Victor Read the Fine Print for a Checking Account He

question 56

Multiple Choice

Victor read the fine print for a checking account he was thinking about using.The fine print said,"A minimum balance of $500 is required.If your balance falls below this level,you will be assessed a monthly fee of $10." Since Victor was planning to keep only a $50 balance in his account,how much could he be charged each year?

• A) $0.00
• B) $10.00
• C) $40.00
• D) $50.00
• E) $120.00

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Definitions:

Relearning

The process of learning material or skills that were once learned and then forgotten.

Retention

The ability to store and recall information or experiences over time.

Recency Effect

A cognitive bias that predisposes individuals to remember the most recently presented information better than information presented earlier.

Phi Phenomenon

An optical illusion wherein stationary objects shown in rapid succession, separated by short intervals, appear to be moving.