What is an emergency fund?

It is a fund you save as cash for the unexpected expenses.

the total amount of interest you earn on a deposit account over one year

What does the noun principal mean in finance?

a capital sum earning interest, due as a debt, or used as a fund

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Financial Literacy 1

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Answers

1
The needs vs. wants concept says that you must have a Samsung Galaxy smart phone with the great technology and features.
False
True
2
What is an emergency fund?
It is a fund you save as cash for the unexpected expenses.
It is a fund you set aside as a CD for the future emergency needs.
It is fund you put aside as cash for emergency medical needs.
It is a fund you keep as stocks and bonds as part of your investment.
3
What does PYF stands for?
Pay Yearly Fund
Pay Yourself First
Premium Yield Fund
Premium Yearly Function
4
What do you call the loss of potential gain from other alternatives when one alternative is chosen?
opportunity cost
alternative cost
capital gain
loss and win
5
You have $1,000 in the bank. After two years at the simple interest rate of 0.1%, how much interest do you earn?
$0.1
$100
$1
$10
6
What do you call the interest earned on the previous interest?
compounded interest
compound interest
additional interest
simple interest
7
What is the type of credit card for which you are required to put down a deposit before being granted a line of credit?
Safe credit card
Green dot card
Debit card
Secured credit card
8
What is APY?
the total amount of interest you pay on a loan account
your interest rate and the frequency of simple interest
the total amount of interest you earn on a deposit account over one year
the hidden rate of interest you earn and found in fine letters
9
Most experts recommend you to have the emergency fund for the expenses that last how long?
2-5 years
3-6 months
2 months
3-5 weeks
10
What does the noun principal mean in finance?
the corpus of an estate, portion, devise, or bequest
a chief or head man or woman
the person primarily or ultimately liable on a legal obligation
a capital sum earning interest, due as a debt, or used as a fund

Financial Literacy 1 Flashcards | StudBud