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Saving Smart: Compound Interest Quiz

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Saving Smart: Compound Interest Quiz

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About this activity

A quick true/false on saving money and compounding.

Created by

Lisa Wong
Lisa Wong
Canada

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Saving Smart: Compound Interest Quiz
 

Saving Smart: Compound Interest QuizOnline version

A quick true/false on saving money and compounding.

by Lisa Wong
1

If you save regularly, your money can grow faster due to compounding.

2

Compound interest means you earn interest on both the principal and the interest already earned.

3

Withdrawing money weekly increases your future interest.

4

Banks offer savings accounts with interest.

5

Interest compounds monthly only in special accounts; most accounts don't.

6

Time is important: starting to save early helps build more interest.

7

All savings accounts have the same interest rate.

8

You need a lot of money upfront to start earning interest.

9

A higher interest rate can lead to more growth over time.

10

Compound interest means you earn interest only on your initial deposit.

 
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