Exam (elaborations)
Everfi Module 1-9 Tests Questions and Answers 2023
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Everfi Module 1-9 Tests Questions and Answers
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Everfi Module 1-9 Tests Questions and Answers1. what is interest: pay extra for the convenience of borrowing
money
2. what is compounding frequency: how often your money is
compounded
3. what is the rule of 72: tells you how long it will take for your
money to double
4. 3 types of savings vehicles: savings account, money market
account, certifi- cate of deposit
5. what is a budget: plan for your money
6. job of the federal reserve system: oversees the nation's
system of money and credit
7. parts of the federal reserve system: 12 regional reserve
banks, federal open market committee
8. retail bank: individuals and businesses
9. credit union: owned and controlled by its members
10. online bank: no physical location
11. checks routing number: which bank the money is coming
from
, 12. checks account number: which account the money is
coming from
13. check number: keeps track of how many checks you have
written
14. liquidity: how easy it is to access your money
15. direct deposit: money goes directly into your account from
your paycheck
16. required balance: minimum balance that must be in an
account at all times
17. credit limit: how much you are allowed to put on your credit
card
18. APR: annual percentage rate
19. credit card disclosure: ensures that credit card companies
treat customers fairly
20. fees and interest: you have to pay fees if your credit card bill
isn't paid on time and you have to pay the money loaned back plus
interest
21. three major credit bureaus in the United States: Experian,
Transunion, Equifax
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