Question
Financial Literacy Unit Test
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Question
You start with $1,000 in your checking account. You write a check for $100, withdraw $200 from the ATM, deposit $300, and then transfer $400 to another account. You check the bank’s website; it shows your balance as $700. Which of these transactions has not been included in the updated balance yet?(1 point)
Responses
the deposit
the deposit
the transfer
the transfer
the ATM withdrawal
the ATM withdrawal
the check
the check
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Answers
GPT-4o mini
To find out which transaction has not been included in the updated balance, let's calculate the balance step by step based on the given transactions:
1. Starting balance: **$1,000**
2. Write a check for **$100**:
New balance = $1,000 - $100 = **$900**
3. Withdraw **$200** from the ATM:
New balance = $900 - $200 = **$700**
4. Deposit **$300**:
New balance = $700 + $300 = **$1,000**
5. Transfer **$400** to another account:
New balance = $1,000 - $400 = **$600**
So after performing all transactions, the new balance would be **$600**.
However, the bank’s website shows a balance of **$700**, which indicates that the transaction that hasn't been reflected in the balance is the **transfer of $400**. This transfer cannot reduce the balance displayed by the bank to $700.
**Answer: the transfer**
1. Starting balance: **$1,000**
2. Write a check for **$100**:
New balance = $1,000 - $100 = **$900**
3. Withdraw **$200** from the ATM:
New balance = $900 - $200 = **$700**
4. Deposit **$300**:
New balance = $700 + $300 = **$1,000**
5. Transfer **$400** to another account:
New balance = $1,000 - $400 = **$600**
So after performing all transactions, the new balance would be **$600**.
However, the bank’s website shows a balance of **$700**, which indicates that the transaction that hasn't been reflected in the balance is the **transfer of $400**. This transfer cannot reduce the balance displayed by the bank to $700.
**Answer: the transfer**