Savings Unit Test 2: Question Preview (ID: 13186)

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What is the term that describes a form of money that has intrinsic value?
a) commodity
b) bank note
c) credit
d) fiat

What was the purpose of establishing the Federal Reserve Bank?
a) to make funds available to banks when cash reserves were low
b) to provide a lending agency so poor citizens could get mortgages
c) to help the government save money during periods of expansion
d) to generate additional revenue for the United States government

What was one result of increased mortgage foreclosures after 2007?
a) tighter credit restrictions
b) increased bank profits
c) rise in the stock market
d) decreased unemployment

What is one disadvantage of getting money from a payday loan store?
a) Payday loan stores charge much higher fees than banks.
b) You receive your money more slowly.
c) A payday loan negatively affects your credit rating.
d) You are limited in terms of the amount of money you can borrow.

"The longer money is saved, the more it can increase" relates to which phrase?
a) time value of money
b) Rule of 72
c) Annual Yield Percentage
d) simple interest

For how many years should you keep tax records?
a) 7
b) 1
c) 3
d) 10

A bank account holder typically receives a statement on a ____ basis.
a) monthly
b) daily
c) weekly
d) yearly

Which term refers to the sum of money put into an account or the amount of money you borrow?
a) principal
b) interest
c) credit
d) debit

Which is the correct formula for calculating simple interest?
a) I = PxRxT
b) I=P+R+T
c) I=P-R+T
d) I=PxR/T

When an employer sends your paycheck directly to the bank, it is called _____.
a) direct deposit
b) automatic debit
c) internal credit
d) transactional reduction

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