Everfi Module 2 Questions and Answers with Verified Solutions

Everfi Module 2 Questions and Answers with Verified Solutions Which of the following is a primary responsibility of the Federal Reserve Bank? Establish monetary policy Which of the following represent typical account fees: ATM, Service, Minimum balance? All of the above Which type of financial institution typically has membership payments? Credit Union What's the purpose of balancing or monitoring your checking account? To stop identity theft Which type of account will typically have the highest interest rate? Certificate of Deposit (CD) How often should you typically monitor your checking account? Monthly Which of the following is NOT a core component of the Federal Reserve Bank? Department of the Treasury Regional Reserve Banks Federal Open Market Committee Board of Governors Department of the Treasury The best way to ensure the accuracy and safety of your accounts is to: Monitor your online accounts regularly Which of the following is a unique feature of Credit Unions? A. Typically owned and run by its members B. Limit membership to a certain number of people or group C. Offer wide variety of banking services A & B The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the: Board of Governors With a traditional savings account, you could be charged a fee if you: Are taking money out too often Which of the following fees would most likely be the highest? Account transfer fee ATM fee Overdraft fee Monthly service fee Overdraft fee What part of the check is the least important? Memo line Which of the following is not a type of bank? Online bank Payday lender Retail bank Credit Union Payday lender Best strategy for avoiding ATM fees? Only use: ATMs in your bank's network The numbers on the bottom of a typical check represent all of the following EXCEPT? Routing number Account number Check number Social Security number Social Security number Savings accounts usually offer _________ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account. higher ; harder Which of the following is NOT one of the responsibilities of the Federal Reserve? Supervising reserve banks Maintaining stable banking system Setting nation's monetary policy Establishing federal budget Establishing federal budget Which type of account is typically the MOST liquid? Checking account Which type of account typically has low liquidity? Certificate of Deposit (CD)