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Financial Literacy 1 Flashcards | StudBud
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Financial Literacy 1
Financial Literacy 1
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Flashcards
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Practice quiz
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Questions
5
Answers
1
Overdraft has daily interest charges only.
False
True
2
What are three ways to borrow money?
Personal, so mind your own business.
Personal loan, Savings account and Chequing.
Rental loan , car loan, and vehicle loan.
Personal loan, line of credit and overdraft
3
Which option will earn you more money on your principal?
yearly compound interest
monthly compound interest
daily compound interest
simple interest
4
Which is most likely to have the lowest interest rate?
line of credit
credit card
unsecured personal loan
secured personal loan
5
What is the simple interest formula?
principal= interest+rate+ time
frustration=blah+work+chores
rate=principal+time+interest
interest=rate+principal+time
