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Unit 10: Banking Essentials Lesson 31: Banking Basics Module 108: Avoiding Fees And Maximizing Interest Revenue
Test Description: Unit 10: Banking Essentials Lesson 31: Banking Basics Module 108: Avoiding Fees and Maximizing Interest Revenue
Instructions: Answer all questions to get your test result.
1) Requires you to leave the money untouched for a set amount of time and there is a penalty if you take it out early.
A
CD Certificate of Deposit
B
Simple Interest Formula
C
FDIC insures Banks for $ 250,000
D
NCUA Insures Credit Unions for $250,000
2) Interest earned only on the principle . Formula I=P * T
A
Simple Interest
B
APR Annual Percentage Rate
C
Rule 72
D
Compound Interest
3) interest-bearing deposit account held at a bank or other financial institution that provides a small interest rate.
A
Compound Interest : Interest earned on top of interest.
B
time value of money
C
CD
D
Savings account
4) The concept of___________is important for savers. The longer money is saved, the more its value can increase over time.
A
time value of money
B
minimum balance
C
I=PRT Simple Interest Formula
D
bank teller
5) Provide insurance for your bank deposits,for $250,000
A
Time Value of money
B
FDIC Federal Deposit Insurance Corporation
C
budget : Plan for spending
D
minimum balance
6) If you have a savings account what three factors will affect your Savings
A
Nothing
B
Direct Deposit
C
The amount of money,The interest rate,Time
D
FDIC Insurance
7) A formula can tell you how long it will take your money to double
A
Daily
B
Compound Interest: Interest added on top of principles.
C
Rule 72
D
FED: Stabilize Economy and inflation
8) __________plan is a tax-deferred savings plan offered by an employer to an employee. The employee contributes a percentage of his or her earnings to the plan each pay period
A
CPA
B
John teller
C
A 401(k) or 403(b)
D
Loan officer
9) You will receive more interest , if it is compounded _________
A
Monthly
B
Daily
C
not at all
D
Yearly
10) interest earned on both the principal amount and any interest already earned Interest earn on top of Interest
A
Compound Interest
B
Simple Interest Formula
C
bank teller
D
Simple Interest
11) In general, the higher the risk of loss of principal for an investment, the
A
Compound Interest
B
greater the potential reward
C
Safe deposit Box
D
lower the risk of loss of principal
*select an answer for all questions
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