Interest

Interest

7th Grade

10 Qs

quiz-placeholder

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Interest

Interest

Assessment

Quiz

Mathematics

7th Grade

Hard

Created by

Barbara White

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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

Media Image

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

Media Image

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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