Banks offer interest as an incentive to customers who open accounts. What does "incentive" mean?
Interest

Quiz
•
Mathematics
•
7th Grade
•
Hard
Barbara White
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Encouragement
Punishment
Trick
Gift
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is an opinion about interest?
Most American banks offer interest rates below 10 percent.
Interest can be compounded yearly, monthly, or even daily
An interest rate of 20 percent, compounded monthly, is far too high
Interest is accrued on savings accounts, but rarely checking accounts
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can you compare simple and compound interest?
Simple interest is paid on the principal plus accrued interest; compound interest is paid only on the principle
Compound interest is paid on the principal plus accrued interest; simple interest is paid only on the principal
Compound interest is paid out once a month; simple interest is paid out once a year
Simple interest is more difficult to calculate than compound interest
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is true?
The less money you borrow from a bank, the more interest you pay
The more money you have in the bak, the less interest you accumulate
The more money you borrow from a bank, the less interest you pay
The more money you have in the bank, the more interest you accumulate
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does charging interest encourage banks to make loans?
It allows them to make profits by lending money
It ensures that borrowers will pay them back
It discourages people from borrowing money from their friends
It allows banks to pay interest to people with savings accounts
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true?
You pay interest when you borrow money and earn interest when you loan money
You earn interest when you borrow money and pay interest when you loan money
You pay interest both when you borrow and loan money
You earn interest both when you borrow and loan money
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If your bank offers 6 percent annual simple interest, and you start with $60 in your account, how much will you have after one year?
$70.00
$66.30
$63.60
$66.00
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