Savings Account
Certificate of Deposit
Money Market Account
INTEREST-ed
Budget Basics
100
What is an interest rate?
APY or Annual Percent Rate is the money bank gives you for letting them "hold" your money
100
True of False Everyone can open a CD? Why or why not?
False it has a high minimum balance
100
What is MMA short for?
Money Market Account
100
I=prt What is the INTEREST earned on an account with $500 that has a APY of .05% for 3 years?
0.75
100
What is budgeting?
An organized way to SPEND money
200
What is the name of a savings vehicle?
CD MMA Savings Acct
200
Can you take money out anytime with a CD?
NO, it has a set minimum time
200
Who should use MMA? le with a lot of savings Peop
People with a lot of savings
200
I=prt What is the INTEREST earned on an account with $5,500 that has a APY of .01% for 5 years?
$2.75
200
What are 3 things you should budget for every month?
food water gas rent etc
300
What helps you earn the most interest in a savings account?
High interest rate over long time!!
300
Why are CD's beneficial?
They have a higher rate than a traditional savings account
300
Why are MMA NOT a popular saving tool?
It takes a lot of money to open
300
I=prt What is the INTEREST earned on an account with $7,000 that has a APY of .05% for 20 years?
$70.00
300
What is are some effects of not budgeting your account?
cant pay bills not enough money etc
400
What compound frequency will earn the most money? WHY?
Daily Happens the most in a year
400
Who should use a CD?
Someone that has a lot of money they dont need for an extended period of time
400
What are some other savings vehicle that are similar to MMA?
mutual funds
400
I=prt What is the INTEREST earned on an account with $53,000 that has a APY of 1.2% for 3 years?
$1908.00
500
Why is a saving account the most popular saving vehicle?
Most people need to access money, and they dont have a lot saved.
500
who is the best teacher?
Ms.Hopeck
500
I=prt What is the INTEREST earned on an account with $0 that has a APY of .05% for 3 years?
$0 ZERO iNTEREST IF YOU HAVE NO MONEY!!!!!
500
What 3 things cost the most each month for you?
School Food Gas
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