Everfi: Lesson 5 Savings Account Test with ANswers

Everfi: Lesson 5 Savings Account
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1. What is the benefit of a savings account? A savings account earns
interest.

2. Lilly wants to save money for unexpected situations Easy access to her money.
like emergencies. Which savings feature would benefit
her the most?

3. Keira is new to earning money and saving. She doesn't savings account
have a lot of money to open an account. Which savings
option would be best for her?

4. Which is a benefit of having a savings account? Savings account earn in-
terest

5. How does interest work? The banks pays me interest
for borrowing my money

6. Which savings option is best for Honey's owner? Certificate of Deposit (CD)

7. Which savings option is best for Honey's owner? Money market account
(MMA)

8. Which savings option is best for Tater's owner? Savings account

9. What is the benefit of a savings account? A savings account earns
interest

10. Louie just opened his first savings account. What is one It will keep his money safe.
way that it can it help him manage his money?

11. Why do financial institutions offer you higher interest You must keep your mon-
rates for Certificates of Deposit (CDs)? ey in the account for a set
amount of time.


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