Saving Money/compounding Interest Questionnaire

5 Questions

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Money Quizzes & Trivia

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