EVERFI Module 1 - 9 Questions and Answers 2023
(Verified Answers)
what is interest
pay extra for the convenience of borrowing money
what is compounding frequency
how often your money is compounded
what is the rule of 72
tells you how long it will take for your money to double
3 types of savings vehicles
savings account, money market account, certificate of deposit
what is a budget
plan for your money
job of the federal reserve system
oversees the nation's system of money and credit
parts of the federal reserve system
12 regional reserve banks, federal open market committee
retail bank
individuals and businesses
credit union
owned and controlled by its members
online bank
no physical location
checks routing number
which bank the money is coming from
checks account number
which account the money is coming from
check number
keeps track of how many checks you have written
liquidity
how easy it is to access your money
direct deposit
money goes directly into your account from your paycheck
required balance
minimum balance that must be in an account at all times
credit limit
how much you are allowed to put on your credit card
APR
annual percentage rate
credit card disclosure
ensures that credit card companies treat customers fairly
fees and interest
you have to pay fees if your credit card bill isn't paid on time and you have to pay the
money loaned back plus interest
three major credit bureaus in the United States
(Verified Answers)
what is interest
pay extra for the convenience of borrowing money
what is compounding frequency
how often your money is compounded
what is the rule of 72
tells you how long it will take for your money to double
3 types of savings vehicles
savings account, money market account, certificate of deposit
what is a budget
plan for your money
job of the federal reserve system
oversees the nation's system of money and credit
parts of the federal reserve system
12 regional reserve banks, federal open market committee
retail bank
individuals and businesses
credit union
owned and controlled by its members
online bank
no physical location
checks routing number
which bank the money is coming from
checks account number
which account the money is coming from
check number
keeps track of how many checks you have written
liquidity
how easy it is to access your money
direct deposit
money goes directly into your account from your paycheck
required balance
minimum balance that must be in an account at all times
credit limit
how much you are allowed to put on your credit card
APR
annual percentage rate
credit card disclosure
ensures that credit card companies treat customers fairly
fees and interest
you have to pay fees if your credit card bill isn't paid on time and you have to pay the
money loaned back plus interest
three major credit bureaus in the United States
