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Financial Literacy Test questions with verified answers rated A+

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Financial Literacy Test questions with verified answers rated A+

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Financial Literacy Test questions with
verified answers rated A+

Compound Interest - ANS ✔✔The interest you earn on top of interest



How does a 1% interest rate impact the power of compounding? - ANS ✔✔It reduces the power
of compounding the interest given.



What's the main difference between a checking account and savings account? - ANS
✔✔Checking account is made for easy access and spending.

Savings account is made for investments and are made to be particularly inaccessible.



What is NCUA and FDIC? - ANS ✔✔NCUA: insures credit union accounts (generally used for
credit union accounts)

FDIC: provides federal insurance for bank accounts (generally used for bank accounts)



How can you maximize your interest? - ANS ✔✔Depositing money as soon as possible in order
to maximize your interest.



Tiered Interest - ANS ✔✔A tiered interest rate is the amount of interest depending on the bank
account.



How can you avoid a monthly maintenance fee? - ANS ✔✔By opening both a checking and
savings account at the same bank, setting up a monthly direct deposit, or choosing a checking
or savings without a monthly fee.

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