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Modules 108- 110 Review Part 1
Test Description: Modules 108- 110 Review Part 1
Instructions: Answer all questions to get your test result.
1) All financial institutions have the same features for all of their savings accounts.
A
False
B
True
2) Money in a savings account using compound interest will grow faster than money in an account that uses simple interest.
A
False
B
True
3) Simple interest includes the multiplication of the APY by the principal and interest.
A
True
B
False
4) The Rule of 72 predicts when your money will triple in value.
A
True
B
False
5) If a savings account requires a minimum balance and you go below it, financial institutions won’t charge you a fee.
A
False
B
True
6) The Rule of 72 uses for its calculation the number 72, the term of investment, and the annual interest rate.
A
True
B
False
7) The Rule of 72 can calculate the amount of interest needed to reach a financial goal in a set number of years.
A
True
B
False
8) When it comes to a savings account, the principal is
A
none of the above
B
a total amount of interest
C
additional money a financial institution gives to you
D
an original deposit of money
9) Interest can be compounded
A
All of the above
B
quarterly
C
monthly
D
annually
10) When comparing financial institutions offering savings accounts, you should read about
A
how the interest is calculated
B
all of the above
C
what interest rate is being offered
D
when fees are assessed
*select an answer for all questions
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