Future SMART Unit Quiz 8th

1. Revenue is:

• The amount of money a company pays its employees

• The amount of money a company has left over after paying bills

• The amount of money a company makes from sales

• The amount of taxes a company has to pay

The average price of a gallon of milk increased from $3.00 last year to $3.50 this year. This is most likely due to ______________________.

• Inflation

• The stock market

• Deflation

• The market basket

Which interest-bearing account is best for people who won’t need access to their money for several months of longer?

• Savings Account

• Checking Account

• Certificate of Deposit

• Credit card

Why would you put money into a savings account?

• To make frequent withdrawals at ATM’s

• To earn interest on your money

• To access the money from this account with personal checks

• To easily access money from this account with a debit card

What is the first step you should take when you want to open a savings account?

• Go to the bank and fill out an application

• Review the different account options that your bank offers

• Present your photo ID to the bank representative

• Make your initial deposit

Aaron wants to open a savings account. Which account will grow his money the most?

• Account 1 - Interest rate 2%, Interest compounded daily

• Account 2 - Interest rate 1%, Interest compounded daily

• Account 3 - Interest rate 2%, Interest compounded semi-annually

• Account 4 - Interest rate 1%, Interest compounded annually

A loss is when:

• Revenue is greater than expenses

• Revenue is less than expenses

• Revenue is equal to expenses

• None of the above

Your sister is looking for a way to increase the amount of interest she is earning on her savings account. What should she do?

• Use the money from her savings account to open a checking account instead

• Make monthly withdrawals from her savings account

• Switch to a savings account with a lower interest rate

• Deposit money into her savings account each month

What is required when opening a checking account?

• An Initial Deposit

• A Salary

• A Credit Card

• A copy of your last paycheck

Which of the following best describes deflation?

• A decrease in the cost of goods and services

• An increase in the cost of goods and services

• A decrease in purchases of a good or service

• An increase in purchases of a good or service