FINANCIAL MATH QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

FINANCIAL MATH QUESTIONS AND
ANSWERS WITH SOLUTIONS 2024
Deposit - ANSWER Amount of money put into a bank account



Withdrawal - ANSWER An amount taken out of a bank account



Balance - ANSWER The amount of money in a bank account



Bank statement - ANSWER A statement from your bank listing all the transactions that have been
received on your account



Bank Reconciliation - ANSWER A statement made by you to compare the bank statement and the check
register to get an accurate balance in the account



To reconcile - ANSWER Obtain an agreement between 2 financial items by accounting for outstanding
items



Outstanding items - ANSWER A check, withdrawal, or deposit that is on your bank register but has not
yet made it through bank account



Check - ANSWER a written order directing the bank to deduct money from your checking account to
make a payment.



Checking - ANSWER a type of account that allows you to pay for goods and services with a written order
or a debit card instead of cash.



Check register - ANSWER a ledger where you record the deposits you made and the checks you've
written.



service charge - ANSWER the amount a bank charges you for handling your money transactions