Investment Strategies — Unit test Answers
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Which describes the difference between simple and compound interest?
A
Simple interest is paid on small, short-term loans, while compound interest is paid on large, long-term loans.B
Simple interest is paid on the principal, while compound interest is paid on the principal and interest accrued.C
Simple interest is paid on large, long-term loans, while compound interest is paid on small, short-term loans.D
Simple interest is paid on the principal and interest accrued, while compound interest is paid only on the principal.22
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Tina has $1,000 per year she can invest to save money for her future.Which option would allow the highest growth for Tina's investment?
A
Tina can start investing the whole amount this year at 5% interest.B
Tina can start investing the whole amount this year at 7% interest.C
Tina can start investing half of the amount two years from now at 5% interest.D
Tina can start investing half of the amount two years from now at 7% interest.23
The tables show two ways to pay off $500 in credit card debt.
A
$15 a month because it will let the person keep more spending moneyB
$100 a month because it will free up credit to buy other thingsC
$15 a month because it will save money in the long runD
$100 a month because it will reduce the amount of interest paid24
Which questions should someone ask when deciding whether to lease or buy a car? Check all that apply. Will I use it more than the allowed lease mileage?Will my family like the car?How long do I want the car?How much do I want to spend?How much do I like the car’s options?
A
Will I use it more than the allowed lease mileage?B
Will my family like the car?C
How long do I want the car?D
How much do I want to spend?E
How much do I like the car’s options?25
Which best describes a way people can use personal loans?
A
to buy a houseB
to buy a carC
to pay for collegeD
to pay for groceriesDid you find these answers helpful?
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