EverFi Modules 2 answered 2023
What are the three main responsibilities of the Federal Reserve?
1. Provide and Maintain an effective payment system
2. Supervise and regulate banking operations
3. Conduct monetary policy
Which type of financial institution typically has some sort of requirement to be a member?
Credit Union
Which type of bank account is typically the most liquid?
Checking Account
Compare/ contrast a checking account and savings account. Which offers more interest? Which is
easier to get money out of?
Savings account offers more interest. Checking accounts are more easier to get your money out of.
Between checking, savings, money market, and certificate of deposit, which typically has the highest
interest rate? Which has the lowest liquidity?
Certificate of Deposit (CD)
What are the three parts of the Federal Reserve System?
1.Reserve Banks
2.Federal Open Market Committee
3.Board of Governors.
List four possible fees associate with a checking account. Which is likely to be the highest
Overdraft fee, Account transfer fee, Monthly service fee, ATM fee. ATM fee is highest.
What are some unique features of a credit union?
1.Credit Unions are typically owned and run by their members.
2.Credit Unions offer a wide variety of banking services
What three things do the numbers on the bottom of a typical check represent?
1. Routing Number
2. Account Number
3. Check Number
Which part of the check is the least important?
What are the three main responsibilities of the Federal Reserve?
1. Provide and Maintain an effective payment system
2. Supervise and regulate banking operations
3. Conduct monetary policy
Which type of financial institution typically has some sort of requirement to be a member?
Credit Union
Which type of bank account is typically the most liquid?
Checking Account
Compare/ contrast a checking account and savings account. Which offers more interest? Which is
easier to get money out of?
Savings account offers more interest. Checking accounts are more easier to get your money out of.
Between checking, savings, money market, and certificate of deposit, which typically has the highest
interest rate? Which has the lowest liquidity?
Certificate of Deposit (CD)
What are the three parts of the Federal Reserve System?
1.Reserve Banks
2.Federal Open Market Committee
3.Board of Governors.
List four possible fees associate with a checking account. Which is likely to be the highest
Overdraft fee, Account transfer fee, Monthly service fee, ATM fee. ATM fee is highest.
What are some unique features of a credit union?
1.Credit Unions are typically owned and run by their members.
2.Credit Unions offer a wide variety of banking services
What three things do the numbers on the bottom of a typical check represent?
1. Routing Number
2. Account Number
3. Check Number
Which part of the check is the least important?
