Savings Flashcards

Savings Flashcards

Assessment

Flashcard

Business

9th - 12th Grade

Hard

Created by

Samantha Billig

FREE Resource

Student preview

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11 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Certificate of Deposit (CD)

Back

A savings alternative where money is left on deposit for a specific period to earn a specific rate of interest, guaranteed by the FDIC.

2.

FLASHCARD QUESTION

Front

Interest

Back

The cost of using money, paid by banks to depositors and by borrowers to lenders.

3.

FLASHCARD QUESTION

Front

Compound Interest

Back

4.

FLASHCARD QUESTION

Front

Simple Interest

Back

Calculated as a percentage of the principal over a certain period. Formula: Interest = Principal × Rate × Time

5.

FLASHCARD QUESTION

Front

IRA (Individual Retirement Account)

Back

A retirement savings account with significant penalties for early withdrawal before age 59 ½. Taxes on interest are deferred until withdrawal.

6.

FLASHCARD QUESTION

Front

401K

Back

An investment plan funded by employee contributions for retirement, with no taxes paid until withdrawal. Penalties apply for early withdrawal before age 59 ½.

7.

FLASHCARD QUESTION

Front

Money Market Account

Back

Offers higher interest rates than a savings account, with a minimum balance requirement and limited transactions.

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