Banking Topic Test Study Guide Rated A+

Why is simple interest useful for planning parts of your financial future? a. Simple interest can endure unforeseen economic changes by fluctuating. b. Simple interest generates more money than any other source of income. c. Simple interest grows more quickly if you invest in it longer. d. Simple interest is very regular and can be calculated in advance. {Ans: D}Which of the following forms of I.D. is not an acceptable form of I.D. for opening a savings account? a. Library card b. Driver's license c. Passport d. Military I.D. card {Ans: A}Manny has just filled out his deposit ticket for his savings account. He hands it to the teller and the teller hands it back to Manny. The teller explains to Manny that the deposit ticket cannot be accepted in its current form. What must Manny do to the deposit ticket in order for the teller to process the deposit ticket? a. Manny forgot to sign the deposit ticket for less cash back b. The subtotal is calculated incorrectly c. The total is calculated incorrectly d. Manny forgot to date the deposit ticket {Ans: A}Orlando invested $16,000 in an eight-year CD bearing 6.5% simple annual interest, but