Saving Money/compounding Interest Questionnaire
5 Questions
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This quiz follows the video "Saving Money in Plain English" by CommonCraft.
Questions and Answers
- 1.If you want to multiply your money, it is better to place your savings in a piggy bank than in a savings account since you can control your money more if it's within your hands. True or false?
- A.
True
- B.
False
- 2.APR refers to:
- A.
Adding Population Yearly
- B.
Arrival of Purple Yams
- C.
Annual Percentage Yield
- D.
Anual Private Yield
- 3.The concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on is called:
- A.
Annual interest
- B.
APY
- C.
APR
- D.
Compound interest
- 4.According to the video, all of the following are keys to compounding interest EXCEPT:
- A.
Open an account immediately
- B.
Add money to your account regularly
- C.
Only take money for small bills like buying a latte
- D.
Watch as your money grows over time
- 5.Interest under compounding interest is based on two of the following. They are: (Please note that you have to pick TWO answers in order to receive full credit.)
- A.
The amount that the bank gives you at the end of the year
- B.
The amount that you put in the bank
- C.
APR
- D.
APY
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