Selecting a Bank Answers

Emma is ready to open a new checking account and is trying to decide between three banks using the chart below:Bank RBank SBank TNo monthly fees if balance stays above $300, otherwise $7 per monthNo monthly fees if check card is used more than 6 times per month, otherwise $10 monthly fee$5 monthly feeNo minimum balance$25 minimum balanceNo minimum balanceOnline banking servicesOnline banking servicesNo online banking optionsNon-Bank R ATM fee - $2.00 per transactionNon-Bank S ATM fee - $1.50 per transactionNon-Bank T ATM fee - $2.00 per transactionEmma usually has about $1000 in her account at any given time during the month. She usually visits the ATM twice a week and is interested in banking online options. Bank R has 10 ATMs within a 5 mile radius of Emma’s home. Bank S has 1 ATM 10 miles from Emma’s work. Which bank should she choose?a.Bank Rb.Bank Sc.Bank Td.Bank R and S

Sharon wants to open a checking account from which to pay bills. She wants online services, and a debit card, which both banks provide for free. Based upon past experience, she expects to accidentally overdraft the account 1 time per year, due to unexpected charges and miscommunications. She expects no 2nd copies of statements, and to use network ATMs 4 times per month with either bank. She has $3300 in an emergency savings account at First State Bank, and thinks that the balance will be enough to cover overdrafts in the future if automatic transfers are made when needed. Based on the tables of fees, above, if Sharon chooses First State Bank, will it save her money over choosing Common Bank? a. No, Common Bank will save Sharon more money. b. Yes, First State Bank will save Sharon money. c. No, First State Bank and Common Bank would have the same costs for Sharon. d. No, costs cannot be estimated in advance, so this information cannot be used. Please select the best answer from the choices provided

Macky wants to open a checking account. He is examining different banks and banking accounts. Then he will choose a bank account for his needs. Which of the following statements should not be one of Macky’s reasons for choosing a bank?a.Being more informed leads to being better prepared to make financial decisions.b.Banks could have charges that Macky does not know about until reading carefully.c.The first bank Macky considered offered a chance to win a prize upon opening an account.d.He will become more aware of how well banks meet his particular needs.

Assume that you are going to open a checking account. You are examining different banks and banking accounts to choose a bank account for your needs. Which of the following statements should not be one of your reasons for examining different banks?a.Being more informed leads to being better prepared to make financial decisions.b.Bank E offers you a chocolate bar for filling out an application for checking and credit at the same time.c.Banks could have charges that you do not know about until reading carefully.d.You will become more aware of how well the banks meet your particular needs.

Barry wants to open a checking account. He wants online services, and a debit card. He is looking at the following tables of fees from his employer's credit union, EECU, and a local bank, E-town Bank: Based upon past experience, Barry expects no overdrafts. He expects no 2nd copies of statements. Barry estimates that he will use network ATMs about 5 times a month with either bank. Barry decides in the end to choose EECU. Assuming that both banks provide the necessary services equally well, and based upon the tables of fees given above, how much can Barry reasonably expect to save annually by choosing EECU in this case over E-town bank? a. $72 b. $78 c. $144 d. $24 Please select the best answer from the choices provided

Which of the following items may be a good consideration in selecting a bank?I. The bank sends a representative to the local mall to promote new applications.II. Number of ATMs or bank branches near where you live, shop, work, or travel.III. Knowledge of personal usage habits and needs.a.I and IIb.II and IIIc.I and IIId.I, II and III

Vítor knows he must prepare and possibly prevent overdraft funds fees since they are charged automatically. Which statement below would be the least effective element of a plan Vitor could use to accurately estimate (or minimize) overdraft fees on the account? a. Always keep extra money in the account for such unexpected events. b. Use the debit card for a large number of small purchases and check the balance later. c. Always keep track of how much is being temporarily held d. Do not enter deposits into the register until they are verified as available. Please select the best answer from the choices provided

Sharon wants to open a checking account from which to pay bills. She wants online services, and a debit card, which both banks provide for free. Based upon past experience, she expects to accidentally overdraft the account 1 time per year, due to unexpected charges and miscommunications. She expects no 2nd copies of statements, and to use network ATMs 4 times per month with either bank. She has $3300 in an emergency savings account at First State Bank, and thinks that the balance will be enough to cover overdrafts in the future if automatic transfers are made when needed. Based on the tables of fees, above, if Sharon chooses First State Bank, will it save her money over choosing Common Bank? a. No, Common Bank will save Sharon more money. b. Yes, First State Bank will save Sharon money. c. No, First State Bank and Common Bank would have the same costs for Sharon. d. No, costs cannot be estimated in advance, so this information cannot be used. Please select the best answer from the choices provided

Bill wants to open a checking account to pay bills from and a savings account to cover overdrafts and other emergencies. He wants online services, and a debit card. He analyzes the following statements of fees from State Bank and Common Bank: Based upon past experience, Bill expects to accidentally overdraft the account 2 times per year, unfortunately, due to unexpected charges and miscommunications. He expects no 2nd copies of statements, and to use network ATMs 4 times per month with State Bank (due to less in-network ATMs being available), or 2 times per month with Common Bank. He has $2500 to deposit to an emergency savings account for overdraft protection, and thinks that the balance will be enough to cover most all overdrafts in the future if automatic transfers are made when needed. Based on the tables of fees, which bank is expected to cost the least amount in fees per year? a. State Bank is expected to cost the least. b. Common Bank is expected to cost the least. c. State Bank and Common Bank would have the same costs for Bill. d. The fees cannot be estimated in advance. Please select the best answer from the choices provided

