EVERFI Test Questions and Answers
Already Passed
A savings account that compounds interest daily will earn a higher return than a savings account
that pays simple interest daily.
- True
- False ✔✔- True
Why is it important to reconcile your bank statements?
- To avoid spending more than what is in your account.
- To detect any errors in your account.
- To determine if you were charged any fees.
- All of the above ✔✔- All of the above
Which of the following statements about savings accounts is FALSE?
- Savings accounts pay interest on the money you deposit.
, - Savings accounts are best used to store money for longer-term goals.
- Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
- Savings accounts allow an unlimited amount of withdrawals each month. ✔✔- Savings
accounts allow an unlimited amount of withdrawals each month.
Which of the following statements about check cashing companies is FALSE?
- They offer bad deals where you'll owe a lot more than you borrowed.
- They make it easy to fall into a loan cycle that is hard to get out of.
- They charge low fees.
- They can take a percentage of your check on top of fees. ✔✔- They charge low fees.
A stock is ________.
- A type of debt investment that acts like a loan.
- A type of savings account that pays interest based on current interest rates in the money market.
- A type of investment that invests in a mix of different types of investments.
- A share of ownership in a company. ✔✔- A share of ownership in a company.
Already Passed
A savings account that compounds interest daily will earn a higher return than a savings account
that pays simple interest daily.
- True
- False ✔✔- True
Why is it important to reconcile your bank statements?
- To avoid spending more than what is in your account.
- To detect any errors in your account.
- To determine if you were charged any fees.
- All of the above ✔✔- All of the above
Which of the following statements about savings accounts is FALSE?
- Savings accounts pay interest on the money you deposit.
, - Savings accounts are best used to store money for longer-term goals.
- Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
- Savings accounts allow an unlimited amount of withdrawals each month. ✔✔- Savings
accounts allow an unlimited amount of withdrawals each month.
Which of the following statements about check cashing companies is FALSE?
- They offer bad deals where you'll owe a lot more than you borrowed.
- They make it easy to fall into a loan cycle that is hard to get out of.
- They charge low fees.
- They can take a percentage of your check on top of fees. ✔✔- They charge low fees.
A stock is ________.
- A type of debt investment that acts like a loan.
- A type of savings account that pays interest based on current interest rates in the money market.
- A type of investment that invests in a mix of different types of investments.
- A share of ownership in a company. ✔✔- A share of ownership in a company.
