Everfi: Financial Literacy Questions and
Answers 100% Pass
What is the "Rule of 72"? ✔✔a very close estimate for seeing how long it takes for an
investment to double. You just divide 72 by the interest rate. If the interest rate is 8% you divide
72/8=9
Which type of compound interest will benefit you more? ✔✔The more frequently your interest
compounds, the more interest you will earn over time. SIMPLE INTEREST accounts compound
only once per year.
What are examples of good savings vehicles? ✔✔Money Market Savings Account (MMA)
which is a type of savings vehicle that requires high minimum balances but offers higher interest
rates, or a Certificate of Deposit, which is a type of savings vehicle in which you put your money
away for a certain amount of time, called a term, to allow your principal to earn interest.
What is the number at the upper right-hand area of a check? ✔✔Check number
What type of bank account offers no interest? ✔✔Credit Union
, What type of bank account offers interest? ✔✔Online bank
What is the different set of numbers on the bottom of a check? What are their purposes? ✔✔The
routing number which identifies which bank the money is coming from, and the account number
which identifies which account the money is coming from.
Which establishment as the highest fees? ✔✔Retail Banks
What has the lowest fees or costs to use? ✔✔Cash
What is the term referring to yearly interest for your credit card? ✔✔Annual percentage rate
What is good credit usually required for? ✔✔Loans for necessities like a house or a car
Who tracks your credit history? ✔✔Credit Bureaus (Equifax, Transunion, and Experian)
What could potentially damage your credit score? ✔✔1) Paying a credit card bill late
2) Opening 3 credit cards at once
Answers 100% Pass
What is the "Rule of 72"? ✔✔a very close estimate for seeing how long it takes for an
investment to double. You just divide 72 by the interest rate. If the interest rate is 8% you divide
72/8=9
Which type of compound interest will benefit you more? ✔✔The more frequently your interest
compounds, the more interest you will earn over time. SIMPLE INTEREST accounts compound
only once per year.
What are examples of good savings vehicles? ✔✔Money Market Savings Account (MMA)
which is a type of savings vehicle that requires high minimum balances but offers higher interest
rates, or a Certificate of Deposit, which is a type of savings vehicle in which you put your money
away for a certain amount of time, called a term, to allow your principal to earn interest.
What is the number at the upper right-hand area of a check? ✔✔Check number
What type of bank account offers no interest? ✔✔Credit Union
, What type of bank account offers interest? ✔✔Online bank
What is the different set of numbers on the bottom of a check? What are their purposes? ✔✔The
routing number which identifies which bank the money is coming from, and the account number
which identifies which account the money is coming from.
Which establishment as the highest fees? ✔✔Retail Banks
What has the lowest fees or costs to use? ✔✔Cash
What is the term referring to yearly interest for your credit card? ✔✔Annual percentage rate
What is good credit usually required for? ✔✔Loans for necessities like a house or a car
Who tracks your credit history? ✔✔Credit Bureaus (Equifax, Transunion, and Experian)
What could potentially damage your credit score? ✔✔1) Paying a credit card bill late
2) Opening 3 credit cards at once
