Everfi module 1-6 (business finance) Tests_
Answered/updated 2023.
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
what should you do before you withdraw money from the ATM?
inspect the ATM to make sure it wasn't tampered with
what should you do before you approach an ATM?
check for any suspicious people lurking nearby
what should you do before you use an ATM?
inspect the ATM and its surroundings to make sure it is safe to use
which of the following statements about savings account is FALSE?
savings accounts allow an unlimited amount of withdrawals each month
which of the following statements about savings accounts is FALSE?
savings accounts don't usually require a minimum balance, savings accounts don't usually pay interest
on the money you deposit
which of the following statements is TRUE?
if there is a mistake on your bank account, you should contact your financial institution immediately
if there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
your financial institution
if there is an issue with your bank statement or account balance, who should you contact to resolve
the issue?
your bank
t/f: your financial institution can't help you if there is a mistake on your bank account statement
false
which of the following statements about investing is TRUE?
investing is riskier than putting money in a savings accounts
investing is best for...
long term financial goals like paying for retirement
which of the following statements about investing is FALSE?
investing is a guaranteed way to grow your money
Answered/updated 2023.
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
what should you do before you withdraw money from the ATM?
inspect the ATM to make sure it wasn't tampered with
what should you do before you approach an ATM?
check for any suspicious people lurking nearby
what should you do before you use an ATM?
inspect the ATM and its surroundings to make sure it is safe to use
which of the following statements about savings account is FALSE?
savings accounts allow an unlimited amount of withdrawals each month
which of the following statements about savings accounts is FALSE?
savings accounts don't usually require a minimum balance, savings accounts don't usually pay interest
on the money you deposit
which of the following statements is TRUE?
if there is a mistake on your bank account, you should contact your financial institution immediately
if there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
your financial institution
if there is an issue with your bank statement or account balance, who should you contact to resolve
the issue?
your bank
t/f: your financial institution can't help you if there is a mistake on your bank account statement
false
which of the following statements about investing is TRUE?
investing is riskier than putting money in a savings accounts
investing is best for...
long term financial goals like paying for retirement
which of the following statements about investing is FALSE?
investing is a guaranteed way to grow your money
