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Econlab Viid Quiz 1
Test Description: Econlab vid 1
Instructions: Answer all questions to get your test result.
1) Charles has a bank account where he allows the regular interest payments to accumulate. This is an example of
A
Risk
B
Compound interest
C
Checking Account
D
Interest rate
2) The amount of money you initially deposit in your bank account is called the
A
interest rate
B
compound interest
C
principal
D
interest
3) The best plan for building your saving is to:
A
Save the money you get from your rewards on your credit card
B
Save the money left over each month after paying your expenses.
C
Pay yourself first
D
Claim fewer deductions on your paycheck and save the money you get in a tax refund
4) The price people pay for the use of someone else's money is
A
Interest
B
Profit
C
Inflation
D
Credit
5) The amount of money you accumulate in savings depends on
A
Interest rate, time, principal
B
Time, taxes, interest rate
C
Interest rate, income, time
D
Income, time, taxes
6) Which of the following people is likely to pay the highest interest rate for a car loan?
A
Jennifer, who is 45 and has worked as an electrical engineer for 20 years.
B
Ludwig, who is 24 and just landed his first full-time job as an electrical engineer
C
Ella, who is 18 and works part time at McDonalds while going to school.
D
Mark, who has worked as a manager at McDonalds for ten years.
7) The money in your account at the bank is insured by the
A
Securities and Exchange Commission
B
Federal Trade Commission
C
National Credit Union Administration
D
Federal Deposit Insurance Corporation
8) Savings account interest is
A
Checks
B
PIN
C
taxable
D
CD
9) anyone can cash the check after the check has been signed
A
restrictive endorsement
B
special endorsement
C
Money orders
D
blank endorsement
10) Legal documents that function like cash
A
Interest
B
Checks
C
ATM
D
None
*select an answer for all questions
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