EverFi Module 1 2023 - Savings - /21 Final Quiz Answer
-You are opening a savings account that earns compound interest. Which
compounding frequency will earn you the MOST money? - -
A.) Compounding 1 time a year
B.) Compounding 4 times a year
C.) Compounding monthly
D.) Compounding daily*
-Which of the following accounts will give you the LEAST access to your money? -
-A.) Simple savings account
B.) Certificate of Deposit (CD)*
C.) Checking account
D.) Cash
-Tamara has $500 she is looking to save for a class trip. She wants to earn the most
possible interest and will not need access to her money for a full year. Which type of
savings account will be best for Tamara? - -
A.) Savings Account
B.) Certificate of Deposit (CD)*
C.) Money Market Account
D.) Checking Account
-Interest is: - -
A.) a charge for lending money to a bank
B.) the amount owed for borrowing money*
C.) the amount added into your savings when opening a bank account
D.) a charge for the convenience of accessing money stored in your bank account
-The purpose of a budget is to: -
-A.) help you plan how you will spend the money you earn or receive.*
B.) stop you from spending too much money.
C.) increase the balance of your savings account
D.) tell you how much you owe the government in taxes
-Which of the following is generally true about savings vehicles? -
-A.) Savings vehicles are only useful for long-term investments.
B.) People should evaluate different forms of savings vehicles based on their needs.*
C.) Savings vehicles are never insured.
D.) All of the above
-You are opening a savings account that earns compound interest. Which
compounding frequency will earn you the MOST money? - -
A.) Compounding 1 time a year
B.) Compounding 4 times a year
C.) Compounding monthly
D.) Compounding daily*
-Which of the following accounts will give you the LEAST access to your money? -
-A.) Simple savings account
B.) Certificate of Deposit (CD)*
C.) Checking account
D.) Cash
-Tamara has $500 she is looking to save for a class trip. She wants to earn the most
possible interest and will not need access to her money for a full year. Which type of
savings account will be best for Tamara? - -
A.) Savings Account
B.) Certificate of Deposit (CD)*
C.) Money Market Account
D.) Checking Account
-Interest is: - -
A.) a charge for lending money to a bank
B.) the amount owed for borrowing money*
C.) the amount added into your savings when opening a bank account
D.) a charge for the convenience of accessing money stored in your bank account
-The purpose of a budget is to: -
-A.) help you plan how you will spend the money you earn or receive.*
B.) stop you from spending too much money.
C.) increase the balance of your savings account
D.) tell you how much you owe the government in taxes
-Which of the following is generally true about savings vehicles? -
-A.) Savings vehicles are only useful for long-term investments.
B.) People should evaluate different forms of savings vehicles based on their needs.*
C.) Savings vehicles are never insured.
D.) All of the above
