Everfi savings - Study guides, Class notes & Summaries

Everfi Module 2 |16 Questions| With Correct Answers. What are the three main responsibilities of the Federal Reserve? Which type of financial institution typically has some sort of requirement to be a member? Which type of bank account is typically the most liquid? Compare/ contrast a checking account and savings account. Which offers more interest? Which is easier to get money out of? Between checking, savings, money market, and certificate of deposit, which typically has the highest inter...

EverFi Module 1 - Savings - Final Quiz Answers 2023Key * = correct answer You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money? A.) Compounding 1 time a year B.) Compounding 4 times a year C.) Compounding monthly D.) Compounding daily* 00:12 01:11 Which of the following accounts will give you the LEAST access to your money? A.) Simple savings account B.) Certificate of Deposit (CD)* C.) Checking a...

EVERFI NEW Module 3 – Budgeting, Exam Questions & Answers-Which of the following is a benefit of using a budget? a. Helps to keep track of the money you receive b. Helps to prioritize your spending c. Helps reach short- and long-term financial goals d. All of the above - d Which of the following is NOT a benefit of using a budget? a. a budget can help you purchase anything you want. b. a budget can help you keep track of your money. c. a budget can help you make plans to reach your f...

EVERFI - SAVINGS Questions And Answers...

Everfi Banking Test Study Guide Questions and Correct Answers Which of the following is a primary responsibility of the Federal Reserve Bank? What's the best strategy for avoiding ATM fees? The best way to ensure the accuracy and safety of your accounts is to: What's the purpose of balancing or monitoring your checking account? How often should you typically monitor your checking account? Which one of the following is NOT one of the responsibilities of the Federal Reserve? what part of ...

EVERFI Module 1 Banking Basics Answers_Summer 2023. Which of the following statements about check cashing companies is FALSE? a. They make it easy to fall into a loan cycle that is hard to get out of b. They offer bad deals where you'll owe a lot more than you borrowed c. They can take a percentage of your check on top of fees d. They charge low fees Which of the following is NOT a common feature of a financial institution? a. Direct deposit b. Paper Checks c. Access to investment...

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 ...

Everfi Test fully solved 2023/2024What are the different types of banking institutions? retail, credit union, online How is a checking account different than a savings account? savings account has lower liquidity How can you monitor your checking account balance and what are the risks of spending more money than you have? monitor online What is interest? How is interest different from compound interest? interest= the fee someone pays to be able to borrow money diff...

Everfi Test questions with correct answers 2023Rule of 72 Find your interest rate and divide it by 72 Interest Can be thought of as the cost of borrowing money. When you put your savings into a bank account, the bank pays you interest 00:02 01:11 Simple Interest Compounds once a year Compound Interest Compounding frequency is how often your interest is calculated and added back into your account. The more frequently this happens, the more interest you will earn...

EverFi Post test questions and answers latest 2023Which will most benefit you financially? A savings account that compound interest daily (Check all that apply) Which of the following are examples of types of savings vehicles? Certificate of deposit (CD) Money Market Account Savings Account Use the Rule of 72 to calculate how long it will take for your money to double if it's earning 6% in interest: 12 yrs Using the following chart: If Asim earns $250 per month. Whic...