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APR vs APY: Financial Literacy Quiz

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APR vs APY: Financial Literacy Quiz: a General level Bank Exam Prep quiz. Test your knowledge with 13 questions!

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Questions

Question 1

Which term is used primarily for the cost of borrowing money?

A APY

B Net income

C APR

D Dividend

Question 2

Which term reflects the interest earned on savings including compounding?

A Equity

B APY

C APR

D Principal

Question 3

Compounding interest makes the APY __________ the interest rate.

A Independent of

B Higher than

C Lower than

D Equal to

Question 4

If you are taking out a loan, you should look for a __________ APR.

A Higher

B Doubled

C Lower

D Variable

Question 5

If you are opening a savings account, you should look for a __________ APY.

A Higher

B Lower

C Fixed

D Minimal

📋 This quiz has 13 questions in total.