EverFi Module 1 - Savings - Final Quiz Answers Already Passed

EverFi Module 1 - Savings - Final Quiz
Answers Already Passed
Key ✔✔* = correct answer




You are opening a savings account that earns compound interest. Which compounding frequency

will earn you the MOST money? ✔✔A.) Compounding 1 time a year


B.) Compounding 4 times a year

C.) Compounding monthly

D.) Compounding daily*




Which of the following accounts will give you the LEAST access to your money? ✔✔A.)

Simple savings account

B.) Certificate of Deposit (CD)*

C.) Checking account

D.) Cash

, Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible

interest and will not need access to her money for a full year. Which type of savings account will

be best for Tamara? ✔✔A.) Savings Account


B.) Certificate of Deposit (CD)*

C.) Money Market Account

D.) Checking Account




Interest is: ✔✔A.) a charge for lending money to a bank


B.) the amount owed for borrowing money*

C.) the amount added into your savings when opening a bank account

D.) a charge for the convenience of accessing money stored in your bank account




The purpose of a budget is to: ✔✔A.) help you plan how you will spend the money you earn or

receive.*

B.) stop you from spending too much money.

C.) increase the balance of your savings account

D.) tell you how much you owe the government in taxes