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Unit 4-Other Financial Services
Test Description: Other Financial Services
Instructions: Answer all questions to get your test result.
1) To write 10% as a decimal you would write 1.0
A
Not this one
B
True
C
Not this one
D
False
2) More money is earned on interest compounded annually than on interest compounded daily
A
Not this one
B
Not this one
C
False
D
True
3) Interest paid on interest is called
A
counter interest
B
compound interest
C
simple interest
D
annual interest
4) When interest is compounded semiannually, the annual interest rate must be divided by
A
1
B
4
C
2
D
8
5) Before investing money in a savings account you should ask which one of the following questions...
A
Is there a minimum balance requirement
B
How often the interest is compounded
C
What is your interest rate
D
All of the above
6) Interest rates charts provided by banks are unreliable
A
False
B
Not this one
C
True
D
Not this one
7) Which of the following is the most liquid?
A
Check
B
Cash
C
Real Estate
D
Certification of Deposit (CD)
8) Which of the following is the least liquid?
A
Cash
B
Check
C
Real Estate
D
Certification of Deposit (CD)
9) Customer can use ATMs to perform financial transactions without a teller
A
False
B
True
C
Not this one
D
Not this one
10) They now make smart phone apps to do a lot of your banking.
A
Not this one
B
True
C
Not this one
D
False
*select an answer for all questions
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