Understanding Savings and Interest
Authored by Rosaleen Curran
Business
Professional Development
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15 questions
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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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