Some examples from this set of practice questions
1.
What is Interest?
Answer: Interest is the term used when a person borrows money that gains value over time.
2.
What is Principal in terms of financial Management?
Answer: Principal is the amount of a loan or a deposit. The interest is usually computed as a percentage of the principal. This percent is called the Rate of Interest (or the nearest rate, or simply the rate.)
3.
What is Simple Interest?
Answer: Interest is calculated only on principal. Interest calculated on principal plus any previously earned interest is called compound interest.
4.
True or False? Is Compound Interest calculated on principal only?
Answer: False
5.
If we borrow money today, we will repay a larger amount later. This increase in value is known as interest. True or False?
Answer: True
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