Everfi 1-5 exam Questions and Answers
Rated A
The purpose of a budget is to help you plan what? ✔✔how you will spend the money you earn or
receive.
What kind of bank account will help you most financially? ✔✔a saving account that compounds
daily will benefit you most financially.
What accounts are saving vehicles? ✔✔savings accounts, money market accounts and
certificates of deposit.
The rule of 72 is used to determine what? ✔✔the number of year it will take for an investment to
double in value at a given interest rate.
To earn as much interest as possible you should what? ✔✔open a savings account that earns
compound interest and has the highest interest rate.
A certificate will give you the____ access to your money ✔✔least
, What accounts typically offer no interest? ✔✔Checking accounts
A payday lender typically have the ___ interest rates ✔✔highest
Establishing the Federal government is NOT the responsibility of who? ✔✔the federal reserve
What financial institution typically has membership requirements? ✔✔a credit union
What type account is the MOST liquid? ✔✔a checking account
What is the LEAST important part of a check ✔✔the memo line
A debit card typically has what? ✔✔the lowest fees or costs.
A term referring to the rate of yearly interest on your credit card ✔✔the APR
Rated A
The purpose of a budget is to help you plan what? ✔✔how you will spend the money you earn or
receive.
What kind of bank account will help you most financially? ✔✔a saving account that compounds
daily will benefit you most financially.
What accounts are saving vehicles? ✔✔savings accounts, money market accounts and
certificates of deposit.
The rule of 72 is used to determine what? ✔✔the number of year it will take for an investment to
double in value at a given interest rate.
To earn as much interest as possible you should what? ✔✔open a savings account that earns
compound interest and has the highest interest rate.
A certificate will give you the____ access to your money ✔✔least
, What accounts typically offer no interest? ✔✔Checking accounts
A payday lender typically have the ___ interest rates ✔✔highest
Establishing the Federal government is NOT the responsibility of who? ✔✔the federal reserve
What financial institution typically has membership requirements? ✔✔a credit union
What type account is the MOST liquid? ✔✔a checking account
What is the LEAST important part of a check ✔✔the memo line
A debit card typically has what? ✔✔the lowest fees or costs.
A term referring to the rate of yearly interest on your credit card ✔✔the APR
