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Personal Finance - Saving And Investing For The Future - Part 4
Test Description: Review for Test
Instructions: Answer all questions to get your test result.
1) Credit unions generally offer lower interest on savings and higher interest on loans.
A
False
B
True
2) Money deposited into savingsa ccounts grows due to compound interest.
A
True
B
False
3) Emergencies, vacations, social events, and major purchases are examples of long-term needs people save for.
A
False
B
True
4) The more risk associated with an investment, the higher the rate of return is likely to be.
A
True
B
False
5) When comparing the yields on different accounts at different financial institutions, you should shop around for the lowest APY.
A
False
B
True
6) When choosing a financial institution in which to deposit your savings, consider safety, liquidity, convenience, interest-earning potential (yield), and feeds/restrictions.
A
True
B
False
7) Money market accounts (at banks) that are not insured by the FDIC are still considered safe because the securities backing these funds are very stable.
A
True
B
False
8) A combination savings-investment plan in which an investment firm uses your money to purchase a variety of short-term securities is called a
A
Money Market Account
B
Share of Stock
C
Regular Savings Account
D
Certificate of Deposit
9) The amount of money you have left over when the bills are paid is known as discretionary income.
A
False
B
True
10) Savings accounts pay dividends, whereas securities pay interest.
A
False
B
True
*select an answer for all questions
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