U10 Financial Literacy
Authored by Taryn McMillen
Mathematics
8th Grade
Used 16+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6A) Use what you know about simple and compound interest earning to fill in the blank:
Simple interest is calculated on the __________ amount only
principal
interest
total value
deposit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6B) Use what you know about simple and compound interest earning to fill in the blank:
Compound interest is calculated on the principal amount plus any previous __________ earned.
interest
principal
total value
deposit
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
7A) Adrienne and her brother John each inherit $7,000 that they use to open savings accounts with. Adrienne’s account earns 4.7% annual compound interest and John’s account earns 4.7% annual simple interest. Neither makes any additional deposits or withdrawals for 10 years. Who’s account will be worth more at the end of 10 years?
Adrienne
John
4.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
7B) Adrienne and her brother John each inherit $7,000 that they use to open savings accounts with. Adrienne’s account earns 4.7% annual compound interest and John’s account earns 4.7% annual simple interest. Neither makes any additional deposits or withdrawals for 10 years. How much more will Adrienne's account be worth?
(a)
5.
FILL IN THE BLANKS QUESTION
3 mins • 1 pt
8A) Mel decides to start depositing $75 each month into an interest earning savings account. She does not make any additional deposits or withdrawals. After 10 years, how much will Mel have contributed to the account?
(a)
6.
OPEN ENDED QUESTION
2 mins • Ungraded
8B) Mel decides to start depositing $75 each month into an interest earning savings account. She does not make any additional deposits or withdrawals.
According to her online calculations, the balance of Mel’s account will be $12,352.41. Is this more or less than what she contributed, and why?
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7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
10) Check all of the following that are true:
The higher the interest rate, the more growth you will see.
The lower the interest rate, the more growth you will see.
The shorter the investment, the more growth you will see.
The longer the investment, the more growth you will see.
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