C
Payment amount
D
Deposit amount
7

How much money does Lupe now have in her checking account? $ [___]

Answer:

70

8

Study the entries in Lupe’s records in the CloseReader.For which entry was the amount recorded in the wrong column?

A
the purchase at Gio’s Pizza
B
the 11/15 paycheck
C
the 11/30 paycheck
D
the purchase at Lola’s Books
9

Compare the entries in Lupe’s records with the entries on the bank statement.What other mistake did Lupe make?

A
She recorded a transaction twice.
B
She forgot to record a transaction.
C
She wrote the wrong amount for a transaction.
D
She made a math error when calculating her balance.
10

Study the entries in Lupe's records and bank statement.What is the first action Lupe should take when she discovers a difference between her records and the bank's records?

A
She should check her own records to see if she made a mistake.
B
She should go to her bank and ask to discuss her account with a bank officer.
C
She should contact the police about possible theft.
D
She should call the bank to have the charge taken off her account.
11

Which statement best describes the lesson we can learn from Lupe's experience?

A
It’s too much work to open a checking account.
B
It’s only important to track large amounts in personal records.
C
It’s important to keep accurate records.
D
It’s best to use only one document to track spending.
12

Lupe is a student who wants to open a bank account.Which type of bank is most likely the best option for her needs?

A
a retail bank
B
a savings and loan
C
a commercial bank
D
an investment bank
13

Lupe wants an account into which she can deposit her paychecks.She also wants to use the money in her account to pay for her expenses.Which type of account is most likely best for her?

A
CD
B
checking account
C
savings account
D
money market account
14

Lupe is ready to open a checking account.What does she need to have when she goes to the bank? Check all that apply.identificationher most recent bank statementher Social Security numberproof that she is a studentproof of her addressmoney to deposit

A
identification
B
her most recent bank statement
C
her Social Security number
D
proof that she is a student
E
proof of her address
F
money to deposit
15

Number or codeDescriptionPayment amount✔ Deposit amount

A
Number or code
B
Description
C
Payment amount
D
✔ Deposit amount
16

Question text not available

Answers:
Lupe used her debit card to buy a pair of jeans. She should write the name of the store in the column and the amount in the column.:Description
Lupe used her debit card to buy a pair of jeans. She should write the name of the store in the column and the amount in the column.:Payment amount
17

Number or code✔ DescriptionPayment amountDeposit amount

Answers:
Lupe used her debit card to buy a pair of jeans. She should write the name of the store in the column and the amount in the column.:Description
Lupe used her debit card to buy a pair of jeans. She should write the name of the store in the column and the amount in the column.:Payment amount
18

Number or codeDescription✔ Payment amountDeposit amount

A
Number or code
B
Description
C
✔ Payment amount
D
Deposit amount
19

Question text not available

Answer:

75.00

20

Study the entries in Lupe’s records in the CloseReader.For which entry was the amount recorded in the wrong column?

A
the purchase at Gio’s Pizza
B
the 11/15 paycheck
C
the 11/30 paycheck
D
the purchase at Lola’s Books

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