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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
dinosaur
B
Mrs. Cochran
C
Principal
D
interest
2) What does the r stand for in the simple interest formula?
A
Interest rate
B
ravioli
C
reflection
D
really hard math
3) What does the t stand for in the simple interest formula?
A
time
B
temperature
C
toes
D
trace
4) Wht do you have to do to the interest rate before using it in a problem?
A
pay it
B
subtract it
C
add it
D
Change it to a decimal
5) The time in an interest problem must be in ...
A
years
B
hours
C
months
D
minutes
6) On the compound interest formula, where does the time go?
A
with the + 1
B
Outside the parentheses as an exponent
C
nowhere...leave it out
D
on a trip
7) the Principal is also know as the...
A
Coach Moore
B
money
C
Mrs. Cochran
D
percent
8) Simple interest formula only gives you the...
A
dinosaur
B
total
C
interest
D
candy
9) Compound interest only gives you the...
A
interest
B
dinosaur
C
candy
D
total
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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