Modules 108- 110 Review Part 1 Question Preview (ID: 33858)
Modules 108- 110 Review Part 1.
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All financial institutions have the same features for all of their savings accounts.
a) True
b) False
c)
d)
Money in a savings account using compound interest will grow faster than money in an account that uses simple interest.
a) True
b) False
c)
d)
Simple interest includes the multiplication of the APY by the principal and interest.
a) False
b) True
c)
d)
The Rule of 72 predicts when your money will triple in value.
a) False
b) True
c)
d)
If a savings account requires a minimum balance and you go below it, financial institutions won’t charge you a fee.
a) False
b) True
c)
d)
The Rule of 72 uses for its calculation the number 72, the term of investment, and the annual interest rate.
a) True
b) False
c)
d)
The Rule of 72 can calculate the amount of interest needed to reach a financial goal in a set number of years.
a) True
b) False
c)
d)
When it comes to a savings account, the principal is
a) a total amount of interest
b) an original deposit of money
c) additional money a financial institution gives to you
d) none of the above
Interest can be compounded
a) monthly
b) quarterly
c) annually
d) All of the above
When comparing financial institutions offering savings accounts, you should read about
a) how the interest is calculated
b) when fees are assessed
c) what interest rate is being offered
d) all of the above
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