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Section 1 Quiz Review

Section 1 Quiz Review. Introduction to Business and Marketing. Parts of a Check. 1. 2. 3. Identify the following: Payee Drawee Drawer. Advantages of Using Checks. What are the advantages of using checks to make purchases? Bank safely stores your money

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Section 1 Quiz Review

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  1. Section 1 Quiz Review Introduction to Business and Marketing

  2. Parts of a Check 1 2 3 • Identify the following: • Payee • Drawee • Drawer

  3. Advantages of Using Checks • What are the advantages of using checks to make purchases? • Bank safely stores your money • Serve as written receipt of purchases • Can send checks through the mail • Banks keep current account of all checks paid and the remaining balance

  4. Percents to Decimals • Change the following percents to a decimal • 45% • 134% • 7% • 15.6%

  5. Decimals to Percents • Change the following decimals to percentages and round to the nearest hundredth • .5390 • .0345 • .12 • 1.43 • .679

  6. Bank Identification • What type of identification does a bank need when opening a new account? • At least two of the following photo identifications • Drivers License • Military ID • Student ID • State ID card • Passport • Membership card

  7. Simple Interest • The bank loans you $5,000 at 15% interest, how much interest would you owe for 1 year? • $750 • How much interest would you owe if you paid the balance in 4 months? • $250

  8. Budgeting • What are the three large expenses the average American spends their money on? • Taxes (23%) • Housing (19%) • Transportation (10%) What about entertainment? Only 5%

  9. Deductions • Approximately how much of your income is taken out of your paycheck for Federal Income tax? • 15% • Approximately how much of your income is taken out of your paycheck for Social Security or FICA? • 8%

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