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Chapter 3 Saving Money Exam Final Paper Questions And Solutions

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CHAPTER 3 SAVING MONEY EXAM FINAL PAPER QUESTIONS AND SOLUTIONS

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CHAPTER 3 SAVING MONEY EXAM FINAL PAPER QUESTIONS
AND SOLUTIONS

◉ Interest Rate
Answer: The percentage of principle charged by the lender for use of it's money


◉ Accrued Interest
Answer: The amount of interest charged on a debt but not yet collected.


◉ What percentage of Americans have less than $10,000 saved for retirement.
Answer: 48%


◉ What is the difference between a child and adult making a decision?
Answer: Adults devise and plan and follow it while children do what feels good.

, ◉ Building wealth is like a _________ and not a __________
Answer: Marathon / Sprint


◉ What is the first step to becoming a millionaire?
Answer: Money consistently invested


◉ What is the second step to becoming a millionaire?
Answer: You allow time for the money to grow


◉ Compound Growth
Answer: the average rate of growth for an investment over time; often expressed as an annual figure


◉ What are the three careers reported among these millionaires?
Answer: Teachers, Engineers, and Accountants

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