WISE Review: Cost of Money & Banking

WISE Review: Cost of Money & Banking

11th Grade

18 Qs

quiz-placeholder

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WISE Review: Cost of Money & Banking

WISE Review: Cost of Money & Banking

Assessment

Quiz

Financial Education

11th Grade

Medium

Created by

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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