EverFi Modules 2 Questions Correctly answered 2024

EverFi Modules 2 Questions Correctly answered
2024
What are the three main responsibilities of the Federal Reserve?
1. Provide and Maintain an effective payment system
2. Supervise and regulate banking operations
3. Conduct monetary policy
Which type of financial institution typically has some sort of requirement to
be a member?
Credit Union
Which type of bank account is typically the most liquid?
Checking Account
Compare/ contrast a checking account and savings account. Which offers
more interest? Which is easier to get money out of?
Savings account offers more interest. Checking accounts are more easier to get
your money out of.
Between checking, savings, money market, and certificate of deposit, which
typically has the highest interest rate? Which has the lowest liquidity?
Certificate of Deposit (CD)
What are the three parts of the Federal Reserve System?
1.Reserve Banks
2.Federal Open Market Committee
3.Board of Governors.
List four possible fees associate with a checking account. Which is likely to be
the highest
Overdraft fee, Account transfer fee, Monthly service fee, ATM fee. ATM fee is
highest.