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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
Principal
C
dinosaur
D
Mrs. Cochran
2) What does the r stand for in the simple interest formula?
A
ravioli
B
Interest rate
C
really hard math
D
reflection
3) What does the t stand for in the simple interest formula?
A
trace
B
temperature
C
time
D
toes
4) Wht do you have to do to the interest rate before using it in a problem?
A
add it
B
pay it
C
subtract it
D
Change it to a decimal
5) The time in an interest problem must be in ...
A
hours
B
months
C
minutes
D
years
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
Coach Moore
B
percent
C
Mrs. Cochran
D
money
8) Simple interest formula only gives you the...
A
dinosaur
B
total
C
interest
D
candy
9) Compound interest only gives you the...
A
candy
B
interest
C
dinosaur
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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