everfi module 1-6 (business finance)
1. which of the following is NOT a common feature of a financial
institution?-
: access to investment products, investment trading, access to
investment advice
2. which of the following statements about check cashing companies
is TRUE?: they charge high fees
3. which of the following financial institutions typically have the
highest fees?: check cashing and payday loan companies
4. which of the following statements about check cashing companies
is FALSE?: they charge low fees
5. which type of bank account typically offers the least (if any) interest?: -
checking account
6. savings accounts typically offer more interest than what type of
account?-
: checking account
7. which type of bank account is best for everyday transactions?:
checking account
8. t/f: a savings account that compounds interest daily will earn a
higher return than a savings account that pays simple interest daily:
true
9. which savings account will earn you the least money?: one that
earns simple interest monthly
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, 10.which savings account will earn you the most money?: one that
com- pounds interest daily
11.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, and to determine if you were charged any fees
12. how can you avoid spending more than what is in your bank account?:
-
keep your own records to compare with your financial institution's
records
13.how would you reconcile your bank account to avoid spending more
than you have?: compare your own records of your spending with your
financial institution's records
14.what should you do before you withdraw money from the ATM?:
inspect the ATM to make sure it wasn't tampered with
15.what should you do before you approach an ATM?: check for any
suspi- cious people lurking nearby
16.what should you do before you use an ATM?: inspect the ATM
and its surroundings to make sure it is safe to use
2/6
1. which of the following is NOT a common feature of a financial
institution?-
: access to investment products, investment trading, access to
investment advice
2. which of the following statements about check cashing companies
is TRUE?: they charge high fees
3. which of the following financial institutions typically have the
highest fees?: check cashing and payday loan companies
4. which of the following statements about check cashing companies
is FALSE?: they charge low fees
5. which type of bank account typically offers the least (if any) interest?: -
checking account
6. savings accounts typically offer more interest than what type of
account?-
: checking account
7. which type of bank account is best for everyday transactions?:
checking account
8. t/f: a savings account that compounds interest daily will earn a
higher return than a savings account that pays simple interest daily:
true
9. which savings account will earn you the least money?: one that
earns simple interest monthly
1/6
, 10.which savings account will earn you the most money?: one that
com- pounds interest daily
11.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, and to determine if you were charged any fees
12. how can you avoid spending more than what is in your bank account?:
-
keep your own records to compare with your financial institution's
records
13.how would you reconcile your bank account to avoid spending more
than you have?: compare your own records of your spending with your
financial institution's records
14.what should you do before you withdraw money from the ATM?:
inspect the ATM to make sure it wasn't tampered with
15.what should you do before you approach an ATM?: check for any
suspi- cious people lurking nearby
16.what should you do before you use an ATM?: inspect the ATM
and its surroundings to make sure it is safe to use
2/6
