EVERFI MODULE 1 - BANKING BASICS QUESTIONS WITH CORRECT ANSWERS

Which of the following statements about savings accounts is FALSE? - Savings accounts don't usually pay interest on the money you deposit. - Savings accounts limit the number of withdrawals that can be made each month. - Savings accounts may require you to maintain a minimum balance to avoid paying a fee. - Savings accounts are best used to store money for longer-term goals. CORRECT ANSWER Savings accounts don't usually pay interest on the money you deposit. Which savings account will earn you the most money? CORRECT ANSWER One that compounds interest daily. Which of the following is NOT a common feature of a financial institution? - Access to investment products - Paper checks - Access to ATMS - Direct deposit CORRECT ANSWER Access to investment products If there is a mistake with one of your bank accounts, who should you contact to resolve the issue? CORRECT ANSWER Your financial institution If there is an issue with your bank statement or account balance, who should you contact to resolve the issue? CORRECT ANSWER Your bank Why is it important to reconcile your bank statements? CORRECT ANSWER To avoid spending more than what is in your account, To detect any errors in your account, and To determine if you were charged any fees. (All of the above)