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Savings Unit Test Review
Test Description: This is a review game for our unit test on the savings unit.
Instructions: Answer all questions to get your test result.
1) Which term describes the fee paid to borrow money or the earnings on money saved and invested?
A
mortgage
B
foreclosure
C
interest
D
credit
2) Another name for the interest rate is
A
ATR
B
APY
C
ATM
D
APP
3) Which institutions are insured by the FDIC?
A
banks and credit unions
B
insurance companies and banks
C
savings and loan companies and banks
D
credit unions and insurance companies
4) For how much are accounts insured by the FDIC?
A
$100
B
$5,000
C
$100,000
D
$250,000
5) What is compound interest?
A
interest calculated on original principal only
B
none of these
C
simple interest
D
interest calculated on beginning principal plus any interest that has accumulated
6) What is used to show how quickly money can double?
A
simple interest
B
time value of money
C
Rule of 72
D
AYP
7) A/an _____ often earns more interest than a standard savings account.
A
automatic withdrawal
B
checking account
C
credit card
D
money market account
8) With a money market account,
A
you cannot do direct deposit
B
a signature card is not required
C
you earn no interest
D
you have a limited number of transactions each month
9) When your money can be easily accessed and used for many purposes, it is _____.
A
overdrawn
B
discretionary
C
liquid
D
undervalued
10) A ____ is a regular update from the bank that lists your account activity.
A
debit
B
interest payment
C
filing system
D
bank statement
*select an answer for all questions
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