EVERFI - Banking Basics questions with correct answers

Investing is best for ________. a. long-term financial goals, like paying for retirement. b. earning a little interest while keeping your money safe c. guaranteed fast growth on your money d. short-term financial goals, like building an emergency fund. CORRECT ANSWER a How can you avoid spending more than what is in your bank account? a. check your bank statement once a month b. ask your financial institution to notify you when you are close to $0 in your account c. keep your own record to compare with your financial institutions records d. none of the above. CORRECT ANSWER c A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily. a. FALSE b. TRUE CORRECT ANSWER a Which of the following financial institutions typically have the highest fees? a. internet banks b. check cashing & payday loan companies c. brick-and -mortar banks d. credit unions CORRECT ANSWER b Which of the following statements about savings accounts is FALSE? a. savings accounts limit the number of withdrawals that can be made each month b. savings accounts are best used to store money for longer-term goals c. savings accounts don't usually pay interest on the money you deposit