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Personal Finance
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Financial Literacy
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The act of adding money to existing principal in an account.
withdrawal
deposit
investment
ATM
2
Debt =
assets
liberty
slavery
freedom
3
The amount of money owned by an investor and held by the financial institution such as a bank.
APR
principal
certificate of deposit
investment
4
Compound Interest Earned: $3000 for 3 years at 7%
675.13
3675.13
475
4763.17
5
Simple interest plus principal earned: $1500 for 7 years at 6.5% =
3750.80
1500
2,182.50
682.50
6
The things you own are called
Loans
Assets
Liabilities
scholarships
7
What is a better investment:
Simple interest
Compound interest
8
Compound interest earned plus principal: $1000 for 10 years at 8% interest.
2518.28
2158.92
158.92
1158.92
9
Interest added to the principal so that the added interest also earns interest.
APR
Compound Interest
CD
Simple Interest
10
Interest paid on the principal ONLY and not on any accumulated interest.
CD
APR
Compound
Simple
11
The percentage rate at which interest is calculated annually.
APR
Interest
Deposit
Principal
12
Making smart choices with your money is the first step toward becoming financially responsible
False
True
13
Which ONE is NOT one of the Foundations
Save $500 for e-fund
Buy your car with cash
Pay for a House with Cash
Get/stay out of debt
14
Knowledge is __________%
30%
20%
10%
80%
15
Simple Interest Earned: $3000 invested for 5 years at 7% rate of return.
1050
4050
3000
210
16
Save a $500 emergency fund
2 Foundation
1st Foundation
4th Foundation
3rd Foundation
17
The value of one's assets minus liabilities is known as....
investment
debt
net worth
deposit
18
CD stands for...
Certificate of Disposal
Compact Disc
Cameron Diaz
Certificate of Deposit
19
Behavior is ________%
30%
80%
50%
20%
20
Debt is...
Owing anything to anyone
Things you own
having assets
freedom from slavery
