Everfi Final Exam study guide correctly answered 2023

Everfi Final Exam study guide correctly answered 2023Interest the amount owed for borrowing money To earn as much interest as possible, you should open a savings account that earns _____ interest and has the ____ interest rate compound; highest You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money? Compounding daily Which is a type of savings vehicle? Certificate of Deposit and Money market account Which is generally true about savings vehicles? people should evaluate different forms of savings vehicles based on their needs Which savings vehicles usually require a high minimum balance? Certificate of Deposit (CD) Which account will give you the LEAST access to your money ? Certificate of Deposit (CD) The purpose of a budget is to: help you plan how you will spend the money you earn or receive When it comes to saving money, what is a good rule of thumb? put aside money for savings each month The 3 parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the: Board of Governors Which is NOT one of the responsibilities of the Federal Reserve? establishing the federal budget Which is a unique feature of credit unions? They are typically owned and run by their members and limit membership to certain people of groups Which type of account is typically the MOST liquid? checking account Savings accounts usually offer ____ interest rates than checking accounts. It is ____ to access your money in a savings account than in a checking account. Higher; harder What part of a check is the LEAST important? memo line Which represent typical account fees? ATM, Service, and Minimum balance fee What's the best strategy for avoiding ATM fees? Only use ATMs in your bank's network What's the purpose of balancing or monitoring your checking account? To help you calculate how much money you have in your account The best way to ensure the accuracy and safety of your accounts is to: monitor your online accounts regularly Which payment types require you to pay upfront? Money order, cashier's check, pre-paid card Which statement comparing debit cards to credit cards is true? debit cards allow you to draw funds directly from your checking account Which payment method typically charges the highest interest rates? Payday loans What payment type can help you stick to a budget? Debit cards