EVERFI Test correctly answered 2023

EVERFI Test correctly answered 2023A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily. - True - False - 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 - 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. - 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. - They can take a percentage of your check on top of fees. - They charge low fees. A stock is ________. - A type of debt investment that acts like a loan. - A type of savings account that pays interest based on current interest rates in the money market. - A type of investment that invests in a mix of different types of investments. - A share of ownership in a company. - A share of ownership in a company. Which of the following is NOT a common feature of a financial institution? - Direct deposit - Access to ATMS - Paper checks - Access to investment products - Access to investment products Which of the following statements is TRUE? - If there is a mistake on one of your bank accounts, there is nothing you can do about it. - If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to resolve themselves. - If there is a mistake on your bank account, you should contact your financial institution immediately. - None of the above. - If there is a mistake on your bank account, you should contact your financial institution immediately. What should you do before you approach an ATM? - Ask someone nearby for help using the ATM. - Share a picture of your debit card with your friends. - Check for any suspicious people lurking nearby. - Make sure it is hidden so no one will see you withdraw money. - Check for any suspicious people lurking nearby. Savings accounts typically offer more interest than what type of account? - Certificate of deposit - Retirement account - Money market account - Checking account - Checking account Investing is best for ________. - earning a little interest while keeping your money safe. - guaranteed fast growth on your money. - short-term financial goals, like building an emergency fund. - long-term financial goals, like paying for retirement. - long-term financial goals, like paying for retirement. If there is a mistake with one of your bank accounts, who should you contact to resolve the issue? - The CFPB - No one, you can't resolve the issue - Your financial institution - The local police station - Your financial institution Which savings account will earn you the least money? - One that compounds interest daily. - One that earns simple interest daily. - One that compounds interest monthly. - One that earns simple interest monthly. - One that earns simple interest monthly. Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer. - deductions - pensions - allowances - benefits - benefits