Understanding Savings and Interest

Understanding Savings and Interest

Professional Development

15 Qs

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Understanding Savings and Interest

Understanding Savings and Interest

Assessment

Quiz

Business

Professional Development

Practice Problem

Medium

Created by

Rosaleen Curran

Used 8+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does saving mean?

Setting aside part of your income

Investing in stocks

Spending all of your income

Borrowing money from a bank

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is interest in the context of savings?

A fee for opening an account

A penalty for withdrawing money

A reward for saving money

A tax on savings

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the balance in a savings account?

The amount of money in the account at a given time

The interest rate applied

The amount of money borrowed

The total interest earned

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do deposit accounts allow customers to do?

Save money and earn interest

Invest in stocks

Borrow money

Pay taxes

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is simple interest calculated?

As a fixed amount

As a percentage of the original amount

As a percentage of the interest earned

As a percentage of the total amount in the account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is compound interest calculated?

As a percentage of the total amount at the end of each year

As a fixed amount

As a percentage of the interest earned

As a percentage of the original amount

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does CAR stand for?

Current Account Rate

Compound Annual Rate

Credit Annual Rate

Cash Accumulation Rate

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