Econlab Viid Quiz 1: Question Preview (ID: 18230)

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Charles has a bank account where he allows the regular interest payments to accumulate. This is an example of
a) Risk
b) Checking Account
c) Interest rate
d) Compound interest

The amount of money you initially deposit in your bank account is called the
a) interest
b) principal
c) interest rate
d) compound interest

The best plan for building your saving is to:
a) Pay yourself first
b) Save the money you get from your rewards on your credit card
c) Save the money left over each month after paying your expenses.
d) Claim fewer deductions on your paycheck and save the money you get in a tax refund

The price people pay for the use of someone else's money is
a) Profit
b) Interest
c) Credit
d) Inflation

The amount of money you accumulate in savings depends on
a) Income, time, taxes
b) Time, taxes, interest rate
c) Interest rate, income, time
d) Interest rate, time, principal

Which of the following people is likely to pay the highest interest rate for a car loan?
a) Mark, who has worked as a manager at McDonalds for ten years.
b) Jennifer, who is 45 and has worked as an electrical engineer for 20 years.
c) Ella, who is 18 and works part time at McDonalds while going to school.
d) Ludwig, who is 24 and just landed his first full-time job as an electrical engineer

The money in your account at the bank is insured by the
a) Federal Trade Commission
b) National Credit Union Administration
c) Securities and Exchange Commission
d) Federal Deposit Insurance Corporation

Savings account interest is
a) taxable
b) PIN
c) CD
d) Checks

anyone can cash the check after the check has been signed
a) special endorsement
b) restrictive endorsement
c) blank endorsement
d) Money orders

Legal documents that function like cash
a) Checks
b) Interest
c) ATM
d) None

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