EverFi Modules Questions with correct answers

What is the typical relationship between time and interest rate? a) Longer time period usually equal higher interest rates b) Shorter time period usually equal higher interest rates c) Longer time periods usually have no affect on interest rates d) Shorter time periods usually have no affect on interest rates CORRECT ANSWER a) Longer time period usually equal higher interest rates Interest is: a) a charge for lending money to a bank b) the amount owed for borrowing money c) the amount added into your savings when opening a bank account d) a charge for the convenience of accessing money stored in your bank account CORRECT ANSWER b) the amount owed for borrowing money Which of the following is the MOST important consideration when planning your budget? a) Budget for expected events before unexpected expenses b) Budget for your needs before your wants c) Budget for fixed expenses before flexible expenses d) Budget for unexpected events before expected expenses CORRECT ANSWER b) Budget for your needs before your wants Which of the following is generally true about savings vehicles? a) Savings vehicles are only useful for long-term investments b) People should evaluate different forms of savings vehicles based on their needs c) Savings vehicles are never insured d) All of the above CORRECT ANSWER b) People should evaluate different forms of savings Which of the following savings vehicles usually requires a high minimum ba