Grade 9General knowledgequiz16 questions

Saving, credit and interest

Grade 9: simple and compound interest, saving accounts, loans and credit cards, debt, needs vs wants when spending.

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Questions

  1. How much simple interest does $200 earn at 5% per year over 3 years?

    • $10
    • $25
    • $30
    • $60
    Show answer$30

  2. $100 earns 10% compound interest per year. What is the balance after 2 years?

    • $110
    • $120
    • $121
    • $131
    Show answer$121

  3. Compound interest is paid on the original money and on interest already added. (True or false?)

    Show answerTrue

  4. $1000 at 10% a year for 2 years: how much more interest is compound than simple? (Answer out loud)

    Show answer$10

  5. A savings account raises its interest rate. What does this mean for the saver?

    • They earn less interest
    • They earn more interest
    • They must save more
    • They pay a fee
    Show answerThey earn more interest

  6. What is an emergency fund mainly for?

    • Buying the latest gadget
    • Holiday treats
    • Paying for planned fun
    • Unexpected costs, like a repair
    Show answerUnexpected costs, like a repair

  7. If prices rise faster than interest, savings can buy less over time. (True or false?)

    Show answerTrue

  8. You borrow $1000 and repay $1100 in total. What is the extra $100 called?

    • A budget
    • A deposit
    • A refund
    • Interest
    Show answerInterest

  9. On a loan or credit card, what does APR stand for?

    • Annual payment record
    • Annual percentage rate
    • Applied personal rate
    • Average payment ratio
    Show answerAnnual percentage rate

  10. Paying only the minimum on a credit card each month is the cheapest way to clear it. (True or false?)

    Show answerFalse

  11. Someone is worried about repaying a debt. What is a sensible first step?

    • Borrow more to hide it
    • Hope it goes away
    • Ignore the letters
    • Talk to the lender or an advice service
    Show answerTalk to the lender or an advice service

  12. What word describes a person or bank that lends money? (Answer out loud)

    Show answerA lender

  13. Why can an unpaid debt grow bigger over time?

    • Interest keeps being added
    • Prices always fall
    • The debt is shared out
    • The lender gives a bonus
    Show answerInterest keeps being added

  14. Which of these is a want rather than a need?

    • A safe place to live
    • Basic healthy food
    • Clean drinking water
    • The newest games console
    Show answerThe newest games console

  15. You want a costly item. Which habit helps you spend wisely?

    • Buy it right away
    • Copy what friends buy
    • Use up all your savings
    • Wait a few days before buying
    Show answerWait a few days before buying

  16. What is a plan that lists your income and what you will spend called? (Answer out loud)

    Show answerA budget

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Ring the BellEvery team answers every question. A miss costs a heart; the last team standing rings the bell.High WaterAnswer right to build the class tower 2 floors higher. The sea rises every question: stay dry together!Tug of WarAnswer right to pull the rope your way. Pull it over the line to win!Lucky WheelAnswer right to spin the wheel. Win points, double your score, swap with the leader, or play again.

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