# Saving, credit and interest

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

Source: https://olyclass.com/library/other-g9-money-credit-en/

- Subject: General knowledge
- Level: Grade 9
- Quiz: 16
- Play it free on one screen (projector, TV or whiteboard): https://olyclass.com/library?play=other-g9-money-credit-en
- Copy and edit it: https://olyclass.com/library?copy=other-g9-money-credit-en
- Games it plays well in: [Ring the Bell](https://olyclass.com/classroom-games/ring-the-bell/), [High Water](https://olyclass.com/classroom-games/high-water/), [Tug of War](https://olyclass.com/classroom-games/tug-of-war/), [Lucky Wheel](https://olyclass.com/classroom-games/lucky-wheel/)

## Questions

1. How much simple interest does $200 earn at 5% per year over 3 years? ($10 / $25 / $30 / $60)
   Answer: $30
2. $100 earns 10% compound interest per year. What is the balance after 2 years? ($110 / $120 / $121 / $131)
   Answer: $121
3. Compound interest is paid on the original money and on interest already added.
   Answer: True
4. $1000 at 10% a year for 2 years: how much more interest is compound than simple?
   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)
   Answer: They 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)
   Answer: Unexpected costs, like a repair
7. If prices rise faster than interest, savings can buy less over time.
   Answer: True
8. You borrow $1000 and repay $1100 in total. What is the extra $100 called? (A budget / A deposit / A refund / Interest)
   Answer: Interest
9. On a loan or credit card, what does APR stand for? (Annual payment record / Annual percentage rate / Applied personal rate / Average payment ratio)
   Answer: Annual percentage rate
10. Paying only the minimum on a credit card each month is the cheapest way to clear it.
   Answer: False
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)
   Answer: Talk to the lender or an advice service
12. What word describes a person or bank that lends money?
   Answer: A 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)
   Answer: Interest 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)
   Answer: The 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)
   Answer: Wait a few days before buying
16. What is a plan that lists your income and what you will spend called?
   Answer: A budget