EVERFI Test Questions and Answers
Already Passed
A savings account that compounds interest daily will earn a higher return than a savings account
that pays simple interest daily.
- True
- False ✔✔- True
Why is it i
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EVERFI Test Questions and Answers
Already Passed
A savings account that compounds interest daily will earn a higher return than a savings account
that pays simple interest daily.
- True
- False ✔✔- True
Why is it important to reconcile your bank statements?
- To avoid spending more than what is in your account.
- To detect any errors in your account.
- To determine if you were charged any fees.
- All of the above ✔✔- All of the above
Which of the following statements about savings accounts is FALSE?
- Savings accounts pay interest on the money you deposit.
- Savings accounts are best used to store money for longer-term goals.
- Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
- Savings accounts allow an unlimited amount of withdrawals each month. ✔✔- Savings
accounts allow an unlimited amount of withdrawals each month.
Which of the following statements about check cashing companies is FALSE?
- They offer bad deals where you'll owe a lot more than you borrowed.
- They make it easy to fall into a loan cycle that is hard to get out of.
- They charge low fees.
- They can take a percentage of your check on top of fees. ✔✔- They charge low fees.
A stock is ________.
- A type of debt investment that acts like a loan.
- A type of savings account that pays interest based on current interest rates in the money market.
- A type of investment that invests in a mix of different types of investments.
- A share of ownership in a company. ✔✔- A share of ownership in a company.
Which of the following is NOT a common feature of a financial institution?
- Direct deposit
- Access to ATMS
- Paper checks
- Access to investment products ✔✔- Access to investment products
Which of the following statements is TRUE?
- If there is a mistake on one of your bank accounts, there is nothing you can do about it.
- If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend
to resolve themselves.
- If there is a mistake on your bank account, you should contact your financial institution
immediately.
- None of the above. ✔✔- If there is a mistake on your bank account, you should contact your
financial institution immediately.
What should you do before you approach an ATM?
- Ask someone nearby for help using the ATM.
- Share a picture of your debit card with your friends.
- Check for any suspicious people lurking nearby.
- Make sure it is hidden so no one will see you withdraw money. ✔✔- Check for any suspicious
people lurking nearby.
Savings accounts typically offer more interest than what type of account?
- Certificate of deposit
- Retirement account
- Money market account
- Checking account ✔✔- Checking account
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