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:

Marketplace

A platform or environment where buyers and sellers engage in exchange of goods and services. It can be physical or digital.

Target Cost

A pricing strategy in which a company sets a cost for a product and works backwards to achieve that cost through design and manufacturing improvements.

Profit Margin

The ratio of operating income to sales.

Markup Percentage

The percentage added to the cost of goods to cover overhead and profit, determining the selling price.