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Chapter 2 Financial Literacy Test

Authored by Helen Yu

Financial Education

12th Grade

Used 7+ times

Chapter 2 Financial Literacy Test
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23 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following refers to the price paid for using money?

Interest

Debt

Principal

Compound Growth

2.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following refers to the amount of money borrowed?

Interest

Debt

Principal

Compound Growth

3.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following can affect the loan interest rate?

Your salary

Purpose of the loan

Your prior financial behaviors

All of the choices are correct.

4.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following is a rule that can help you grow your money?

The longer you let your money grow, the more you will have in the future (assuming the same interest rate).

The more interest you earn, the more you will accumulate over time.

The higher the interest rate you want, the more risk you must take.

All of these answer choices are correct.

5.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

The Federal Deposit Insurance Corporation and the National Credit Union Administration protect savings deposits up to what amount?

$250,000

$350,000

$450,000

$500,000

6.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

If risk is low, then the interest rate that your money earns is generally:

high.

low.

doubled.

not affected.

7.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

What is the Annual Percentage Rate (APR) if a bank pays 0.3% interest monthly on savings?

1.8%

2.4%

3.6%

4.8%

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