EVERFI FutureSmart - Financial Literacy Exam Questions and Answers Fully Solved Latest 2025
Premium - Answers The amount you pay your insurance company for coverage. It is usually paid each
month.
Deductible - Answers The amount you personally are required to pay before your insurance covers the
cost.
Copay - Answers A fixed fee you pay for specific medical service, like a visit to the doctor's office.
Security deposit - Answers Money you pay when you rent an apartment to pay for any damage. If there
is no damage when you leave, you get your money back.
Renters Insurance - Answers Insurance that will pay for all your stuff in an apartment if something bad
happens.
401k or 403b - Answers A retirement account where you pay from your paycheck before taxes and
where your employer matches up to 3%.
IRA - Answers An Individual Retirement Account. Your employer does not match your funds.
Risk - Answers How likely it is that you will lose money on an investment.
Return - Answers How much money you can earn from an investment.
Diversification - Answers Your portfolio includes a mix of investments of different risk levels.
Savings accounts - Answers Safe way to store money. Pays interest and is insured by the FDIC or NCUA.
Bond - Answers A loan to a company or government.
Stock - Answers A small piece of ownership in a company. Highest risk investment.
Mutual Fund - Answers A mix of different investments, like stocks and bonds.
Stock exchange - Answers A place to trade stocks.
Liability Insurance - Answers Required by law. Pays for any damage to the other driver if it is your fault.
Collision Insurance - Answers This pays for damage to your own car if the accident is your fault.
Comprehensive Insurance - Answers Pays for any damage to your car, including storm or theft.
Homeowners Insurance - Answers This pays for damage to your house AND your property.
Life Insurance - Answers Insurance that gives money to the people in your family if you die.
Premium - Answers The amount you pay your insurance company for coverage. It is usually paid each
month.
Deductible - Answers The amount you personally are required to pay before your insurance covers the
cost.
Copay - Answers A fixed fee you pay for specific medical service, like a visit to the doctor's office.
Security deposit - Answers Money you pay when you rent an apartment to pay for any damage. If there
is no damage when you leave, you get your money back.
Renters Insurance - Answers Insurance that will pay for all your stuff in an apartment if something bad
happens.
401k or 403b - Answers A retirement account where you pay from your paycheck before taxes and
where your employer matches up to 3%.
IRA - Answers An Individual Retirement Account. Your employer does not match your funds.
Risk - Answers How likely it is that you will lose money on an investment.
Return - Answers How much money you can earn from an investment.
Diversification - Answers Your portfolio includes a mix of investments of different risk levels.
Savings accounts - Answers Safe way to store money. Pays interest and is insured by the FDIC or NCUA.
Bond - Answers A loan to a company or government.
Stock - Answers A small piece of ownership in a company. Highest risk investment.
Mutual Fund - Answers A mix of different investments, like stocks and bonds.
Stock exchange - Answers A place to trade stocks.
Liability Insurance - Answers Required by law. Pays for any damage to the other driver if it is your fault.
Collision Insurance - Answers This pays for damage to your own car if the accident is your fault.
Comprehensive Insurance - Answers Pays for any damage to your car, including storm or theft.
Homeowners Insurance - Answers This pays for damage to your house AND your property.
Life Insurance - Answers Insurance that gives money to the people in your family if you die.
