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Grade 7 Social Studies: Financial Literacy — Banking, Interest & Credit
Name
Date
1.
What is principal?
2.
What is interest?
3.
Simple interest formula (intro)?
4.
If P=$200, r=5% (0.05), t=1 year, simple interest?
5.
What is a bank account used for (intro)?
6.
What is credit (intro)?
7.
What does responsible credit use mean?
8.
What is compound interest (intro awareness)?
9.
Define principal and interest in one sentence each.
10.
Compute simple interest: P=300, r=0.06, t=1.
11.
Why might compound interest grow savings faster than simple (awareness)?
12.
List two signs of responsible credit use.
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