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Savings Account
Test Description: Savings and Interest
Instructions: Answer all questions to get your test result.
1) Define Deposit
A
Amount of money you give to your friend
B
Amount of money that you put into your bank account
C
Amount of money that you put into your moms bank
2) What do you fill out to make a deposit
A
withdraw slip
B
checking account slip
C
deposit slip
3) What would you want to open a savings account and not just a checking account
A
The bank doubles your money
B
The bank will pay a modest interest for keeping money in a savings account
C
The bank will pay a modest interest for keeping money in a checking account
4) To take money out of the bank you will need to fill out a
A
withdraw slip
B
deposit slip
C
checking account slip
5) What is the formula for simple interst
A
interest = principal x time
B
interest = rate x time
C
interest = principal x rate x time
6) How do you figure out what number to use for the time in the simple interest formula
A
Write the time you are given as a decimal
B
Write the time you are given as a fraction
C
Write the time you are given as a negative
7) What will you need to change the rates to before you can calculate them
A
fractions
B
percentages
C
decimals
8) How are rates given to you
A
decimals
B
percentages
C
fractions
9) What is principal
A
The amount you start with before interest
B
The amount you have after gaining interest
C
The amount you have at the end
10) What would the decimal be for 1/2
A
0.15
B
0.25
C
0.50
*select an answer for all questions
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