Savings Unit Test Review: Question Preview (ID: 13168)

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Which term describes the fee paid to borrow money or the earnings on money saved and invested?
a) credit
b) mortgage
c) interest
d) foreclosure

Another name for the interest rate is
a) ATM
b) APP
c) APY
d) ATR

Which institutions are insured by the FDIC?
a) savings and loan companies and banks
b) credit unions and insurance companies
c) insurance companies and banks
d) banks and credit unions

For how much are accounts insured by the FDIC?
a) $100
b) $250,000
c) $100,000
d) $5,000

What is compound interest?
a) interest calculated on beginning principal plus any interest that has accumulated
b) none of these
c) simple interest
d) interest calculated on original principal only

What is used to show how quickly money can double?
a) Rule of 72
b) simple interest
c) time value of money
d) AYP

A/an _____ often earns more interest than a standard savings account.
a) money market account
b) automatic withdrawal
c) credit card
d) checking account

With a money market account,
a) you have a limited number of transactions each month
b) a signature card is not required
c) you cannot do direct deposit
d) you earn no interest

When your money can be easily accessed and used for many purposes, it is _____.
a) liquid
b) undervalued
c) overdrawn
d) discretionary

A ____ is a regular update from the bank that lists your account activity.
a) bank statement
b) debit
c) interest payment
d) filing system

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