Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Personal Finance Savings
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) Interest is:
A
a charge for lending money to a bank
B
the amount owed for borrowing money
C
the amount added into your savings when opening a bank account
D
a charge for the convenience of accessing money stored in your bank account
2) To earn as much interest as possible, you should open a savings account that earns _______ interest and has the ______ interest rate.
A
simple; highest
B
compound; highest
C
simple; lowest
D
compound; lowest
3) John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions would enable him to earn MORE interest?
A
Leaving his money in the account for long period of time.
B
Transferring money into his checking account each month.
C
Selecting an account with a high interest rate.
D
Both A B
4) You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?
A
Compounding monthly
B
Compounding daily
C
Compounding 1 time a year
D
Compounding 4 times a year
5) Which of the following is a type of savings vehicle?
A
Money Market Account
B
Checking Account
C
Both A B
D
Certificate of Deposit
6) Which of the following is generally true about savings vehicles?
A
Savings vehicles are never insured
B
Savings vehicles are only useful for long-term investments.
C
All of the above
D
People should evaluate different forms of savings vehicles based on their needs.
7) Which of the following savings vehicles usually requires a high minimum balance?
A
Simple savings account
B
Checking account
C
All of the above
D
Certificate of Deposit (CD)
8) Which of the following accounts will give you the LEAST access to your money?
A
Checking account
B
Cash
C
Simple savings account
D
Certificate of Deposit (CD)
9) The purpose of a budget is to:
A
help you plan how you will spend the money you earn or receive.
B
increase the balance of your savings account
C
tell you how much you owe the government in taxes
D
stop you from spending too much money.
10) When it comes to saving money, what is a good rule of thumb?
A
Put anything you can’t afford on your credit card
B
Choose the savings account with the lowest interest rate
C
Put aside money for savings each month
D
Keep most of your savings in your checking account
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?