Everfi Module 2 Questions and Answers with Verified Solutions

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Everfi Module 2 Questions and Answers with Verified Solutions Which of the following is a primary responsibility of the Federal Reserve Bank? ✔✔Establish monetary policy Which of the following... represent typical account fees: ATM, Service, Minimum balance? ✔✔All of the above Which type of financial institution typically has membership payments? ✔✔Credit Union What's the purpose of balancing or monitoring your checking account? ✔✔To stop identity theft Which type of account will typically have the highest interest rate? ✔✔Certificate of Deposit (CD) How often should you typically monitor your checking account? ✔✔Monthly Which of the following is NOT a core component of the Federal Reserve Bank? Department of the Treasury Regional Reserve Banks Federal Open Market Committee Board of Governors ✔✔Department of the Treasury The best way to ensure the accuracy and safety of your accounts is to: ✔✔Monitor your online accounts regularly Which of the following is a unique feature of Credit Unions? A. Typically owned and run by its members B. Limit membership to a certain number of people or group C. Offer wide variety of banking services ✔✔A & B The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the: ✔✔Board of Governors With a traditional savings account, you could be charged a fee if you: ✔✔Are taking money out too often Which of the following fees would most likely be the highest? Account transfer fee ATM fee Overdraft fee Monthly service fee ✔✔Overdraft fee What part of the check is the least important? ✔✔Memo line Which of the following is not a type of bank? Online bank Payday lender Retail bank Credit Union ✔✔Payday lender Best strategy for avoiding ATM fees? Only use: ✔✔ATMs in your bank's network The numbers on the bottom of a typical check represent all of the following EXCEPT? Routing number Account number Check number Social Security number ✔✔Social Security number Savings accounts usually offer _________ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account. ✔✔higher ; harder Which of the following is NOT one of the responsibilities of the Federal Reserve? Supervising reserve banks Maintaining stable banking system Setting nation's monetary policy Establishing federal budget ✔✔Establishing federal budget Which type of account is typically the MOST liquid? ✔✔Checking account Which type of account typically has low liquidity? ✔✔Certificate of Deposit (CD) [Show More]

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