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Everfi: Savings
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Everfi: Savings
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24 Questions

1. what tells you how long it will take for your money to double at a given interest rate?

2. _________________ ____________ is a bank acc that's used to hold your savings, as opposed to transactions, which you use to make purchases.

3. is a deposit that held for a specific period of time or term.

4. When would you need to use the Rule of 72?

5. pay you not only the money that you deposited, but on your interest as well.

6. What is the typical relationship between time and interest rate?

7. ____________ ____________ are the most basic kind of saving vehicle.

8. Which of the following is generally true about savings vehicles?

9. ______________ ____________ pays you a fee on the money in your account.

10. John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions would enable him to earn MORE interest?

11. Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in interest?

12. The purpose of a budget is to

13. gives you less access to your money than checking accounts.

14. ___________________ _______________ refers to how often your interest is calculated and and added back to your account.

15. is a deposited accs that's part checking and part savings.

16. Which type of account typically has very high liquidity, low or no interest, and low minimum balance?

17. paying extra for the convenience of borrowing money

18. Interest rate on CD tends to be ____________ than savings account.

19. compound interest ex: what happens to your money when your account earns compound interest 4 times a year at a rate of 2%?

20. a good type of account when a person wants to start savings and needs to withraw money easily.

21. _________________ _______________ pays you interest on what you deposited and on your interest too!

22. which conditions will maximize the amount of interest you earn?

23. the longer you keep you money on a saving accounts, the _____________ ________________ you will ________.

24. Anthony is deciding between different savings accounts at his bank. He has four options, based on how frequently interest compounds. Which should he choose if he wants the best rate of return on his interest?

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