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EVERFI - Banking Basics Questions and Answers | Latest Version | 2024/2025 | Rated A+ $9.77   Add to cart

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EVERFI - Banking Basics Questions and Answers | Latest Version | 2024/2025 | Rated A+

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EVERFI - Banking Basics Questions and Answers | Latest Version | 2024/2025 | Rated A+ What is the primary purpose of a bank? A) To provide loans to individuals only B) To accept deposits and provide financial services C) To sell insurance products D) To invest in stocks B) To accept de...

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  • October 8, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • EVERFI - Banking Basics
  • EVERFI - Banking Basics
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EVERFI - Banking Basics Questions and
Answers | Latest Version | 2024/2025 |
Rated A+
What is the primary purpose of a bank?

A) To provide loans to individuals only

B) To accept deposits and provide financial services

C) To sell insurance products

D) To invest in stocks


✔✔ B) To accept deposits and provide financial services




What is a checking account typically used for?

A) To save money for long-term goals

B) To conduct everyday transactions and manage cash flow

C) To invest in stocks and bonds

D) To store valuables


✔✔ B) To conduct everyday transactions and manage cash flow




What is an interest rate?


1

, A) The amount of money you can withdraw from an account

B) A fee charged for withdrawing cash

C) The percentage of a loan or deposit amount that a bank pays or charges over time

D) The total balance of your bank account


✔✔ C) The percentage of a loan or deposit amount that a bank pays or charges over time




What does it mean to overdraft your account?

A) To deposit more money than you have

B) To withdraw more money than is available in your account

C) To close an account without notice

D) To transfer funds to another account


✔✔ B) To withdraw more money than is available in your account




What is a savings account primarily designed for?

A) To manage daily expenses

B) To save money and earn interest over time

C) To finance large purchases

D) To invest in real estate


2

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