Everfi module 1-9 | 100% Correct Answers |
Verified | Latest 2024 Version
what is interest - ✔✔pay extra for the convenience of borrowing money
what is compounding frequency - ✔✔how often your money is compounded
what is the rule of 72 - ✔✔tells you how long it will take for your money to double
3 types of savings vehicles - ✔✔savings account, money market account, certificate of deposit
what is a budget - ✔✔plan for your money
job of the federal reserve system - ✔✔oversees the nation's system of money and credit
parts of the federal reserve system - ✔✔12 regional reserve banks, federal open market committee
retail bank - ✔✔individuals and businesses
credit union - ✔✔owned and controlled by its members
online bank - ✔✔no physical location
checks routing number - ✔✔which bank the money is coming from
checks account number - ✔✔which account the money is coming from
check number - ✔✔keeps track of how many checks you have written
, liquidity - ✔✔how easy it is to access your money
direct deposit - ✔✔money goes directly into your account from your paycheck
required balance - ✔✔minimum balance that must be in an account at all times
credit limit - ✔✔how much you are allowed to put on your credit card
APR - ✔✔annual percentage rate
credit card disclosure - ✔✔ensures that credit card companies treat customers fairly
fees and interest - ✔✔you have to pay fees if your credit card bill isn't paid on time and you have to pay
the money loaned back plus interest
three major credit bureaus in the United States - ✔✔Experian, Transunion, Equifax
what is a credit score - ✔✔represents how likely you are to pay back your debts
5 components of credit score - ✔✔payment history, amounts owed, length of credit history, new credit,
types of credit used
hard inquiry - ✔✔occurs when someone checks your credit history to make a lending decision, it affects
your credit score
soft inquiry - ✔✔occurs when someone runs a background check on your credit, does not affect your
credit score
Verified | Latest 2024 Version
what is interest - ✔✔pay extra for the convenience of borrowing money
what is compounding frequency - ✔✔how often your money is compounded
what is the rule of 72 - ✔✔tells you how long it will take for your money to double
3 types of savings vehicles - ✔✔savings account, money market account, certificate of deposit
what is a budget - ✔✔plan for your money
job of the federal reserve system - ✔✔oversees the nation's system of money and credit
parts of the federal reserve system - ✔✔12 regional reserve banks, federal open market committee
retail bank - ✔✔individuals and businesses
credit union - ✔✔owned and controlled by its members
online bank - ✔✔no physical location
checks routing number - ✔✔which bank the money is coming from
checks account number - ✔✔which account the money is coming from
check number - ✔✔keeps track of how many checks you have written
, liquidity - ✔✔how easy it is to access your money
direct deposit - ✔✔money goes directly into your account from your paycheck
required balance - ✔✔minimum balance that must be in an account at all times
credit limit - ✔✔how much you are allowed to put on your credit card
APR - ✔✔annual percentage rate
credit card disclosure - ✔✔ensures that credit card companies treat customers fairly
fees and interest - ✔✔you have to pay fees if your credit card bill isn't paid on time and you have to pay
the money loaned back plus interest
three major credit bureaus in the United States - ✔✔Experian, Transunion, Equifax
what is a credit score - ✔✔represents how likely you are to pay back your debts
5 components of credit score - ✔✔payment history, amounts owed, length of credit history, new credit,
types of credit used
hard inquiry - ✔✔occurs when someone checks your credit history to make a lending decision, it affects
your credit score
soft inquiry - ✔✔occurs when someone runs a background check on your credit, does not affect your
credit score
