Review for the chapter 8 savings test
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| A credit union is a financial institution that serves only businesses with a wide variety of accounts, loans, and other financial services. | show 🗑
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| A good way to save successfully is to make saving a regular payment from each paycheck. | show 🗑
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| A dividend is not actually a share of a company’s profits. | show 🗑
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| When you save, you trade spending now for the ability to spend in the Future. | show 🗑
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| Money market accounts usually pay higher interest rates than regular savings accounts. | show 🗑
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| show | True
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| The more often interest is compounded, the less interest you make. | show 🗑
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| Simple interest is earned on just your principal, not on the interest earned previously. | show 🗑
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| show | True
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| The higher the APR, the less income your deposit will earn. | show 🗑
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| show | credit unions
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| Interest paid annually at the end of the year on the average balance in a savings account is | show 🗑
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| show | $212
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| show | bond
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| show | Compound interest
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| Savings accounts are offered by all savings institutions, a place in which you can deposit money, a way you can earn interest | show 🗑
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| show | savings and loan associations
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| Interest can be compounded annually, semiannually, and quarterly | show 🗑
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| If interest at 6 percent is compounded annually on Carlos’ $500 savings account, how much will he have in his account at the end of two years, assuming that he withdraws nothing during the two years? | show 🗑
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| show | False
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| show | Interest
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| show | Principle
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| show | Penalty
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| show | deduction
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| Use the rule of 72 to figure how many years it will take to double your money if you have $750 at 7% interest | show 🗑
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| show | 72/9= 8
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| Use the rule of 72 to figure how many years it will take to double your money if you have $750 at 5% interest | show 🗑
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Created by:
Lhoover