SECTION 1 QUIZ REVIEW

Introduction to Business and Marketing

PARTS OF A CHECK

Identify the following:1. Payee2. Drawee3. Drawer

1

23

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

PERCENTS TO DECIMALS

Change the following

percents to a decimal45%

134%

7%

15.6%

DECIMALS TO PERCENTS

Change the following decimals

to percentages and round to the

nearest hundredth .5390

.0345

.12

1.43

.679

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

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

BUDGETING

What are the three large expenses

the average American spends their

money on?

1. Taxes (23%)

2. Housing (19%)

3. Transportation (10%)

What about entertainment?

Only 5%

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%