everfi module 1 Questions and Answers
100% Pass
which of the following is NOT a common feature of a financial institution? ✔✔access to
investment products, investment trading, access to investment advice
which of the following statements about check cashing companies is TRUE? ✔✔they charge
high fees
which of the following financial institutions typically have the highest fees? ✔✔check cashing
and payday loan companies
which of the following statements about check cashing companies is FALSE? ✔✔they charge
low fees
which type of bank account typically offers the least (if any) interest? ✔✔checking account
savings accounts typically offer more interest than what type of account? ✔✔checking account
, which type of bank account is best for everyday transactions? ✔✔checking account
t/f: a savings account that compounds interest daily will earn a higher return than a savings
account that pays simple interest daily ✔✔true
which savings account will earn you the least money? ✔✔one that earns simple interest monthly
which savings account will earn you the most money? ✔✔one that compounds interest daily
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, and to determine if you were charged any
fees
how can you avoid spending more than what is in your bank account? ✔✔keep your own records
to compare with your financial institution's records
how would you reconcile your bank account to avoid spending more than you have?
✔✔compare your own records of your spending with your financial institution's records
100% Pass
which of the following is NOT a common feature of a financial institution? ✔✔access to
investment products, investment trading, access to investment advice
which of the following statements about check cashing companies is TRUE? ✔✔they charge
high fees
which of the following financial institutions typically have the highest fees? ✔✔check cashing
and payday loan companies
which of the following statements about check cashing companies is FALSE? ✔✔they charge
low fees
which type of bank account typically offers the least (if any) interest? ✔✔checking account
savings accounts typically offer more interest than what type of account? ✔✔checking account
, which type of bank account is best for everyday transactions? ✔✔checking account
t/f: a savings account that compounds interest daily will earn a higher return than a savings
account that pays simple interest daily ✔✔true
which savings account will earn you the least money? ✔✔one that earns simple interest monthly
which savings account will earn you the most money? ✔✔one that compounds interest daily
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, and to determine if you were charged any
fees
how can you avoid spending more than what is in your bank account? ✔✔keep your own records
to compare with your financial institution's records
how would you reconcile your bank account to avoid spending more than you have?
✔✔compare your own records of your spending with your financial institution's records
