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Unit 10: Banking Essentials Lesson 31: Banking Basics Module 108: Avoiding Fees And Maximizing Interest Revenue
Test Description: Unit 10: Banking Essentials Lesson 31: Banking Basics Module 108: Avoiding Fees and Maximizing Interest Revenue
Instructions: Answer all questions to get your test result.
1) Requires you to leave the money untouched for a set amount of time and there is a penalty if you take it out early.
A
NCUA Insures Credit Unions for $250,000
B
Simple Interest Formula
C
FDIC insures Banks for $ 250,000
D
CD Certificate of Deposit
2) Interest earned only on the principle . Formula I=P * T
A
Simple Interest
B
Compound Interest
C
APR Annual Percentage Rate
D
Rule 72
3) interest-bearing deposit account held at a bank or other financial institution that provides a small interest rate.
A
CD
B
Compound Interest : Interest earned on top of interest.
C
time value of money
D
Savings account
4) The concept of___________is important for savers. The longer money is saved, the more its value can increase over time.
A
bank teller
B
time value of money
C
I=PRT Simple Interest Formula
D
minimum balance
5) Provide insurance for your bank deposits,for $250,000
A
FDIC Federal Deposit Insurance Corporation
B
Time Value of money
C
minimum balance
D
budget : Plan for spending
6) If you have a savings account what three factors will affect your Savings
A
FDIC Insurance
B
Nothing
C
The amount of money,The interest rate,Time
D
Direct Deposit
7) A formula can tell you how long it will take your money to double
A
FED: Stabilize Economy and inflation
B
Compound Interest: Interest added on top of principles.
C
Daily
D
Rule 72
8) __________plan is a tax-deferred savings plan offered by an employer to an employee. The employee contributes a percentage of his or her earnings to the plan each pay period
A
A 401(k) or 403(b)
B
CPA
C
Loan officer
D
John teller
9) You will receive more interest , if it is compounded _________
A
Monthly
B
not at all
C
Yearly
D
Daily
10) interest earned on both the principal amount and any interest already earned Interest earn on top of Interest
A
bank teller
B
Simple Interest Formula
C
Compound Interest
D
Simple Interest
11) In general, the higher the risk of loss of principal for an investment, the
A
lower the risk of loss of principal
B
Compound Interest
C
Safe deposit Box
D
greater the potential reward
*select an answer for all questions
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