Unit 10: Banking Essentials Lesson 31: Banking Basics Module 108: Avoiding Fees And Maximizing Interest Revenue Question Preview (ID: 29975)
Unit 10: Banking Essentials Lesson 31: Banking Basics Module 108: Avoiding Fees And Maximizing Interest Revenue.
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Requires you to leave the money untouched for a set amount of time and there is a penalty if you take it out early.
a) CD Certificate of Deposit
b) Simple Interest Formula
c) NCUA Insures Credit Unions for $250,000
d) FDIC insures Banks for $ 250,000
Interest earned only on the principle . Formula I=P * T
a) Simple Interest
b) Compound Interest
c) Rule 72
d) APR Annual Percentage Rate
interest-bearing deposit account held at a bank or other financial institution that provides a small interest rate.
a) CD
b) time value of money
c) Compound Interest : Interest earned on top of interest.
d) Savings account
The concept of___________is important for savers. The longer money is saved, the more its value can increase over time.
a) time value of money
b) minimum balance
c) bank teller
d) I=PRT Simple Interest Formula
Provide insurance for your bank deposits,for $250,000
a) budget : Plan for spending
b) minimum balance
c) FDIC Federal Deposit Insurance Corporation
d) Time Value of money
If you have a savings account what three factors will affect your Savings
a) The amount of money,The interest rate,Time
b) FDIC Insurance
c) Nothing
d) Direct Deposit
A formula can tell you how long it will take your money to double
a) Rule 72
b) Daily
c) FED: Stabilize Economy and inflation
d) Compound Interest: Interest added on top of principles.
__________plan is a tax-deferred savings plan offered by an employer to an employee. The employee contributes a percentage of his or her earnings to the plan each pay period
a) Loan officer
b) John teller
c) CPA
d) A 401(k) or 403(b)
You will receive more interest , if it is compounded _________
a) Monthly
b) Yearly
c) Daily
d) not at all
interest earned on both the principal amount and any interest already earned Interest earn on top of Interest
a) Compound Interest
b) Simple Interest
c) bank teller
d) Simple Interest Formula
In general, the higher the risk of loss of principal for an investment, the
a) greater the potential reward
b) lower the risk of loss of principal
c) Compound Interest
d) Safe deposit Box
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