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Saving and Investing

Quiz by Mrs. Kotch

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9 questions
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  • Q1
    Why should a person save money?
    for short-term goals such as social events
    All of the above
    for financial security (peace of mind)
    for long-term goals like home ownership
    30s
  • Q2
    The initial amount of money that is deposited in a savings account is referred to as
    money market
    compound
    interest
    principal
    30s
  • Q3
    The best example of a "long-term" savings goal is:
    leisure activities
    Spring break vacation
    down payment on a car
    retirement
    30s
  • Q4
    What is "interest?"
    money you have to pay the financial institution
    money paid by the financial institution to you
    the amount of money that is initially deposited
    a fee that the bank charges you every month
    30s
  • Q5
    What does "FDIC" stand for?
    Financial Deposit Instant Certificate
    Federal Donation Insurance Company
    Finance Deposit In Celebration
    Federal Deposit Insurance Corporation
    30s
  • Q6
    PSECU is an example of a
    Savings & Loan Association
    Credit Union
    Brokerage Firm
    Investment Corporation
    30s
  • Q7
    A regular savings account placed in a local bank provides ______________, meaning you can take that money out of your account at any time and receive the cash.
    minimum balance
    a penalty
    liquidity
    a maturity date
    30s
  • Q8
    A Certificate of Deposit may include a(n) ______________ ______________,if you need to take your money out of this account before the pre-determined time.
    liquidity clause
    interest penalty
    withdrawal penalty
    minimum balance
    30s
  • Q9
    You deposited $1,000 in your savings account. The account earned $2.50 interest. You deposited $25 and then withdrew $550 to purchase tires for your car. What is your current balance in this account?
    $427.50
    $422.50
    $550.50
    $477.50
    30s

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