Financial Literacy Quiz
Authored by Brian Teixeira
Financial Education
10th Grade
Used 11+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What part of the check indicates the bank's identity?
Payee
Routing Number
Memo
Signature
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key advantage of Savings Accounts?
Fixed interest rate
More liquidity
Early withdrawal penalties
Limited access to funds
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the meaning of 'r' in the context of interest calculations?
Interest earned after t years
Money borrowed or invested
Annual interest rate
Accumulated amount
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the correct formula for compound interest?
A = P(1 + r/n)^(nt)
A = P + rt
A = P(1 + rt)
A = P(1 - r/n)^(nt)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you deposited $1,000 and earned 6% simple interest, how much interest would you earn in one year?
$60
$600
$6
$100
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you deposited $1,000 and earned 6% simple interest, how much interest would you earn in one year?
$60 with a new balance of $1,060
$50 with a new balance of $1,050
$70 with a new balance of $1,070
$80 with a new balance of $1,080
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Rule of 72 is primarily associated with which type of interest?
Simple interest
Compound interest
Fixed interest
Variable interest
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