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
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
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
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
