Everfi 1-5 Exam | 100% Correct Answers
| Verified | Latest 2024 Version
The purpose of a budget is to help you plan what? - ✔✔how you will spend the money you earn or
receive.
What kind of bank account will help you most financially? - ✔✔a saving account that compounds daily
will benefit you most financially.
What accounts are saving vehicles? - ✔✔savings accounts, money market accounts and certificates of
deposit.
The rule of 72 is used to determine what? - ✔✔the number of year it will take for an investment to
double in value at a given interest rate.
To earn as much interest as possible you should what? - ✔✔open a savings account that earns
compound interest and has the highest interest rate.
A certificate will give you the____ access to your money - ✔✔least
What accounts typically offer no interest? - ✔✔Checking accounts
A payday lender typically have the ___ interest rates - ✔✔highest
Establishing the Federal government is NOT the responsibility of who? - ✔✔the federal reserve
What financial institution typically has membership requirements? - ✔✔a credit union
What type account is the MOST liquid? - ✔✔a checking account
| Verified | Latest 2024 Version
The purpose of a budget is to help you plan what? - ✔✔how you will spend the money you earn or
receive.
What kind of bank account will help you most financially? - ✔✔a saving account that compounds daily
will benefit you most financially.
What accounts are saving vehicles? - ✔✔savings accounts, money market accounts and certificates of
deposit.
The rule of 72 is used to determine what? - ✔✔the number of year it will take for an investment to
double in value at a given interest rate.
To earn as much interest as possible you should what? - ✔✔open a savings account that earns
compound interest and has the highest interest rate.
A certificate will give you the____ access to your money - ✔✔least
What accounts typically offer no interest? - ✔✔Checking accounts
A payday lender typically have the ___ interest rates - ✔✔highest
Establishing the Federal government is NOT the responsibility of who? - ✔✔the federal reserve
What financial institution typically has membership requirements? - ✔✔a credit union
What type account is the MOST liquid? - ✔✔a checking account
