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Financial Literacy
Test Description: Questions about interest, money, tuition etc.
Instructions: Answer all questions to get your test result.
1) What does the P stand for in the simple interest formula?
A
interest
B
dinosaur
C
Mrs. Cochran
D
Principal
2) What does the r stand for in the simple interest formula?
A
ravioli
B
really hard math
C
Interest rate
D
reflection
3) What does the t stand for in the simple interest formula?
A
time
B
trace
C
toes
D
temperature
4) Wht do you have to do to the interest rate before using it in a problem?
A
subtract it
B
pay it
C
Change it to a decimal
D
add it
5) The time in an interest problem must be in ...
A
months
B
minutes
C
years
D
hours
6) On the compound interest formula, where does the time go?
A
on a trip
B
nowhere...leave it out
C
Outside the parentheses as an exponent
D
with the + 1
7) the Principal is also know as the...
A
percent
B
Coach Moore
C
Mrs. Cochran
D
money
8) Simple interest formula only gives you the...
A
interest
B
candy
C
total
D
dinosaur
9) Compound interest only gives you the...
A
dinosaur
B
candy
C
total
D
interest
10) If using the exact same numbers, compound interest will always give you more money.
A
False, they will be the same for the first year.
B
True, compound always gives more
*select an answer for all questions
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