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