Everfi Test questions with correct answers 2023

Everfi Test questions with correct answers 2023Rule of 72 Find your interest rate and divide it by 72 Interest Can be thought of as the cost of borrowing money. When you put your savings into a bank account, the bank pays you interest 00:02 01:11 Simple Interest Compounds once a year Compound Interest Compounding frequency is how often your interest is calculated and added back into your account. The more frequently this happens, the more interest you will earn Certificate of Deposit (CD) Pays a high interest rate and holds your money for specific amount of time. There can penalties for withdrawing money early Money Market Account Higher interest rate and higher minimum balance Savings Account The most basic savings vehicle. Compounds your interest Routing number At the bottom left corner Account Number Between the routing number and the check number Check number Found at the top right and after the account number Payday lender Offer small cash loans and must be paid in full Checking Account Offers no interest Equifax, TransUnion, & Experian Three groups that track your credit history Good credit is required for... Getting loans, renting apartments, buying houses, opening a new credit card What could damage your credit score Maxing out your credit card, making a late payment, FAFSA The form filled out by students to receive federal financial aid Subsidized loan The interest rate doesn´t change while your in school Grace period The period before you have to begin repaying your student loans What form is your employer required to send to you before you file your tax return W-2