
WISE Review: Cost of Money & Banking
Quiz
•
Financial Education
•
11th Grade
•
Medium
Melissa Layton
Used 1+ times
FREE Resource
18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the Rule of 72 used for in finance?
To calculate the time it takes to double money at a given interest rate
To determine the cost of borrowing
To assess the impact of interest rates increasing
To evaluate the advantage of earning interest on savings
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
During a class discussion, Priya asked which institution plays a role in influencing interest rates and stimulating the economy?
The Federal Reserve
The World Bank
The International Monetary Fund
The United Nations
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Aria is considering starting a savings account at a young age. What is one advantage she might experience by doing so?
Increased compound interest over time
Immediate access to funds
Higher fees on savings accounts
Reduced need for identification
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Hannah wants to open a bank account. What is required for her to do so?
Valid photo ID and proof of identity
Proof of citizenship only
Social Security card only
No identification needed
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a potential feature of a regular checking account?
Potential fees
Guaranteed interest
No minimum balance requirement
Unlimited withdrawals
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a reason to avoid writing checks made payable to "Cash"?
It is more secure.
It is easier to track.
It can be cashed by anyone.
It incurs a fee.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of a stop payment order?
To cancel a check before it is cashed.
To endorse a check.
To deposit a check.
To write a new check.
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