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WorksheetsBanking 101
Total questions: 12
Worksheet time: 7mins
"I left my money in a savings account to accrue interest." What does the expression "accrue interest" mean?
deduct money
pay off bills
build up money
invest money in stocks
People who hide their money in a safe inside their house will not be able to . . . .
a. buy anything at the store.
b. pay for college.
c. earn interest on their money.
d. give their kids an allowance.
e. both b and c
True or false:
When you deposit money in a bank, the bank pays you interest on it because they are seriously the sweetest people in the world and they just want what's best for you.
TRUE
FALSE
When you first deposit money into the bank, that amount of money is called the ____________________ .
principal
checking
banknote
interest
True or False:
When you deposit money in a bank, they keep it safe by locking it up in a secure vault within the bank itself.
TRUE
FALSE
Why does the bank pay you interest when you deposit money?
Banks have a surplus of money and they can't keep it all in their vault.
Banks need people to make money so they can buy products and support the economy.
Banks are paying interest because they are paying you to use your money.
Banks pay interest because they are looking out for your best interest.
When you write a check or withdraw money from your account, that money is _____________________ your balance.
deducted from
added to
When you deposit money, you are _______________________________.
a. taking money out of your savings or checking account.
b. accruing interest on your savings or checking account.
c. putting money into your savings or checking account.
d. losing money from your savings or checking account.
e. A or D
Another word for "yearly" is (a) .
(For example, a bank gives you a yearly interest rate, also called an _ _ _ _ _ _ interest rate.)
In the banking world, what is interest? (check all that apply)
a percentage of money that the bank pays you for use of your money.
how much a person truly wants to know about investing money
a percentage of money that someone pays the bank when they borrow money
the payment for use of money
depositing money into a bank
Jason deposits his money in a bank that is going to pay out 1% interest. Tina is going to put her money in a bank that pays .25% interest. Who is going to make more money?
Jason
Tina
If you take $100 of birthday money and put it into an account that pays 2% monthly interest, how much will you have after one month?
$2
$120
$102
$100.20
