Savings Accounts

Question 1

Having a savings account can contribute to a person’s overall financial well-being. Which one of the following is NOT a benefit of maintaining a savings account?

Revolt · Accepted Answer

Having a savings account gives individuals the ability to borrow money from members in the community

Question 2

Which of the following forms of I.D. is not an acceptable form of I.D. for opening a savings account?

Revolt · Accepted Answer

Library card

Question 3

Consider the following incomplete deposit ticket: Which of the following are possible amounts for the third check and the cash that Cindy deposited?

Revolt · Accepted Answer

$122.04 in cash and a $205.64 check

Question 4

Paul has decided to set up his own recording studio. He needs to purchase four speakers at $435 apiece and two mixers at $772 apiece. He also needs to soundproof a room, which will cost him $838. If Paul has $4,500 in his savings account, how close can he come to setting up his studio?

Revolt · Accepted Answer

Paul can set up his studio and have $378 left over.

Question 5

Consider the following incomplete deposit ticket where "X" represents an unknown number: How much did Kay deposit in cash and coins?

Revolt · Accepted Answer

$93.44

Question 6

You have decided both to open a savings account and to purchase a vehicle. You would like a savings account with the highest interest rate and a vehicle loan with a low interest rate. You currently have a checking account at Bank A. From the banks listed below, determine with which bank you should open a savings account and at which bank should you apply for your vehicle loan.

Revolt · Accepted Answer

Bank B for the car loan and Bank A for the savings account

Question 7

Which of the following forms of I.D. is not an acceptable form of I.D. for opening a savings account?

Revolt · Accepted Answer

Library card

Question 8

Paul has decided to set up his own recording studio. He needs to purchase four speakers at $435 apiece and two mixers at $772 apiece. He also needs to soundproof a room, which will cost him $838. If Paul has $4,500 in his savings account, how close can he come to setting up his studio?

Revolt · Accepted Answer

Paul can set up his studio and have $378 left over.

Question 9

Ruby wants to start her own business taking photographs. She already has her own camera, but needs to purchase lights, a photo printer, and photo paper. If the cost of the photo printer is $251.99, the cost of lighting is $150.00, and the cost for 100 sheets of photo paper is $30.98, determine how much of her savings will be used to start her company, given that she has $840.32 in savings.

Revolt · Accepted Answer

$432.97

Question 10

Consider the following incomplete deposit ticket: What was the value of the third check Tony deposited?

Revolt · Accepted Answer

$105.20

Savings Accounts Answers

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