How are simple interest and compound interest different?

simple interest stays the same over time, but compound interest grows

Which of the following is NOT true about savings accounts

savings accounts can lose your money

Interest earned on a savings account is....

the percentage a financial institution pays you to borrow your money

can help you reach your savings goal

Why might a stock be an investment that can have some risks?

you can lose money if the business you own stock in does not do well

Why is it important to save money?

savings allow you to buy the things you want or need at a later time

Where would you go to start a savings account?

a financal institution like a bank or credit union

What is the connection between goals and savings

goals can give you a reason to save

What is the benefit of saving money?

being able to prepare for emergencies

How can insurance help with meeting savings goals?

Insurance pays for some costs of an emergency so you can keep your savings

When your credit history is good...

other people are more likely to lend you money

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6th Grade Financial Literacy Part 3

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Questions 15

Answers

1
How are simple interest and compound interest different?
simple interest stays the same over time, but compound interest grows
compound interest is having more cash. Simple interest is having more debt
compound interest stays the same over time but simple interest grows
simple interest is having more cash. Compound interest is having more debt
2
Which of the following is NOT true about savings accounts
savings accounts earn interest
savings accounts can lose your money
savings accounts help you get to your goals faster
savings accounts can protect your money from being lost damaged or stolen
3
Interest earned on a savings account is....
the percentage of your budget you spend
the percentage a financial institution pays you to borrow your money
the percentage of money you spend per month
the percentage of your budget you don't spend
4
Savings accounts...
can help you reach your savings goal
can get you into debt more easily
make getting credit cards easier
help you spend money
5
Why might a stock be an investment that can have some risks?
there can be some fees charged as you buy stocks
stocks usually do well in the long run
you can earn a lot of money if the business you own stock in does well
you can lose money if the business you own stock in does not do well
6
Why is it important to save money?
savings help you buy things now
saving money is like any exercise, it makes you healthier and stronger
saving money helps you live longer
savings allow you to buy the things you want or need at a later time
7
When can setting a savings goal help you ?
both blue and yellow
when you need to save money long-term
when you want to buy something expensive
when there is nothing you want or need
8
Where would you go to start a savings account?
an envelope in your room
a jar in your backyard
all of the above
a financal institution like a bank or credit union
9
What is the connection between goals and savings
goals are not connected to savings
you can save goals
goals can give you a reason to save
you can buy goals
10
What is the benefit of saving money?
not having to worry about your expenses
being able to write a check
being able to prepare for emergencies
getting a discount on paying your bills
11
How can insurance help with meeting savings goals?
Insurance companies can quickly use your savings to pay for emergencies
You can have a savings account with an insurance company
Insurance pays for some costs of an emergency so you can keep your savings
Financial institutions give higher interest rates for people with insurance
12
Your emergency savings should cover your expenses for ....
1 month
3 months
10 months
6 months
13
When your credit history is good...
other people are more likely to lend you money
it's easier to budget your money
it's easier to spend your money
you can get a better job
14
Insurance can help...
add money to a savings account
none of the above
with making ends meet regularly
in an emergency
15
Your saving account will make more money in interest if you ....
save less money
deposit more money
make withdrawals
check your account online

6th Grade Financial Literacy Part 3 Flashcards | StudBud