111.28.B.12.c Small amounts of money invested grows over time
Quiz by Quizalize - Grade 8 Math
Grade 8
Math (Archived)
Texas Essential Knowledge and Skills (TEKS)
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- Q 1/10Score 0Andru opened a savings account 5 years ago with a deposit of $1000. He deposits $1000 each subsequent year. The table shows the account’s end-of-year details for the past 5 years. Which statement is most accurate concerning Andru’s account?29The interest rate and the interest earned increase every year.The interest rate and the interest earned decrease every year.The interest decreases and the interest earned increases every year.The interest rate stays the same whereas the interest earned increases every year.
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- Q1Andru opened a savings account 5 years ago with a deposit of $1000. He deposits $1000 each subsequent year. The table shows the account’s end-of-year details for the past 5 years. Which statement is most accurate concerning Andru’s account?The interest rate and the interest earned increase every year.The interest rate and the interest earned decrease every year.The interest decreases and the interest earned increases every year.The interest rate stays the same whereas the interest earned increases every year.300s8.12.C: Personal Financial Literacy
- Q2Devin opened a savings account at Lone Star Bank. He made a deposit once a year for 6 years. The table below shows the end-of-year details for Devin’s account. Which statement is most accurate concerning Devin’s account?The interest earned is based on the previous year’s balance and the next year’s deposit added together.The interest earned in dollars is the same amount each year.The interest is based only on the initial deposit.The interest earned is based only on what is deposited each year.300s8.12.C: Personal Financial Literacy
- Q3The two tables compare two different investment plans. The plan A invests deposits $2000 a year for the first two years, while plan B invests $2000 a year for the last two years. Both plans use 5% interest compounded annually and both plans deposit $500 a year for all years except the first two years of plan A and the last two years of plan B. Which conclusion concerning the plans is the most accurate?In a compound interest account, it does not make a difference when one invests the larger amounts of money.In a compound interest account, it is better to invest more money in the beginning than in the end.In a compound interest account, it is better to invest more money in the end than in the beginning.In a compound interest account, it is better to invest more money in the middle than in the beginning.300s8.12.C: Personal Financial Literacy
- Q4Jordan wants to save for retirement. He is trying to decide which plan is best. Plan A has him investing small amounts of money every year for 40 years. Plan B has him investing $0 a year at the beginning of his career (since he won’t be making very much money) and $10000 a year for the last 10 years his career (because he will be making more money and can more likely afford to invest large amounts of money). Both plans assume a 10% interest compounded annually. Which statement best describes the plan Jordan should pick in order for him to save as much money as possible for retirement?Even though Jordan invests more money in B than in A, Jordan should still pick B because he makes more money from B over A.Jordan should pick plan B because he invests less money overall and makes more money overall from B.Jordan should pick plan A because he invests less money overall and makes more money overall from A.Even though Jordan invests more money in A than in B, Jordan should still pick A because he makes more money from A over B.300s8.12.C: Personal Financial Literacy
- Q5Which statement concerning investments and compound interest is the most accurate?Investments in small amounts compounded annually over long periods of time will stay as a small amount of money.Investments in small amounts compounded annually over long periods of time will grow into a large amount of money.Investments in small amounts compounded annually over short periods of time will grow into a large amount of money.Investments in small amounts compounded annually do not change regardless of whether the time period is short or long.300s8.12.C: Personal Financial Literacy
- Q6Josiah opened a savings account at Texas Star Bank. The table shows the end-of-the-year details for Josiah’s bank account. Which statement concerning Josiah’s bank account is the most accurate?The account earned the greatest amount of interest in year 4.The account earned the least amount of interest in year 4.The account earned the least amount of interest in year 3.The account earns the same amount of interest every year.300s8.12.C: Personal Financial Literacy
- Q7Victor opened a savings account at Bluebonnet Bank. The table shows the end-of-the-year details for Josiah’s bank account. Josiah wants to increase the rate at which the account’s final balance grows. Which statement explaining how Victor could accomplish this is will NOT help him achieve his goal?He could increase the number of deposits he makes each year.He could increase the size of his yearly deposit.He could withdraw the amount of interest earned each year.He could withdraw all of his money and deposit it into an account that earns more than 5% interest.300s8.12.C: Personal Financial Literacy
- Q8Tatum is saving for retirement by direct depositing in a 401k every month that earns interest compounded annually. Which of the following will NOT help Tatum increase her account’s balance?Using the 401k to pay for unexpected expenses.Depositing as much money as possible early on in Tatum’s career.Finding a part time job and using that extra pay to supplement the direct deposit in the 401k.Working an extra 2-3 years past what she was planning on working.300s8.12.C: Personal Financial Literacy
- Q9Tom and Julie are expecting their first child within a month (a boy). They want to pay for their son’s college education when he graduates from high school. Which statement is the best/most practical plan for Tom and Julie to pay for their son’s college and avoid going into debt?Invest small amounts of money every month in an account that earns compound interestHope that their son earns a full ride athletic scholarshipBuy lottery tickets and hope for the best.Waiting and taking out loans to pay for their son’s college300s8.12.C: Personal Financial Literacy
- Q10Jeremiah has made deposits into a savings account for the past 5 years. Which statement concerning Jeremiah’s savings account is the most accurate?The interest that is earned every year increases.The interest that is earned every year doubles.The interest that is earned every year stays the same.The interest that is earned every year decreases.300s8.12.C: Personal Financial Literacy