You are examining your choices of banks to open a new checking account. Potential costs include monthly maintenance fees, statement copy fees, and ___________. a. Credit cards b. Debit cards c. Overdraft fees d. Interest on deposits Please select the best answer from the choices provided

The actual income for this month has been reduced by $200. How can this budget be modified so there will be a positive actual net income? Monthly BudgetBudgeted AmountActual AmountIncome Wages$1250$1050Expenses Rent Utilities Food Clothes Cell Phone$450$150$220$200$75$____$____$____$____$____Net Income$155$____a.This budget can be modified by increasing the amount spent on food and utilities and decreasing the amount spent on clothes and rent, thereby maintaining a positive actual net income.b.This budget can be modified by reducing the amount spent on rent and utilities, thereby reducing overall expenses to have the maximum amount of money for all other expenses.c.This budget can be modified by reducing the amount spent on food and clothes, thereby reducing overall expenses to have the maximum amount of money for fixed expenses and maintaining a positive actual net income.d.This budget cannot be modified.

A family eats out at a restaurant and the total for their meals is $73.89. They also pay sales tax of 5.8% and leave a tip for their server. If the family leaves a total of $93, which of the following might be a description of the service they received? a. They left a 10% tip, so the service was probably below average. b. They left a 15% tip, so the service was probably average. c. They left a 20% tip, so the service was probably above average. d. They left a 25% tip, so the service was probably outstanding. Please select the best answer from the choices provided

Using the following prices, calculate the unit price to determine how much it would cost for 7 granola bars and 9 bottles of water.$7.14 for 6 granola bars$8.72 for 8 bottles of watera.$18.14b.$18.63c.$21.41d.$31.72

Leiff goes online to buy a new video game. He finds a site that currently has a promotion of 15% off on all orders over $50. Leiff decides to buy his video game, with a price tag of $128, at this site because he knows that he will get the 15% discount when he checks out. Leiff pays 5.3% sales tax on the discounted price and pays a shipping fee of $4.75. What is the total of Leiff’s online purchase?a.$112.84b.$114.57c.$118.82d.$119.32

Predict how much money can be saved without having a negative actual net income. Monthly Budget Budgeted Amount Actual Amount Income Wages Savings Interest $1150 $25 $900 $25 Expenses Rent Utilities Food Cell Phone Savings $400 $100 $250 $75 $200 $400 $80 $200 $75 $____ Net Income $150 $____ a. It is not possible to save any money this month without having a negative actual net income. b. $170 can be saved resulting in an actual net income of $0. c. $200 can be saved resulting in an actual net income of $150. d. As long as you are saving money, you will not have a negative actual net income. Please select the best answer from the choices provided

Nellie is buying bird seed to put in her bird feeders. She uses about 10 pounds of bird seed each week, but has room to store any extra that she purchases.The bird seed comes in 3 different sizes as given below: 3.5 pounds for $2.52 7.5 pounds for $5.40 11 pounds for $7.92 Nellie is trying to be a smart shopper and get the best deal on the bird seed. Which size bag of bird seed should Nellie buy? a. Nellie should buy the 3.5 pound bags because they have the cheapest unit price b. Nellie should buy the 7.5 pound bags because they have the cheapest unit price c. Nellie should buy the 11 pound bags because they have the cheapest unit price. d. Nellie should buy any size she wishes because they all have the same unit price.. Please select the best answer from the choices provided

Using the following prices, calculate the unit price to determine how much it would cost for 5 containers of yogurt and 3 containers of applesauce.$4.29 for 6 containers of yogurt$3.39 for 8 containers of applesaucea.$4.39b.$4.85c.$6.41d.$7.68

You have a restaurant bill of $73.25. If you are taxed % and decide to tip your server 15%, how much is your total? a. $74.90 b. $89.44 c. $89.73 d. $90.56 Please select the best answer from the choices provided

Mr. Green orders some cookies from a local youth group. Using his order form shown below, complete the last column to find the total to be paid.QuantityDescriptionUnit PriceTotal of Line2Krispy Kosmos$2.89$1Chewy Chocos$3.19$1Gooey Globs2.99$ Total $ 5.8% tax$ Total to be paid$a.$9.60b.$11.96c.$12.65d.$18.90

A pharmacist is trying to stock the pharmacy with cheaper alternatives for customers. She will stop carrying the more expensive items. In doing so, she is trying to determine which of the following forms is the most expensive. Tablet form comes in 50 mg tablets and cost $75.00 for a bottle of 100 tablets.Capsule form comes in 75 mg capsules and cost $63.75 for a bottle of 85 capsulesCaplet form comes in 100 mg caplets and cost $70.00 for 40 caplets.Based on the given information, which form is the most expensive?a.Tablet form is the most expensive.b.Capsule form is the most expensive.c.Caplet form is the most expensive.d.The forms all have the same unit price.