EVERFI Module 1 Banking Basics Answers_Summer 2023.
EVERFI Module 1 Banking Basics Answers_Summer 2023. Which of the following statements about check cashing companies is FALSE? a. They make it easy to fall into a loan cycle that is hard to get out of b. They offer bad deals where you'll owe a lot more than you borrowed c. They can take a percentage of your check on top of fees d. They charge low fees Which of the following is NOT a common feature of a financial institution? a. Direct deposit b. Paper Checks c. Access to investment advice d. Checking and savings accounts e. investment trading f. access to investment products Which of the following statements about check cashing companies is FALSE? a. They make it easy to fall into a loan cycle that is hard to get out of b. They offer bad deals where you'll owe a lot more than you borrowed c. They can take a percentage of your check on top of fees d. They charge low fees . They offer bad deals where you'll owe a lot more than you borrowed Your financial institution can't help you if there is a mistake on your bank account statement. Which of the following statements about investing is true a. On average, putting money in a savings account earns a higher return than investing money in the stock market b. investing is best for short-term financial goals c. Investing is riskier than putting money in a savings accounts d. Investing is a guaranteed way to make money Which of the following statements about savings accounts is False a. Savings accounts are best used to store money for long-term goals b. Savings accounts may require you to maintain a minimum balance to avoid paying a fee c. savings accounts pay interest on the money you deposit d. savings accounts allow an unlimited amount of withdrawals each month How would you reconcile your bank account to avoid spending more than you have? a. Contact your financial institution to read your transactions for the past month b. compare your own records of your spending with your financial institution's records c. review your bank statement once at the end of the month d. none of the above Which savings account will earn you the least money? a. one that earns simple interest monthly b. one that compounds interest monthly c. one that earns simple interest daily d. one that compounds interest daily A ------ is a share of ownership in a company a. mutual fund b. money market account c. bond d. stock Which type of bank account typically offers the least (if any) interest? a. money market account b. certificate of deposit c. savings account d. Checking account Which of the following statements about check cashing companies is TRUE? a. They have limited operating hours during the day b. They charge high fees c. They sometimes offer free services d. They delay when you can access your cash Which of the following is NOT a common feature of a financial institution? a. direct deposit b. debit cards c. investment trading d. access to ATMs Why is it important to reconcile your bank statements? a. to avoid spending more than what is in your account b. to detect any errors in your account c. to determine if you were charged any fees d. all of the above investing is best for ------ a. short-term financial goals, like building an emergency fund b. earning a little interest while keeping your money safe c. long-term financial goals, like paying for retirement d. guaranteed fast growth on your money Which of the following statements is TRUE? a. if there is a mistake on one of your bank accounts, there is nothing you can do about it b. if there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to resolve themselves c. if there is a mistake on your bank account, you should contact your financial institution immediately d. none of the above Which of the following statements about stocks is TRUE? a. A stock is a share of ownership in a company b. A stock is a type of savings account that pays interest based on current interest rates in the money market c. A stock is a type of investment that invests in a mix of different types of investments d. A stock is a type of debt investment that acts like a loan Which type of bank account is best for everyday transactions? a. savings account b. Money market account c. certificate of deposit d. checking account A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily. - true Savings accounts typically offer more interest than what type of account? a. checking account b. money market account c. retirement account d. certificate of deposit Which of the following financial institutions typically have the highest fees? a. Credit unions b. check cashing and payday loan companies c. brick-and-mortar banks d. internet banks 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 records to compare with your financial institution's records d. none of the above Which of the following statements about investing is FALSE? a. investing is a guaranteed way to grow your money b. investing is best for long-term financial goals, like paying for retirement c. investing is riskier than putting money in a savings account d. on average, investing money in the stock market earns a higher return than putting money in a savings account - What should you do before you withdraw money from the ATM? a. share your pin number with trusted friends so you don't forget it b. ask someone nearby for help using the ATM c. inspect the ATM to make sure it wasn't tampered with d. Find a hidden ATM so no one will see you withdraw money If there is a mistake with one of your bank accounts, who should you contact to resolve the issue? a. the local police station b. no one, you can't resolve the issue c. the CFPB d. Your financial institution A stock is ________. a. a type of investment that invests in a mix of different types of investments b. a type of debt investment that acts like a loan c. a type of savings account that pays interest based on current interest rates in the money market d. a share of ownership in a company What should you do before you approach an ATM? a. Make sure it is hidden so no one will see you withdraw money b. Share a picture of your debit card with your friends c. Check for any suspecious people lurking nearby d. Ask someone nearby for help using the ATM
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everfi module 1 banking basics
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everfi module 1 banking basics answers
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which of the following is not a common feature of a financial institution
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which of the following statements about check cashing c
