Question

Business math pls help

Answer 1

1. True. The principal is the amount loaned. If you are the person loaning the money to the bank (which is effectively how they make money), then they pay you back in the form of interest. The bank takes a share of that interest of course. They may have other fees as well.
2. False. The compound interest depends on how frequently the money is compounded. Usually it's done monthly. Though your bank would likely say it somewhere in the fine print. It is only when annual compounding takes place is when statement #2 is true.
3. True. If the item you're trying to buy is larger than what is in your account, then you'll be overdrawing your account. Your bank will likely charge an overdraft fee. So it's best to pay attention to your balance as much as possible.
4. True. You can bank from your phone, computer, tablet or laptop and do so anywhere in the world. Of course you'll need access to the internet. Keep in mind that some banking services require in-person visits so not everything is done online.
5. True. Not much to say here, other than this number is used for ATM withdrawals and point of sale purchases with a credit card (though it will depend on the card).
6. False. An ATM is a machine that dispenses cash, and it accepts deposits as well (either cash or check; though it may depend on the specific machine). ATM stands for Automated Teller Machine. It basically is a robotic banker, hence the phrasing "automated teller". Coupled with online banking, ATMs help spread a bank's footprint and allow customers to truly bank from anywhere.
7. False. Withdraw means to subtract from the balance.
8. True. A deposit increases your balance because you are giving that money to the bank.
9. False. A bank statement is a document that tells you how much you have in your account(s) at any given month. It also provides the amount of interest earned as well as various deposits and withdrawals made for that month.