
FL: Chapter 5 Review
Authored by Allison Molleker
Business
10th Grade
Used 20+ times

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32 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following strategies will help make your savings grow?
Pay yourself only with discretionary money after all bills are paid.
Make savings a regular part of your budget.
Make frequent withdrawals.
Choose accounts with low interest rates.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A payroll savings plan (PSP) is another application of which strategy?
time value of money
Rule of 72
compounding interest
pay yourself first
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How long should the money in your emergency fund cover?
one year
eight to ten months
six months
three months
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Restrictions and penalties can affect an account's _____.
earnings
ownership
frequency of interest compounding
interest rate
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following items is not characteristic of a passbook savings account?
unlimited withdrawals
few fees
requires a high minimum balance
low interest rate
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which savings product requires a person to commit his or her money for the longest period of time?
interest-bearing savings account
high-yield savings account
passbook savings account
certificate of deposit (CD)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is necessary to use the Rule of 72?
A minimum of 25 years.
An interest rate of 10% or more.
A fixed interest rate.
A minimum of $5,000
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