EVERFI TEST QUESTIONS WITH CORRECT ANSWERS

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily. - True - False CORRECT ANSWER - True Why is it important to reconcile your bank statements? - To avoid spending more than what is in your account. - To detect any errors in your account. - To determine if you were charged any fees. - All of the above CORRECT ANSWER - All of the above Which of the following statements about savings accounts is FALSE? - Savings accounts pay interest on the money you deposit. - Savings accounts are best used to store money for longer-term goals. - Savings accounts may require you to maintain a minimum balance to avoid paying a fee. - Savings accounts allow an unlimited amount of withdrawals each month. CORRECT ANSWER - Savings accounts allow an unlimited amount of withdrawals each month. Which of the following statements about check cashing companies is FALSE? - They offer bad deals where you'll owe a lot more than you borrowed. - They make it easy to fall into a loan cycle that is hard to get out of. - They charge low fees.