Everfi Module 1-7 Tests Questions and Answers
1. interest: pay extra for the convenience of borrowing money
2. compounding frequency: how often your money is
compounded
3. 3 types of savings vehicles: savings account, money market
account, certifi- cate of deposit
4. a budget: plan for your money
5. parts of the federal reserve system: 12 regional reserve
banks, federal open market committee
6. checks routing number: which bank the money is coming
from
7. checks account number: which account the money is coming
from
8. liquidity: how easy it is to access your money
9. direct deposit: money goes directly into your account from
your paycheck
10. required balance: minimum balance that must be in an
account at all times
, 11. credit limit: how much you are allowed to put on your credit
card
12. APR: Another name for the interest rate charged on the
balance of a credit card.
13. a credit score: represents how likely you are to pay back your
debts
14. 5 components of credit score: payment history, amounts
owed, length of credit history, new credit, types of credit used
15. subsidized: government covers interest on loans while you
are in school and you pay the interest on the loan after you
graduate
16. unsubsidized: you are responsible for paying all the interest
on loans
17. grace period: he amount of time between when you graduate
and when you start paying back loans
18. lease: a rental agreement for the property you want to invent.
19. mortgage: a loan to buy a home
20. coverage: range of protection you are eligible to receive from
your insurance plan
1. interest: pay extra for the convenience of borrowing money
2. compounding frequency: how often your money is
compounded
3. 3 types of savings vehicles: savings account, money market
account, certifi- cate of deposit
4. a budget: plan for your money
5. parts of the federal reserve system: 12 regional reserve
banks, federal open market committee
6. checks routing number: which bank the money is coming
from
7. checks account number: which account the money is coming
from
8. liquidity: how easy it is to access your money
9. direct deposit: money goes directly into your account from
your paycheck
10. required balance: minimum balance that must be in an
account at all times
, 11. credit limit: how much you are allowed to put on your credit
card
12. APR: Another name for the interest rate charged on the
balance of a credit card.
13. a credit score: represents how likely you are to pay back your
debts
14. 5 components of credit score: payment history, amounts
owed, length of credit history, new credit, types of credit used
15. subsidized: government covers interest on loans while you
are in school and you pay the interest on the loan after you
graduate
16. unsubsidized: you are responsible for paying all the interest
on loans
17. grace period: he amount of time between when you graduate
and when you start paying back loans
18. lease: a rental agreement for the property you want to invent.
19. mortgage: a loan to buy a home
20. coverage: range of protection you are eligible to receive from
your insurance plan
