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Savings Unit Test 2
Test Description: A second review game for the Savings unit test.
Instructions: Answer all questions to get your test result.
1) What is the term that describes a form of money that has intrinsic value?
A
credit
B
fiat
C
commodity
D
bank note
2) What was the purpose of establishing the Federal Reserve Bank?
A
to make funds available to banks when cash reserves were low
B
to provide a lending agency so poor citizens could get mortgages
C
to generate additional revenue for the United States government
D
to help the government save money during periods of expansion
3) What was one result of increased mortgage foreclosures after 2007?
A
increased bank profits
B
rise in the stock market
C
tighter credit restrictions
D
decreased unemployment
4) What is one disadvantage of getting money from a payday loan store?
A
A payday loan negatively affects your credit rating.
B
You are limited in terms of the amount of money you can borrow.
C
Payday loan stores charge much higher fees than banks.
D
You receive your money more slowly.
5) "The longer money is saved, the more it can increase" relates to which phrase?
A
Annual Yield Percentage
B
time value of money
C
Rule of 72
D
simple interest
6) For how many years should you keep tax records?
A
7
B
3
C
10
D
1
7) A bank account holder typically receives a statement on a ____ basis.
A
yearly
B
daily
C
weekly
D
monthly
8) Which term refers to the sum of money put into an account or the amount of money you borrow?
A
credit
B
debit
C
principal
D
interest
9) Which is the correct formula for calculating simple interest?
A
I=P+R+T
B
I=P-R+T
C
I=PxR/T
D
I = PxRxT
10) When an employer sends your paycheck directly to the bank, it is called _____.
A
automatic debit
B
transactional reduction
C
internal credit
D
direct deposit
*select an answer for all questions
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