MONEY
Quiz by ashwinisuraj (EMP/001043)
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5 questions
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- Q1What is the purpose of a savings account?To make everyday transactionsTo borrow money from the bankTo earn interest on money depositedTo invest in stocks30s
- Q2What is inflation?A type of tax imposed on goods and servicesA general increase in prices and fall in the purchasing value of moneyA decrease in prices and rise in the purchasing value of moneyA system that regulates the flow of money in an economy30s
- Q3What is the difference between a debit card and a credit card?A debit card allows you to spend money by drawing directly from your checking account, while a credit card allows you to borrow money from the bank up to a certain limitA debit card is only used for online transactions, while a credit card is used for in-person purchasesA debit card allows you to borrow money from the bank, while a credit card allows you to spend money by drawing directly from your checking accountA debit card is issued by a bank, while a credit card is issued by a credit union30s
- Q4What is compound interest?An additional fee imposed on loansInterest charged by banks for using credit cardsInterest calculated on the initial principal amount and any accumulated interestInterest earned on savings accounts that is added to the principal30s
- Q5What is the concept of opportunity cost?The monetary value of an item or serviceThe loss of potential gain from other alternatives when one alternative is chosenThe process of budgeting and saving moneyThe total income earned in a given time period30s