Financial Math Exam Guide Questions 2024.

Financial Math Exam Guide Questions 2024. minimum opening balance - ANSWER The minimum opening balance is the initial dollar amount set by the bank that is required to open a account. overdraft fee - ANSWER An overdraft fee is charged to an account when withdrawals from it exceed the available funds and cause a negative balance. This fee is incurred for every transaction that exceeds the available funds. fixed interest rate - ANSWER A fixed interest rate is an interest rate that does not change for the life time of the account. variable interest rate - ANSWER A variable interest rate is an interest rate that can change over the life time of the account. reconcile - ANSWER To reconcile an account is to check it against another set of records for agreement. check register - ANSWER A check register is a booklet used to record account transactions. closing balance - ANSWER The closing balance is the balance, after deductions, in an account at the end of a predetermined period of time. Steven is looking at banks for checking and savings accounts. Some offer home loans and others do not. Steven may need a home loan sometime in the next few years. But he wonders if he should really ask what kinds of loans the bank makes, because he is getting a checking account, not a home loan. Which statement below gives the best reason for Steven to consider loan availability in choosing a checking account? - ANSWER D. If he needs a home loan in the future, he will have a relationship with the bank Which of these is not a factor you need to consider when choosing a bank? - ANSWER D. The amount of money you paid in income taxes last year