A key difference between saving and investing is
Savings and Investment Test

Flashcard
•
Financial Education
•
11th Grade
•
Hard
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30 questions
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1.
FLASHCARD QUESTION
Front
Back
Saving is for emergencies & goals, investing is for long-term wealth.
2.
FLASHCARD QUESTION
Front
Why is compound interest more beneficial than simple interest?
Back
Your money grows faster when it is compounded.
3.
FLASHCARD QUESTION
Front
The rule of 72 is useful in calculating the
Back
time required to double an investment.
4.
FLASHCARD QUESTION
Front
The phrase "pay yourself first" means that you:
Back
Put money in your savings account before paying bills
5.
FLASHCARD QUESTION
Front
Which statement below is true about mutual funds? Options: mutual funds offer guaranteed returns, you can choose which stock to include in your mutual funds, mutual funds are diversified investments
Back
mutual funds are diversified investments
6.
FLASHCARD QUESTION
Front
A common mistaken belief about retirement is: You will have plenty of time to start saving for retirement.
Back
This belief is incorrect.
7.
FLASHCARD QUESTION
Front
The first step in becoming financially independent: Using credit so you can spend more than you earn, Spending less money than you earn, Spending ALL the money you earn
Back
Spending less money than you earn
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