Personal Finance Review Part 5

Personal Finance Review Part 5

9th - 12th Grade

25 Qs

quiz-placeholder

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Personal Finance Review Part 5

Personal Finance Review Part 5

Assessment

Quiz

Other

9th - 12th Grade

Hard

Created by

Algie Brodnax

Used 25+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

When taking advantage of the time value of money, which is most likely to result in the largest return?

Invest a large principal amount of money and then make no additional investments.
Invest as long as possible and at the highest interest rate possible.
Invest a small amount of money for a short period of time at the highest interest rate possible.
Invest at a high interest rate because interest is the only factor that affects return.

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which correctly describes the security level of savings tools?

Savings tools are not secure because they have a high risk of losing money.
Savings tools are secure because they are protected by the U.S. government against loss.
Savings tools are very secure because there are not risks involved with saving or investing.
None of the above is true. It would be safer to keep the money at home in a shoe box.

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which is a feature of a certificate of deposit (CD)?

Funds deposited in a CD are held for a certain length of time.
Funds deposited in a CD have tiered interest rates.
Funds deposited in a CD are very liquid.
Funds deposited in a CD can be accessed via check or debit card.

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Hannah needs a savings tool to help her manage her everyday purchases. The savings tool needs to be very liquid and accessible. Which savings tool should Hannah choose?

Certificate of deposit
Checking account
Money market deposit account
Any of the above savings tools

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

In relation to other options, how liquid is a savings account?

More liquid than cash
Less liquid than mutual funds
More liquid than a certificate of deposit
More liquid than a checking account

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Brett plans to save money toward purchasing a car. His coworker is telling him about a money market account he has that offers a tiered interest rate. What is Brett’s coworker talking about?

The amount of money he earns depends on the balance, i.e. the higher the account balance the higher the interest rate he would earn.
The amount of money he earns depends on the number of accounts he has at the depository institution, i.e. the more accounts he has, the higher interest rate he will earn.
Brett’s coworker is talking about something that is illegal. A tiered account is promoted by scam artists who trick people into investing money in hopes of earning higher rates over time.
The rate of interest earned increases over time, i.e. leaving money in the account for 3 months would earn a lower interest rate than leaving money in the account for 12 months.

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which is a feature of a money market deposit account?

No minimum balance requirements
Unlimited transactions every month
Tiered interest rates
The money must remain in the account for a specific period of time

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