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1P Economic Engineering

Total questions: 36

Worksheet time: 1hrs 10mins

Name
Class
Date
1.
The interest rate which reflects the total amount of interest earned on an investment in one year.
a)
Interest
b)
Interest rate
c)
Effective interest rate
d)
Nominal interest rate
2.
The fee lenders charge to borrowers for the temporary use of money.
a)
Interest
b)
Interest rate
c)
Effective interest rate
d)
Nominal interest rate
3.
The stated annual interest rate.
a)
Interest
b)
Interest rate
c)
Effective interest rate
d)
Nominal interest rate
4.
The percentage charged or earned for the use of money per year.
a)
Interest
b)
Interest rate
c)
Effective interest rate
d)
Nominal interest rate
5.
A series of equal payments at regular intervals.
a)
Annum
b)
Annuity
c)
Annual interest rate
6.
Referring to one year.
a)
Annum
b)
Annuity
c)
Annual interest rate
7.
The interest rate over a one year period or interest rate per annum.
a)
Annum
b)
Annuity
c)
Annual interest rate
8.

A six month investment will earn 5.25%. How much would you need to invest if you want to earn $100 in interest?

(a)  

9.

Mark had $240 in the bank for the month of April. At the end of the month he had earned $0.90 in interest. What interest rate was the bank paying?

(a)  

10.

Carl invested $500 paying 6%. How long will it take her to earn $250 in interest?

(a)  

11.

At the beginning of the year, Bill invested $500 in a special account. At the end of the year the account was worth a total of $523.25. What interest rate did he earn on the $500 investment?

(a)  

12.

Velma invests $1200 at 6.5%. How long will it take to earn $10 in interest on the investment? (Answer in days.)

(a)  

13.

A certain credit card company charged $3.45 interest on a $230 unpaid bill over a 30 day period. What interest rate was the credit card company charging?

(a)  

14.
Is an amount or mass of money located on a date or initial point of a financial operation
a)
Interest rate
b)
Capital
c)
Amount
d)
Interest
e)
Time
15.
Interest rate it's expressed as much by one or as a percentage.
a)
True
b)
False
16.
it is the value of money at this time.
a)
Interest rate
b)
Capital
c)
Amount
d)
Interest
e)
Time
17.

In the case of credits, you pay the interest.

a)
True
b)
False
18.
In the case of investment we pay interest.
a)
True
b)
False
19.

Capital can also be called: (Select the 3 options that apply)

a)

Principal

b)

Interest

c)

Present value

d)

Amount

e)

Current value

20.

In the case of investment we get paid (the interest).

a)

True

b)

False

21.

Amount can also be called: (Select the 3 options that apply)

a)

Future value

b)

Current value

c)

Accumulated value

d)

Present value

e)

Future capital

22.
Is the money that will be paid for the use of other people's money.
a)
Interest rate
b)
Capital
c)
Amount
d)
Interest
e)
Time
23.

In the case of loans (when you borrow money $) you get paid (the interest).

a)

True

b)

False

24.
Is the value of money in the future.
a)
Interest rate
b)
Capital
c)
Amount
d)
Interest
e)
Time
25.
Is the ratio of accrued interest between the principal in a period.
a)
Interest rate
b)
Capital
c)
Amount
d)
Interest
e)
Time
26.

Is the number of units of ____ that elapse between the start and end date in a financial transaction.

a)

Term

b)
Capital
c)
Amount
d)
Interest
e)
Time
27.

The time period for which a loan or investment is made.

a)

Term

b)
Capital
c)
Amount
d)
Interest
e)
Time
28.
Is the amount that a person must pay for the use of borrowed money.
a)
Interest rate
b)
Capital
c)
Amount
d)
Interest
e)
Time
29.
A plan of how income will be spent and what it will be spent on.
a)
Expenses
b)
Income
c)
Budget
d)
Taxes
30.
How many fortnights are in a year?
a)
52
b)
12
c)
18
d)
26
31.
How many months are in a year?
a)
52
b)
12
c)
18
d)
26
32.
How many weeks are in a year?
a)
52
b)
12
c)
18
d)
26
33.
John has a weekly income of $400 and saves $150 of this each week. What percentage of his weekly income does he save?
a)
26.6%
b)
37.5%
c)
60%
d)
62.5%
34.
If the normal hourly rate is $100, what is the time-and-a-half rate?
a)
$200
b)
$50
c)
$150
d)
$250
35.
If the normal hourly rate is $100, what is the double time rate?
a)
$200
b)
$50
c)
$150
d)
$250
36.
Percentage of your income paid to the government.
a)
Commission
b)
Taxes
c)
Retirement

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