EVERFI Module 1 Banking Basics (2024/25);
Questions with Complete Solutions
Which of the following is NOT a common feature of a financial
institution? Access to investment products; Investment trading;
Access to investment advice
Which of the following statements about check cashing companies is
TRUE? They charge high fees.
Which of the following financial institutions typically have the highest
fees? Check cashing and payday loan companies
Which of the following statements about check cashing companies is
FALSE? They charge low fees.
Which type of bank account typically offers the least (if any) interest?
Checking account
Savings accounts typically offer more interest than what type of account?
Checking account
Which type of bank account is best for everyday transactions?
, EVERFI Module 1 Banking Basics (2024/25);
Questions with Complete Solutions
Checking Account
A savings account that compounds interest daily will earn a higher return
than a savings account that pays simple interest daily. True
Which savings account will earn you the least money? One that earns
simple interest monthly;
One that compounds interest daily.
How can you avoid spending more than what is in your bank account?
Keep your own records to compare with your financial institution’s
records.
How would you reconcile your bank account to avoid spending more than
you have? Compare your own records of your spending with your
financial institution’s records.
What should you do before you withdraw money from the ATM?
Inspect the ATM to make sure it wasn’t tampered with.
Questions with Complete Solutions
Which of the following is NOT a common feature of a financial
institution? Access to investment products; Investment trading;
Access to investment advice
Which of the following statements about check cashing companies is
TRUE? They charge high fees.
Which of the following financial institutions typically have the highest
fees? Check cashing and payday loan companies
Which of the following statements about check cashing companies is
FALSE? They charge low fees.
Which type of bank account typically offers the least (if any) interest?
Checking account
Savings accounts typically offer more interest than what type of account?
Checking account
Which type of bank account is best for everyday transactions?
, EVERFI Module 1 Banking Basics (2024/25);
Questions with Complete Solutions
Checking Account
A savings account that compounds interest daily will earn a higher return
than a savings account that pays simple interest daily. True
Which savings account will earn you the least money? One that earns
simple interest monthly;
One that compounds interest daily.
How can you avoid spending more than what is in your bank account?
Keep your own records to compare with your financial institution’s
records.
How would you reconcile your bank account to avoid spending more than
you have? Compare your own records of your spending with your
financial institution’s records.
What should you do before you withdraw money from the ATM?
Inspect the ATM to make sure it wasn’t tampered with.
