Financial Math Basics Review

Which of the following involves a lending institution allowing a consumer to borrow money and then pay back some or all of it each month? (a)  

• Savings Account
• Credit Card
• Debit Card
• Mutual Fund

Which type of interest is only calculated on the original principal?

• Simple

• Compound

• Fixed

• Variable

The cost of borrowing money is called....

• wealth

• Taxes

• Insurance

• interest

Which of these is an employee-sponsored retirement savings plan?

• Roth IRA

• 401k

• Traditional IRA

• Money Market Account

Which of the following is a banking account that allow withdrawals and deposits? (Usually comes with a debit card)

• Credit Card

• Savings Account

• Checking Account

• Mutual Fund

Which is an example of a need?

• Six Flags Season Passes

• A new car

• The newest iPhone

• Housing

Which of the following types of interest stays the same even if the market interest rates change?

• Annual

• Compound

• Fixed

• Variable

This is a college funding source that MUST be repaid.

• Student Loans

• Scholarships

• Grants

• Personal Savings

Where can the FAFSA application be found?

• fafsa.edu

• fafsa.com

• fafsa.gov

• fafsa.edu

Which type of interest is calculated on the initial principal as well as the accumulated interest?

• Fixed

• Variable

• Compound