Saving and Investing
Quiz by Mrs. Kotch
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9 questions
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- Q1Why should a person save money?for short-term goals such as social eventsAll of the abovefor financial security (peace of mind)for long-term goals like home ownership30s
- Q2The initial amount of money that is deposited in a savings account is referred to asmoney marketcompoundinterestprincipal30s
- Q3The best example of a "long-term" savings goal is:leisure activitiesSpring break vacationdown payment on a carretirement30s
- Q4What is "interest?"money you have to pay the financial institutionmoney paid by the financial institution to youthe amount of money that is initially depositeda fee that the bank charges you every month30s
- Q5What does "FDIC" stand for?Financial Deposit Instant CertificateFederal Donation Insurance CompanyFinance Deposit In CelebrationFederal Deposit Insurance Corporation30s
- Q6PSECU is an example of aSavings & Loan AssociationCredit UnionBrokerage FirmInvestment Corporation30s
- Q7A 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 balancea penaltyliquiditya maturity date30s
- Q8A Certificate of Deposit may include a(n) ______________ ______________,if you need to take your money out of this account before the pre-determined time.liquidity clauseinterest penaltywithdrawal penaltyminimum balance30s
- Q9You 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$477.5030s