EVERFI Test Questions And Answers

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily. - True - False - Answer- - True 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. - To determine if you were charged any fees. - All of the above - Answer- - All of the above Which of the following statements about savings accounts is FALSE? - Savings accounts pay interest on the money you deposit. - Savings accounts are best used to store money for longer-term goals. - Savings accounts may require you to maintain a minimum balance to avoid paying a fee. - Savings accounts allow an unlimited amount of withdrawals each month. - Answer- - Savings accounts allow an unlimited amount of withdrawals each month. Which of the following statements about check cashing companies is FALSE? - They offer bad deals where you'll owe a lot more than you borrowed. - They make it easy to fall into a loan cycle that is hard to get out of. - They charge low fees. - They can take a percentage of your check on top of fees. - Answer- - They charge low fees. A stock is ________. - A type of debt investment that acts like a loan. - A type of savings account that pays interest based on current interest rates in the money market. - A type of investment that invests in a mix of different types of investments. - A share of ownership in a company. - Answer- - A share of ownership in a company. Which of the following is NOT a common feature of a financial institution? - Direct deposit - Access to ATMS - Paper checks