Math IV Quarter 1 Review

Aiden just discovered a magical savings account that offers a 4% annual interest rate. He's curious to know how long it will take for his money to double using this magical account. Can you help Aiden by using the Rule of 72 to find out how many years it will take for his savings to double?

• 18 years

• 20 years

• 24 years

• 36 years

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Olivia just finished her summer job cleaning pools and saved up $1,000! She's looking for the best way to stash her cash where it can grow over the years. Which of these savings options would help her earn the highest interest rate while keeping her money safe and sound? Choose wisely!

• Regular savings account

• Money Market account

• Checking account

• Certificate of Deposit

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CCSS.HSS.MD.B.5

Hey there, savvy savers! Which of these statements about savings is totally off the mark? Choose wisely, and remember, only one oval can be your answer!

• Noah often thinks he's saving big when he buys gadgets at a discount, even if he didn't need them in the first place

• Isla heard it's super tough to open a savings account, needing at least $10,000 just to get started

• Without a trusty savings account, Elijah finds it way too easy to splurge and lose track of his finances

• Billions are spent on marketing to convince folks like you to spend rather than save

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Arjun, a 17-year-old high school junior, just landed his first job and is excited to open a savings account. What should he bring to the local bank branch to get started? Choose wisely!

• A letter from his school

• A letter from his parents

• An adult cosigner because he is under 18

• An adult cosigner because he is still a student

Ava, Daniel, and Avery are 18 years old and ready to open their first savings account. They're considering three exciting options. All three banks have fees that are competitive with other banks. Which bank should they choose for their savings adventure?

• Bank A

• Bank B

• Bank C

• All 3 banks are equally good options

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Imagine Kai and Scarlett are planning their savings for a fun adventure. When their bank says their savings account earns 1% interest, over what period of time will they earn this interest?

• Daily

• Monthly

• Quarterly (three months)

• Annually (a year)

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Avery just opened a magical savings account with $1,000, and it promises a 1% interest rate per year! At the end of the first year, Avery's account magically grows by $10, making it $1,010. If the account uses simple interest, the 1% interest for year two would be based off __________. If it uses the magic of compounding interest, the 1% interest for year two would be based off ______________. (NOTE: The first choice goes in the first blank, the second choice goes in the second blank).

• The original deposit ($1,000); The year one account balance ($1,010)

• The original deposit ($1,000); The year one interest ($10)

• The year one account balance ($1,010); The year one interest ($10)

• The year one account balance ($1,010); The original deposit ($1,000)

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Imagine you're Kai, and you've just opened a shiny new bank account at Eastside Savings. You notice those cool FDIC stickers everywhere, and the friendly teller assures you that Eastside Savings is "FDIC insured." Fast forward a few months, and you hear on the radio that Eastside Savings is having a tough time staying afloat. Your savings balance is $500. What would happen to your money if Eastside Savings went under?

• You would receive all the money you have deposited at Eastside Savings since FDIC insurance covers accounts up to $250,000.

• You could lose $250 since FDIC insurance only covers 50% of the money you have deposited.

• You would lose all of your money.

• You would receive $250,000 since FDIC insurance provides each account at the bank with $250,000 regardless of how much they have deposited.

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CCSS.6.RP.A.3B

Imagine you're giving financial advice to your friend Isla. Which of the following strategies would you recommend for her to save money effectively? Choose wisely!

• Wait until the end of the month and save whatever is left in your checking account

• Save a certain percentage of each paycheck and deposit it directly in a savings account

• Cover all of your wants and needs and save whatever is left over

• Take out a payday loan so you can save before you receive your paycheck

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CCSS.6.RP.A.3B

Imagine you're managing your Emergency Fund, and suddenly life throws a curveball! When would be the best time to dip into it? Choose wisely!

• Priya just lost her job and still has bills to pay

• Arjun insists you should invest in Bitcoin right now

• Avery's favorite artist just dropped a new album, and it's a must-have

• Your friends are planning an epic, expensive trip, and you want to join

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