Economics Unit 6 Test

Front

Use the Rule of 72 to calculate how long it will take for your money to double if it’s earning 6% in interest:

Back

12yrs

Front

Asim earns $250 per month. Which statement below is most correct? Options: a. Asim makes more than she spends., b. Asim spends more than she makes., c. Asim should save more in the future., d. Asim should stop saving in the future.

Back

Asim spends more than she makes.

Front

Which will most benefit you financially? Options: A savings account that compound interest daily, A savings account that compound interest monthly, A savings account that compound interest yearly, A savings account that does not compound interest

Back

A savings account that compound interest daily

Front

The first set of numbers (74894934) on the check represents the:

Back

bank routing number

Front

The set of numbers (101) on the top-right of the check represents the:

Back

check number

Front

Which type of bank account typically offers no interest? Options: a. Savings, b. Money market, c. Certificate of Deposit, d. Checking

Back

Checking

Front

Which of the following typically have the highest fees? a. Retail Bank, b. Credit Union, c. Online Bank, d. Payday Lender

Back

Payday Lender

Front

Which of the following typically has the lowest fees or costs to use? a. Debit card, b. Credit card, c. Cash advance, d. Payday loan

Back

Debit card

Front

The term referring to the rate of yearly interest for your credit card is commonly known as:

Back

APR

Front

What is the customary APR on purchases after the initial 12 months?

Back

18.25%