Finical Literacy Final

The sum of money lent or invested, on which interest is calculated, is known as ____________.

• interest

• compound interest

• principal

• rate of interest

The ________________ is the amount a financial institution charges for lending money, usually expressed as an annual percentage of the loan amount.

• interest rate

• principle

• simple interest

• compound interest

_________________ is calculated on the initial principal and the accumulated interest of previous periods of a deposit or loan.

• simple interest

• compound interest

• principal

• interest rate

____________________ is earned on the principal amount plus the interest already earned.

• principle
• interest rate
• simple interest
• compound interest

What was the reason for Barry's departure from the hive?

• He was looking for a better job.

• He was curious about human life.

• He wanted to experience life outside the hive before committing to a lifelong job.

Which of the following was not a role Barry played?

• A bee

• A friend

• A doctor

In the Bee Movie, the bees stop working leading to the wilting of flowers

• True

• False

Consider the following scenario: Initial deposit $200 after 1 year $210 after 2 years $220 after 3 years $230 after 4 years $240 after 5 years $250 What type of interest is this an example of?

• simple interest

• compound interest

Consider the following scenario: Initial deposit $200.00 after 1 year $210.00 after 2 years $220.50 after 3 years $231.53 after 4 years $243.11 after 5 years $255.27. What type of interest is this an example of?

• simple interest

• compound interest

A credit score is a number that has no impact on your ability to secure a loan or a credit card from financial institutions.

• True

• False