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