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Personal Finance 8

Savings

Questionchoicesanswer
Anthony is deciding between different savings accounts at his bank. He has four options, based on how frequently interest compounds. Pick the one with best rate of return on his interest annual compounding; semi-annual compounding; monthly compounding; daily compounding daily compounding
To earn as much interest as possible, you should open a savings account that earns ________ interest and has the _______interest rate. A. Compound; lowest B. Compound; highest C. Simple; lowest D. Simple; highest B. Compound; highest
What is the typical relationship between time and interest rate: A. longer time period equals higher interest rate B. Shorter time period equals higher interest rates C. Longer time periods have not effect on interest rates D. Shorter time periods have no effect on interests rates A. Longer time periods equal higher interest rates
John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions would enable him to earn MORE interest? A. Selecting the account with a high interest rate B. Leaving his money in the account for a long period of time C. Transferring money into his checking account each month. C. Both A & B D Both A & B
Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible interest and will not need access to her money for a full year. Which type of savings account will be best for Tamara? A. CD(Certificate of Deposit) B. Money Market Account C. Savings Account D checking Account A. CD
You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money? A. Compounding 1 time a year B. Compounding 4 times a year C. Compounding monthly D. compounding Daily D. compounding daily
Which of the following is considered a "need"? A. food B. Pizza C. Gatorade D. Fruit A. Food
Which of the following is a type of savings vehicle? A. Certificate of Deposit B. Money Market Account C. Checking Account D. Both A & D D. both A & B
Which type of account typically has very high liquidity, low or no interest, and low minimum balance? A. Checking Account B. Money Market Account. C. CD (Certificate of Deposit). D. Investment (Individual) Retirement Account (I.R. A.) A. Checking Account
Which of the following is generally true about savings vehicles? A. Savings vehicles are only useful for long-term investments. B. People should evaluate different forms of saving vehicles based on their needs. C. Savings vehicles are never insured. D. All of the above B. People should evaluate different forms of saving vehicles based on their needs
Which of the following is the most important consideration when planning your budget? A. Budget for your needs before your wants. B. Budget for unexpected events before expected expenses. C. Budget for fixed expenses before flexible expenses. D. Budget for expected events before unexpected expenses A. Budget for your needs before your wants
Which of the following savings vehicles usually requires a high minimum balance: A. Simple Saving Account. B. Certificate of Deposit(CD). C. Checking Account. D. All of the above B. Certificate of Deposit (CD)
Which of the following is considered a "want"? A. a warm winter coat. B. shoes. C. Designer shoes/Tennis shoes. D. socks C. Designer shoes/tennis shoes
Which of the following accounts will give you the LEAST access to your money? A. Simple Savings Account. B. Certificate of Deposit (CD). C. Checking Account. D. Cash B. Certificate of Deposit
Your friend is overspending and in need of a budget. What type of expense should they reduce next month? A. Going to the movies with friends. B. Buy fewer school books. C. Transportation to get to and from school. D. Purchasing medicine for their asthma A. Going to the movies with friends
The purpose of a budget is to: A. Help you plan how you will spend the money you earn or receive. B. Stop you from spending too much money. C. Increase the balance of your savings account. D. Tell you how much you owe the government in taxes. A. help you plan how you will spend the money you earn or receive
Jorge has $300 for work he performed. He expects to spend the money in the next few weeks to buy a new bike. Which type of account will be the best for Jorge? A. Certificate of Deposit (CD). B. Money Market Account. C. Savings Account. D. Checking Account D. Checking Account
When it comes to saving money, what is a good rule of thumb? A. Keep most of your savings in your checking account. B. Put aside money for savings each month. C. Choose the savings account with the lowest interest rate. D. Put anything you can't afford on your credit card. B. Put aside money for savings each month
Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in interest? A. Annual Compounding. B. Semi-annual Compounding. C. Monthly Compounding. D. Daily Compounding A. Annual Compounding
Interest is a charge for lending money to a bank; the amount owed for borrowing money; the amount added into your savings when opening a bank account the amount owed for borrowing money
Created by: SusieQ60