Savings & Investment

An account that pays interest on a specific sum of money that a person has deposited for a specific period of time. If withdrawn before that time,the bank imposes a penalty fee.

• Savings Account
• Certificate of Deposit (CD)
• Checking Account
• Money Market Account

The phrase "pay yourself first" means to

• Treat yourself to something you want before spending any other money.
• Set money aside for your Christmas savings fund.
• put at least 10% of your income in a savings account before spending any money.
• Make sure all of your bills and other expenses are paid before saving money.

An account created for the purpose of putting funds away for future use.

• Checking Account

• Christmas Fund

• Vacation Fund

• Savings account

A portion of your income that you do not spend on your current needs, but instead set aside for future needs.

• Collateral
• Discretionary Income
• Savings
• Net Worth

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  

• the amount of money borrowed or deposited
• the percent interest for his year
• the amount taxed
• the amount the bank owes you for being a customer at their bank

Tags

CCSS.7.RP.A.3

Interest is:

• A charge for lending money to a bank

• The amount owed for borrowing money

• The amount added into your savings when you open a bank account

• A charge for the convenience of accessing money stored in your bank account

To earn as much interest as possible, you should open a savings account that earns ___ interest and has the ____ interest rate

• compound;lowest

• compound;highest

• simple;lowest

• simple;highest

Tags

CCSS.7.RP.A.2B

Susan has $500 she is looking to save for a trip. She wants to earn the most possible interest and will not need to access her money for a year. which type of savings account will be best

• Certificate of Deposit

• Money Market Account

• Savings Account

• Checking Account

shares of ownership in a company

• interest

• mutual funds

• stocks

• bonds

a member-owned financial institution that is controlled by its members

• credit union

• bank

• online bank

• payday loan