Economics Unit 6 Test

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

• a. 12yrs
• b. 16yrs
• c. 36yrs
• d. 72yrs

Use the table above to answer the following question: Asim earns $250 per month. Which statement below is most correct?

• 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.

Which will most benefit you financially?

• a. A savings account that compound interest daily
• b. A savings account that compound interest monthly
• c. A savings account that compound interest yearly
• d. A savings account that does not compound interest

(Check all that apply) Which of the following are examples of types of savings vehicles?

• Certificate of deposit (CD)
• Money Market Account
• Checking Account
• Savings Account

Use the above figure to answer the following: The first set of numbers (74894934) on the check represents the:

• a. bank account number
• b. check number
• c. bank routing number
• d. member number

Use the above figure to answer the following: The set of numbers (101) on the top-right of the check represents the:

• a. check number
• b. bank account number
• c. member number
• d. the bank routing number

Which type of bank account typically offers no interest?

• a. Savings
• b. Money market
• c. Certificate of Deposit
• d. Checking

Which of the following typically have the highest fees?

• a. Retail Bank
• b. Credit Union
• c. Online Bank
• d. Payday Lender

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

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

• a. Default rate
• b. APR
• c. COD
• d. Grace period