EverFi Banking Basics Questions And Answers

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 - Answer- D 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 - Answer- C and E 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 - Answer- b. 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. - Answer- false 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 - Answer- C 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 - Answer- D 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. compar