Exam (elaborations)
FBLA Introduction to Financial Math Exam Questions with Detailed Solutions
FBLA Introduction to Financial Math Exam Questions with Detailed Solutions
[Show more]
Seller
Follow
Content preview
FBLA Introduction to Financial MathExam Questions with Detailed Solutions
Practice Test1 - -
- Practice Test2 - -
- Practice Test3 - -
- Practice Test4 - -
- Practice Test5 - -
- Practice Test6 - -
- Practice Test7 - -
- Practice Test answers - -
- ABA Number - -9 digit code that appears at the bottom of a check to
identify the specific financial institution (helps identify the bank); also called
a routing number
- Bank statement - -A record that summarizes all the transactions with an
account over a certain time period (typically sent/produced once every
month)
- Cancelled Check - -A check that has cleared the depositor's account and
has been marked by the bank. It is a proof of payment. If check is lost, check
cannot be used.
- Compound Interest - -Interest that keeps growing depending upon the
frequency of compounding.
Equation: A= P (1 + r/n)^(nt)
A= future value of investment/loan (interested is included)
P= principle amount (initial value)
r= annual interest rate (decimal)
n= the number of times that interest is compounded per year
t= the number of years the money is invested or borrow for
- Cost of Goods Sold - -cost of the materials used to create goods, labor
charges, distribution costs, etc. Also referred to as "cost of sales"
, - Current Assets - -Assets that can quickly be turned into cash (within a year
or so). Examples: inventory, accounts receivables, cash
- Demand Deposit - -A certain amount of funds deposited that can be
withdrawn at any point in time (from a savings or checking account) without
prior notice
- Drafts - -(bank draft) A bank draft is a payment on behalf that is
guaranteed by the issuing bank. Used for large purchases or when seller has
no relationship with buyer. Payee wants a highly secure form of payment.
- Floating a check - -Writing a check knowing your account won't have
sufficient funds to covering it, and hoping within a few days that your
account will have enough funds.
- Installment Loans - -A loan that is repaid over time with a set number of
payments (usually scheduled by month)
- Liabilities - -Financial debt or financial obligations that arise during
business. Ex: mortgages, accounts payable, etc.
- Liquidity - -How easy it is to turn assets in cash; these type of assets can
be used immediately after being quickly converted to cash.
- Money Order - -A paper document similar to a check, but is prepaid. Since
they are prepaid, they will most likely not bounce, and contain less personal
information than a normal check.
- Parameter - -...
- Payor/Maker - -(For a check) Someone who is liable to pay for something,
or agrees through a note (check) to pay a specific amount of money, due at
a certain time. Basically, person who pays for something.
- Quotient - -(Financial quotient) ability for one to obtain and successfully
manage ones wealth by an understanding of money.
Based upon 6 categories:
Spending
Credit and debt
Career and Income
Investing
Financial Planning
Risk and protection
- Rational Number - -A number that is formed by dividing 2 integers. Ex:
1/2, 5, 38/10. Numbers that do not work are pi, square roots (root 2, etc.)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller blessedgal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.60. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53008 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now