Unit 10: Banking Essentials Lesson 31: Banking Basics Module 108: Avoiding Fees And Maximizing Interest Revenue: Question Preview (ID: 29975)

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You will receive more interest , if it is compounded _________
a) Monthly
b) Yearly
c) Daily
d) not at all

A ______________primarily cashes checks and receives deposits. A teller must have a high school diploma. In addition, banks require background checks and often provide tellers with on-the-job training.1
a) Loan officer
b) John teller
c) CPA
d) bank teller

Simple Interest Formula
a) I=PRT
b) R=PTT
c) T=TiP
d) M=ISC

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.

The True Cost of Credit or cost to borrow money
a) budget : Plan for spending
b) minimum balance
c) APR Annual Percentage Rate
d) Time Value of money

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

When Comparing Financial Institutions
a) CD
b) time value of money
c) Compound Interest : Interest earned on top of interest.
d) Compare interest rate and how the interest is calculated, plus the fees.

Interest earned only on the principle
a) Simple Interest
b) Compound Interest
c) Rule 72
d) APR Annual Percentage Rate

Financial institutions offer a variety of services
a) such as savings accounts, checking accounts, loans, and other services.
b) Simple Interest Formula
c) NCUA Insures Credit Unions for $250,000
d) FDIC insures Banks for $ 250,000

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

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